Global Essential Oil Market Witnesses Robust Growth

Albany, NY -- (SBWire) -- 10/26/2018 --Essential oil are gaining demand as a result of their expanding usage across different applications wherever essence of a specific oil is required, such as food and beverages, pharmaceuticals, and personal care and cosmetic products. Essential oil contain striking characteristic of the plants that they are extracted from. These alternatives are considered healthier than fatty oils, as they can completely evaporate and do not leave any strain or residue when pressed against filter paper. Rose oil, lavender oil, eucalyptus oil, garlic oil, and balsam of Peru are some of the common raw materials for the manufacturing of essential oil.

Rising Use in Cosmetic and Skincare Products Boosts Growth Prospects

The demand for essential oil is forecast to rise at a steady pace through the course of the report's forecast period. Consumer inclination towards natural product will bode well for the overall market. Leading producers are taking more interest in bio-based and natural products as consumers have become more conscientious about ingredients used in their skincare or beauty products, besides their food and beverages. This could be a result of the rising concerns with regards to pollution and hazards triggered by exposure to certain chemicals. Spurred by this, the global essential oil market is poised to surge at an impressive pace.

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In addition to this, the rising use in aromatherapy is a crucial factor fuelling the demand for essential oil around the world. TMR also expects the use of essential oil to rise for adding fragrances in novel beauty and skincare products. These factors are likely to set the tone for robust growth in the global essential oil market.

According to a recent business intelligence study by Transparency Market Research (TMR), the demand in the global essential oils market will increment at an impressive CAGR of 9.6% during the forecast period of 2017 to 2022. Revenue-wise, the market is estimated to attain a valuation of US$27.49 billion by 2022.

Here's a look at how different factors are impacting the global essential oil market:

Trend of aromatherapy: Urban populations are observing a restless lifestyle while they earn greater chunk of disposable income. As a result, measures that fetch them a few hours of relaxation goes a long way towards overcoming stress and rejuvenates them. As a result, aromatherapy clinics are mushrooming across urban parts of the world and driving the demand for essential oils that are of ideal fragrance. Additionally, essential oils have proven their worth in curing chronic diseases such as arthritis and skin allergies.

Growing demand for cosmetic and personal care products: Particularly in the developing Asia Pacific countries of India, China, and Thailand, the demand for personal care products is on the rise. These products are manufactured by the inclusion of essential oils as more suited for application on skin than other alternatives.

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Radical progress of food and beverage industry: Urban populations are now eating out much more than ever before as well as consuming ready to eat food products and liquid refreshments. Consequently, the players of the food and beverage industry are innovating their products by the inclusion of this costly but beneficial oil, and marketing their niche products to gain ground over competitors. In the near future, this application segment of the essential oil market is expected to perform really well, according to the analyst of the TMR report.

A number of research and development activities are currently underway that promise to expand the application horizon of essential oils. Moreover, rising demand for natural ingredients and economic prosperity of BRICS nations is expected to open new opportunities in the essential oils market. On the other hand, depleting natural resources, side effects of these oils on certain skin and metabolism, and prevalence of synthetic or adulterated products are obstructing the market from attaining greater profitability.