(Entertainment-NewsWire.com, April 11, 2018 ) The global essential oils market has grown steadily in the last few years. The market size is projected to reach USD 11.19 Billion by 2022, at a CAGR of 8.83% from 2017 to 2022. The shifting trend towards preventive healthcare, coupled with improved standard of living among consumers, are the major factors driving the essential oils market. Also, increasing cases of depression and anxiety disorders among consumers are seen to be contributing towards the growing demand for essential oils from the aromatherapy industry.
In the method of extraction segment, the global market has been segmented into distillation, carbon dioxide extraction, cold press extraction, and solvent extraction methods. The distillation method of extraction is most widely used by manufacturers compared to other extraction methods since it yields the purest form of essential oil. Different types of distillation methods are used such as water distillation, water & steam distillation, and steam distillation for extraction of oils. The main advantages of the distillation method are the quality control and wide application usage in the global market.
On the basis of type, the essential oils market is segmented into orange oil, lemon oil, lime oil, peppermint oil, corn mint oil, citronella oil, spearmint oil, geranium oil, clove leaf oil, eucalyptus oil, jasmine oil, tea tree oil, rosemary oil, lavender oil, and others. The orange oil segment accounted for the highest market share in 2017. Brazil, the U.S., China, India, and Mexico are among the major producers of oranges in the global market, with most oranges for the production of orange essential oils being sourced from these countries. The demand for essential oils is booming which is encouraging the manufacturers to increase the production to cater to the growing demand and also explore the market further.
The global market, by application, is segmented into food & beverage, cosmetics & toiletries, aromatherapy, home care, health care, and others. The food & beverages segment is the largest in terms of market share. Essential oils are identified for their health benefits, as they are natural ingredients that impart the essence of the source that they have been derived from. Various essential oils used by the manufacturers include orange oil, lemon oil, and lime oil. Orange oil is mainly used in food & beverages to impart citrus flavor and freshness to the final product. As consumers are becoming increasingly aware of the health benefits of essential oils, the preferences for food & beverage products with these oils as additives has increased.
The essential oils market in Europe accounted for the largest share, whereas the market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. The major driver for the growth of the essential oils market in the Asia-Pacific region is rise in the availability and affordability of these essential oils due to dual income of households, and rise in awareness about functionalities, health benefits, and applications of essential oils in the global market.
The essential oils market is characterized by medium to high competition due to the presence of a number of large- & small-scale firms with low product differentiation. Acquisitions and expansions are the key strategies adopted by these players to ensure their growth in the market. The market is dominated by players such as Cargill (U.S.), E.I. du Pont de Nemours and Company (U.S.), Koninklijke DSM N.V. (Netherlands), and dôTERRA International LLC. (U.S.). Other players in the industry include Young Living Essential Oils (U.S.) and Givaudan SA (Switzerland).
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