Essential Oils Market Worth $15.3 Billion by 2027
Essential Oils Market By Product Type, Application (Food & beverages, Cosmetics & Toiletries, Aromatherapy, Home Care, and Health Care), Source (Fruits & Vegetables, Herbs & Spices, Flowers), Method of Extraction and Region - Global Forecast to 2027
Northbrook, IL 60062 -- (SBWire) -- 09/28/2022 --According to a research report "Essential Oils Market by Product Type, Application (Food & Beverages, Cosmetics & toiletries, Aromatherapy, Home Care, and Health Care), Source (Fruits & vegetables, Herbs & Spices, Flowers), Method of Extraction and Region - Global Forecast to 2027" published by MarketsandMarkets, the global essential oils market size is estimated to be valued at USD 8.8 billion in 2022 and is projected to reach USD 15.3 billion by 2027, recording a CAGR of 11.8% in terms of value.
Download PDF Brochure
The food and beverages industry continues to incorporate essential oils into multiple products, in line with the upward trend of "clean label."
The food and beverage industries use essential oils mostly for their color, flavor, and fragrance in the end products, as substitutes for synthetic ingredients. Essential oils are identified for their health benefits, as they are natural ingredients that impart the essence of the source they have been derived from. The largest market segment for essential oils is food and beverage, as consumers are becoming increasingly aware of the health benefits of essential oils, the preferences for food & beverage products with these oils as additives have increased.
Various essential oils used by manufacturers include orange oil, lemon oil, and lime oil. Lemon's essential oil is widely used in the food and beverage industry as a flavoring agent, such as in fruit juices, jams, and bakery products. With citrus essential oils labeled as safe for consumption by regulatory authorities, the food and beverages industry continue to incorporate these essential oils into multiple products, in line with the upward trend of "clean label."
Essential oils represent a significant upstream business opportunity for the floriculture market
Floriculture has been associated with the cultivation of exotic and aromatic flowers yielding aromatic essential oils which include rose, jasmine, lavender, and tuberose. Flowers have been known for a long time to be a source of sweet fragrance. Flowers provide one of the most important essential oils which are indispensable in perfumery production. Hence essential oils represent a significant upstream business opportunity for the floriculture market.
Essential oils from flowers, when incorporated into finished products impart various benefits, such as a pleasant aroma in perfumery, shine or conditioning effects in hair care products, and improving the elasticity of the skin.
It is necessary to identify the perfect location for the cultivation of flowering crops based on suitable climatic and soil conditions with minimal use of pesticides and fertilizers to obtain a good yield. It is also essential to carefully monitor the transit of raw materials from field to factory to ensure that the freshness and potency of active ingredients are preserved.
The growth of the essential oils market in Europe is driven by the demand for products being sold as aromatherapy cosmetics to the consumers
Europe is one of the largest markets for essential oil products, owing to the increased awareness of their benefits. Food & beverage companies are innovating to produce various essential oil-based beverages and foods to meet consumer demand. European buyers are preferring value-added food products, and manufacturers are preferring to use essential oils in this domain due to their wide range of applications. The consumers' growing demand for high-quality environmentally friendly products is expected to drive the market in Europe.
Apart from this, Europe is one of the major importers of essential oil due to the increased consumer demand for aromatherapy products by developing "aromatherapy cosmetics." The European cosmetics and personal care market is one of the largest in the world and presents an attractive opportunity for suppliers and producers of essential oils from developing countries. The consumer demand for cosmetics products that do not contain chemicals is expected to fuel market growth.
Make an Inquiry
key players in this market include Cargill, Incorporated (US), DSM (Netherlands), Givaudan (Switzerland), International Flavors & Fragrances Inc. (US), Sensient Technologies Corporation (US), Symrise (Germany), Robertet SA (France), MANE (France), doTERRA (US), NOW Foods (US), Lebermuth, Inc. (US), BIOLANDES (France), Norex Flavours Private Limited (India) and India Essential Oils (India).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
Media Relations Contact
View this press release online at: http://rwire.com/1364243