New York, Feb. 03, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global essential oils (EO) market was valued at USD 7.6 Billion in 2018 and is expected to reach USD 15.1 Billion by the year 2026, at a CAGR of 8.7%. EOs are antiseptic, antibacterial, disinfectant, and biotic in nature, and, depending on the essence used, they may be soothing and relaxing as well. This encourages the use of multipurpose oil in treating a wide variety of ailments. EOs may also be applied in several ways, the most popular being inhalations, compresses, bath, massage, and mainly mixed into creams, lotions, ointments, and vegetable oils. Change in consumer preference from chemical products to natural products is one of the main driving factors. Another factor is its ability to act as a perfect substitute for various products, such as cleaning items, replacing the use of benzyl peroxide in the market.
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Continuous innovation and product launches by players in the market is likely to drive demand. In order to meet the market demand and supply, the manufacturers have been focusing on innovation and raising the efficiency of the production process. For instance, genetic engineering was used to regenerate transgenic plants, and these plants produced substantially more essential oil (about 50% yield increase) without a change in monoterpene. Similarly, EOs are used as preservatives extensively due to their low solubility, instability against environmental conditions, and susceptibility to oxidative degradation and decline in the antimicrobial activity. Therefore, the nanoemulsion formulation is being used. The delivery system of nanoemulsion-based EO is emerging as a viable solution to control the growth of foodborne pathogens.
North America is projected to be a key revenue generating region for the market. This can be attributed to the increasing demand for bio-based personal care products and aromatic cleaning agents in the region. Moreover, the rising demand for organic processed foods and beverages is also likely to boost demand in the region. Presence of key players in the region including Biolandes SAS, doTerra International, Ungerer Limited, Aura Cacia, Young Living Essential Oils, and The Nature’s Bounty Co. to name a few, is also forecasted to create lucrative growth opportunities for the market. Furthermore, the concentration of leading cosmetic industries in the region is also expected to boost the market growth.
Further key findings from the report suggest
- The demand for peppermint essential oil is projected to grow significantly in the coming years. When used medicinally, the product has been found to eliminate harmful bacteria, relieve muscle spasms and flatulence, disinfect and soothe inflamed skin. The topical application of the product has been found to act as an astringent that closes pores and tightens the skin.
- Demand for EO for aromatherapy is forecasted to witness a significant increase in the forecast period. Aromatherapy has played a significant role in the field of alternative medicines with a gradual shift from man-made drugs to essential oils to gain therapeutic values. Adverse effects associated with pharmaceuticals have led to an increase in the adoption of naturally developed products. For instance, lavender oil has been found to help people sleep better and wake up more refreshed. According to the National Sleep Foundation, lavender can reduce anxiety and lower blood pressure, heart rate, and skin temperature.
- North America accounted for a significant share of the total market. The region serves as a key exporter of essential oils globally. According to OEC statistics, in 2017, the region accounted for around 19% of the total exports. The U.S. accounted for USD 698 million exports in 2017 and the major importers were Canada, China, the U.K., Japan, and Singapore to name a few.
- Key participants include Cargill (U.S.), E.I. du Pont de Nemours and Company (U.S.), Koninklijke DSM N.V. (Netherlands), dôTERRA International LLC. (U.S.), Young Living Essential Oils (U.S.) and Givaudan SA (Switzerland). Based in the U.S., Young Living Essential Oils is into the production of essential oils and other related products. The company offers a diverse portfolio including lavender, cardamom, basil. Clove, coriander and eucalyptus, to name a few. The products are available in blends and singles for personal care and food applications.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Essential Oils Market on the basis of product type, method of extraction, application, and region:
Product Type (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
- Orange oil
- Lemon oil
- Lime oil
- Peppermint oil
- Cornmint oil
- Citronella oil
- Spearmint oil
- Geranium oil
- Clove leaf oil
- Eucalyptus oil
- Jasmine oil
- Tea tree oil
- Rosemary oil
- Lavender oil
- Others
Method of Extraction (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
- Distillation
- Carbon dioxide extraction
- Cold press extraction
- Solvent extraction
- Others
Application (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
- Food & beverage
- Cosmetics & toiletries
- Aromatherapy
- Home care
- Health care
- Others
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Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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