According to the report, global demand for essential oil market is expected to reach around USD 9.80 billion in 2020, growing at a CAGR of approximately 9% till 2020.
The report covers forecast and analysis for the essential oil market on a global and regional level. The study provides historic data of 2014 along with a forecast from 2015 to 2020 based on both volumes (kilo tons) and revenue (USD million). The study includes drivers and restraints for the essential oil market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the essential oil market on a global level.
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The global essential oil market is mainly driven by increasing demand for 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. The 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 the major concern for manufacturers.
Orange, corn mint, eucalyptus, citronella, peppermint, lemon, cloverleaf, 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 were 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 the essential oil market.
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The global essential oil market was dominated by the Europe in terms of both volume and revenue. The 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.
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.