Worldwide essential oil market is projected to garner around US $ 16,172.2 million by the year 2026, according to the latest research available at Market Study Report LLC, that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming years.
As per the report, the global essential oil market is gaining traction, owing to changing lifestyles, significant rise in disposable income, and initiatives taken by market players to promote well-being. Other significant aspects impelling the market growth include growing incidences of anxiety and stress, higher inclination towards using natural products, and surging awareness about mental and physical health. The extensive application of essential oils in areas including food & beverages, pharmaceutical, healthcare, aromatherapy, and cosmetics, is likely to further impel the market growth.
Moreover, the increasing demand for essential oils in the emerging nations will provide the global market with multiple growth opportunities over the forecast timeline. The major shift towards e-commerce has encouraged consumers to purchase essential oils via online platforms. The wide variety of essential oil products to choose from, along with purchase convenience on online platforms, leads to hefty proceeds from online sales, thereby driving the market growth. In the forthcoming years, rise in per capita income as well as changes in consumer behavior are likely to augment the adoption of essential oils worldwide.
Speaking of the product spectrum, the global essential oil market is segmented into lime, lemon, corn mint, orange, peppermint, clove leaf, eucalyptus, citronella, and others. Reportedly, the orange essential oil segment held the highest market share in the global market, in the year 2017. The demand for orange essential oil is driven by its anti-depressant, antispasmodic, and anti-inflammatory properties. This oil is used in numerous cosmetic products, and in various foods and beverages for flavor enhancement.
The latest report entails an in-depth analysis of the worldwide essential oil market drivers, restraints, and opportunities affecting the commercialization scope over the forecast period.
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Based on the regional spectrum, the worldwide essential oil market is fragmented into North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. Based on the findings of the report, Europe accrued the highest revenue in the global essential oil market in the year 2017 and is further expected to be a leading contributor to the worldwide market revenue over the predicted period. Regional growth is driven by huge geriatric population and high disposable income. The high demand for essential oils in the food & beverages and cosmetic products is further advancing regional growth.
In addition, the Asia Pacific market is estimated to expand at the highest CAGR throughout the predicted timeframe, given the burgeoning disposable income in the developing APAC countries, coupled with rising awareness of the benefits of essential oils, and the ascending demand from the healthcare sector.
The worldwide essential oil market witnesses high competition among leading players such as Rocky Mountain Oils, LLC, doTERRA International LLC, Biolandes SAS, The Lebermuth Company, Naturals Together, Falcon Essential Oils, Now Health Group Inc., Ungerer Limited, Robertet SA, E. I. Du Pont De Nemours & Company, Flavex Naturextrakte GmbH, and Farotti Srl. In a bid to augment their product portfolio, global reach, and suffice the growing consumer requirements, these companies are collaborating with other market leaders and launching new products.