Essential oil & Aromatherapy Market - by Product-Type (Essential Oils, Blended Oils), Flavors (Fruits), Application (Food & Beverages, Medical, Personal Care (Cosmetics), Homecare) and Region - Forecast to 2023
Pune, India -- (SBWIRE) -- 05/15/2018 -- Market Overview:
Essential oil and aromatherapy is used as a vital ingredient in many industries especially in fragrance and flavour, cosmetics, personal care, pharmaceuticals and aromatherapy. Increasing demand for high quality fragrances and flavor is supporting the demand of high quality essential oils. Increasing application of essential oil and aromatherapy in pharmaceutical industry is boosting the demand of essential oils from last few years. The EU and Japan do not apply tariffs to essential oils from SADC or from other developing countries and neither does NAFTA nor the US. There are no quota restrictions on imports of essential oils into the EU. The only issue though is that the shipment must be accompanied by the requisite certificate of origin.
Every essential oil has unique functional properties which provides several health benefits to human body. Due to increasing health awareness among consumers about health benefits of essential oil, the demand for essential oil and aromatherapy especially for home care application is boosting the market. High application of essential oil in food and beverages has also raised the demand for aromatherapy globally. Wide application of aromatherapy in aiding skin care and menstrual problems is considered to be one of the major drivers of this market because of which it has gained popularity amongst the female population.
On the basis of product-type, Essential oils is found to hold a major share followed by blended oils based on their high functionality and property of imparting instant relief to the area of application. On the basis of flavors, fruity flavor is anticipated to hold a major share based on increasing consumer's preference towards natural fragrances. On the basis of application, personal care is evaluated to hold a lion's share and is projected to increase at a high rate based on high demand from consumer's side for therapeutic skincare and hair care products.
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In 2016, d?TERRA Increases North American Footprint, Expands into Canada with two new distribution centers and new distillery in Bulgaria. In 2015, strategic partnership between Choice Humanitarian and d?TERRA International Focuses on Rebuilding Nepal and Creating Economic Development Opportunities. Key players are more focusing on expansion of essential oil business across the globe which is contributing around 40% of strategy share. After expansion, key players are acquiring companies to strengthen their presence and to get edge over increasing competition
The key players profiled in the global Essential oil & Aromatherapy market are G Baldwin & Co (U.K.), doTerra (U.S.), Rocky Mountains Oil (U.S.), Young Living Essential Oils (U.S.), Mountain Rose Herbs (U.S.), Thann (U.S.), Ryohin Keikaku Co., Ltd. (Japan)
Essential oil & Aromatherapy has been segmented on the basis of Product-Type which comprises Essential Oils, Blended Oils, Carrier Oils and Others. Essential oils is projected to hold a major share.
Essential oil & Aromatherapy has been segmented on the Basis of flavors which comprises Fruits, Spices, Flowers, Herbs, Others. Fruits based flavors is found to hold a major share in the Essential oil & Aromatherapy market based on high demand and preference from consumer's side.
Essential oil & Aromatherapy has been segmented on the basis of application which comprises Food & Beverages, Medical, Personal Care (Cosmetics, Toiletries, Fragrances, Others), Homecare, Spa & Wellness Products, Others. Personal care based application of Essential oil & Aromatherapy is found to hold a major share.
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The global Essential oil & Aromatherapy market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). North America has the major market share followed by Europe. Rising awareness about the benefits of Essential oil & Aromatherapy and it's health benefits is the major factor due to which North America is projected to generate a high revenue during the given forecast period. The Major importers of Essential oil & Aromatherapy include U.S., France, Germany, U.K. and Netherlands. Based on the higher demand for relaxation therapy and growing demand for spa's and wellness centers in the developed countries, the global demand for Essential oil & Aromatherapy is found to rise at a steady growth rate.