SAN FRANCISCO, U.S., Feb. 17, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Essential Oils Market Size, Share, Growth Analysis Report By Product (Orange, Eucalyptus, Cornmint, Peppermint, Citronella, Lemon, Lime, Clove, Spearmint, and Others), By Application (Cleaning and Home, Medical, Food and Beverages, Spa and Relaxation, and Others), and By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecast 2020–2026” in its research database.
“According to the latest research study, the demand of global essential oils market size & share was valued at approximately USD 7 billion in 2019. The market is expected to grow above a CAGR of 9.3% and is anticipated to reach over USD 14.1 billion by 2026.”
Essential Oils Market Overview:
The essential oils are liquids extracted from the stems, leaves, seeds, roots, or flowers of the specific plant. Some of the common essential oil sources include tea tree, lavender, orange, lemon, peppermint, and others. The essential oils are considered to possess antibacterial, antifungal, antiviral, and antimicrobial properties.
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Furthermore, the ability of essential oils to by-pass the digestive system has increased its use in improving digestion. It is also used in infants to help swallow capsules or tablets and also for improving the oxygenation in some individuals.
Industry Growth Drivers:
The growth of the essential oils market is basically due to the rising utilization of essential oils in myriad applications such as aromatherapies, flavor & fragrance, etc. Additionally, the healing properties of essential oils are likely to further help propel the growth of the global Essential Oils market during the forecast period. The growing acceptance of essential oils in the commercial, residential, and industrial application helps expand the market.
The surging demand for natural preservatives is anticipated to increase the sales of essential oils, as well as provide new opportunities, during the forecast period. However, the high costs of essential oils are one of the key factors predicted to hamper the Essential Oils market.
Key Insights from Primary Research
- As per the analysis, the essential oils market share is likely to grow above a CAGR of around 9.3% between 2020 and 2026.
- The Essential Oils market size was worth around US$ 7 billion in 2019 and is estimated to hit approximately US$ 14.1 billion by 2026. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Increasing use of essential oils in a variety of applications is anticipated to contribute to the growth during the course of the forecast period.
- Based on Product, the essential oils market for the world is predicted to be led by orange.
- Based in Application, the food and beverage segment will hold the largest market share for essential oils over the projection period.
- On the basis of region, the “North America” will likely overtake the global market.
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Essential Oils Market: Segmentation Analysis
- Orange is expected to lead the global Essential Oils market
The orange category is anticipated to dominate the global Essential Oils market due to the non-greasy and eco-friendly extraction processes. Furthermore, its suitable application in the pest controls, household cleaners, and therapeutic products further help surge the market growth. Apart from this, the increasing sales of orange essential oil in the fragrance industry are projected to bolster market expansion.
- Food and Beverage category accounts for the majority of the market share of the global Essential Oils market during the forecast period
The food and beverage category are dominating the global Essential Oils market owing to the stringent government regulations concerning the limited use of synthetic flavors or essence foodstuffs and food safety. In addition, the growing demand for natural ingredients while preparing food is one of the key drivers of the market. The rise in the adoption of essential oil as a natural ingredient in the preparation of food acts as the major driving factor.
Regional Analysis:
- North America is expected to hold the majority of the market share during the forecast period
North America is expected to hold the majority of the market share during the forecast period owing to the increasing application of essential oil in the food & beverages and pharmaceutical sector. The growth of the market in North America is attributed to the growing awareness about the advantages of essential oil and the increasing investments being made in the aromatherapy and body massages.
Furthermore, Asia Pacific is expected to exhibit the highest growth rate due to the rising consumer base and extensive application in the Asia Pacific region.
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Competitive Players:
The report contains qualitative and quantitative research on the global essential oils market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global essential oils market include;
- H.Reynaude & Fils
- Sydney Essential Oils Co. Pty Ltd.
- Biolandes
- Farotti SRL
- The Lebermuth Company
- Moksha Lifestyle Products
- Young Living Essential Oils
- doTERRA International
- West India Species Inc.
- Essential Oils of New Zealand
The global essential oils market is segmented as follows:
By Product
- Orange
- Eucalyptus
- Cornmint
- Peppermint
- Citronella
- Lemon
- Lime
- Clove
- Spearmint
- Others
By Application
- Food and Beverages
- Medical
- Cleaning and Home
- Spa and Relaxation
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Report Scope:
| Report Attribute | Details |
| Market Size in 2019 | USD 7 Billion |
| Projected Market Size in 2026 | USD 14.1 Billion |
| CAGR Growth Rate | 9.3% CAGR |
| Base Year | 2029 |
| Forecast Years | 2020–2026 |
| Key Market Players | H.Reynaude & Fils, Sydney Essential Oils Co. Pty Ltd., Biolandes, Farotti SRL, The Lebermuth Company, Moksha Lifestyle Products, Young Living Essential Oils, doTERRA International, West India Species, Inc., Essential Oils of New Zealand, and others. |
| Key Segment | By Product, Application, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Product, by Application, and by region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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