Global Essential Oil Market to Register CAGR of 9% from 2014 to 2020
Deerfield Beach, FL -- (SBWIRE) -- 07/24/2017 -- Zion Market Research has published a new report titled "Essential Oil (Orange, Corn Mint, Eucalyptus, Citronella, Pepper Mint, Lemon, Clover Leaf, Lime, and Spearmint) Market for Medical, Food & Beverage, Spa & Relaxation, Cleaning & Home, and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020." According to the report, global demand for essential oil market was valued at around USD 5.50 billion in 2014 and is expected to reach around USD 9.80 billion in 2020, growing at a CAGR of approximately 9% between 2015 and 2020. In terms of volume, the global essential oil market stood at 160.0 kilo tons in 2014.
Essential oils are also known as volatile or ethereal oil or aetherolea. An essential oil is a concentrated hydrophobic liquid containing volatile aroma compounds from plants. It is extracted from the vast variety of plants and herbs like orange, corn mint, eucalyptus, citronella, pepper mint, lemon, clover leaf, lime, and spearmint, etc. Essential oils are generally extracted by distillation, often by using steam. Other processes include expression, solvent extraction, absolute oil extraction, resin tapping, and cold pressing. They are used in perfumes, cosmetics, soaps and other products, for flavoring food and drink, and for adding scents to incense and household cleaning products.
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Global essential oil market is mainly driven by increasing demand from natural and organic care products due to increasing health issues among the consumers. Development in organic product industry attracts the attention of consumers and manufacturers. Sharp rise in demand for natural aromatic flavors and fragrances in cosmetics, perfumes, as well as spa and relaxation applications is anticipated to foster the demand for essential oils. However, availability of synthetic substitutes and high prices of essential oils will be major concern for manufacturers.
Orange, corn mint, eucalyptus, citronella, pepper mint, lemon, clover leaf, lime, and spearmint are the key product segment of essential oil market. Orange was the leading segment, which accounted for more than 35% share of the total volume consumption in 2014. Orange oil possesses exhibit excellent medical benefits like antiseptic, anti-inflammatory, and antidepressant. Corn mint oil is one of the fastest growing products. Corn mint oil provides numerous health advantages.
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On the basis of applications, the essential oil market has been segmented as medical, food & beverage, spa & relaxation, cleaning & home and other. Food & beverages was the largest application market for essential oils and accounted for over 30% share of the total revenue generated in 2014. Food & beverages industry is expected to witness robust growth during the forecast period. This in turn expected to foster the demand for essential oils in the years to come. Spa & relaxation is also one of the significant outlets for essential oil market.
Global essential oil market was dominated by the Europe in terms of both volume and revenue. Upward trend in natural cosmetics and beauty products, medicines, and nutraceuticals coupled with strong demand from aging population from developed countries such as Germany, UK and France is mainly driving demand for essential oils in the region. Essential oil market in Asia-Pacific region is expected to witness rapid growth as compared to other regions. North America was the second largest regional market for essential oils followed by Asia Pacific, Latin America and Middle East & Africa.
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Some of the key players in global essential oil market include Biolandes, Sydney Essential Oils, HRF, The Lebermuth Company, Young Living Essential Oils, doTerra, Essential Oils of New Zealand, Sydella Laboratoire, Farotti Essenze, Moksha Lifestyle Products, West India Spices Inc., Falcon, and Ungerer Limited.
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