New York, USA, Sept. 13, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global essential oils market is predicted to rise at a tremendous CAGR of 9.20%, thereby garnering a revenue of $20,497.61 million in the 2021-2028 timeframe. This integrated report presents a brief outlook of the current framework of the essential oils market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market:
Drivers: Strategic alliances in the form of partnerships and collaborations among key market players of the industry are expected to become the primary growth driver of the essential oils market in the forecast period. Moreover, growing popularity of aromatherapy is expected to help the market grow substantially in the forecast period.
Opportunities: Increasing usage of essential oils in the food industry is predicted to offer numerous growth opportunities to the market in the forecast period. Along with this, growing trend of aromatherapy in essential oils is estimated to push the market forward.
Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to the high cost of essential oils, which might prove to be a restraint for the essential oils market.
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Impact of Covid-19 on the Market:
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. However, the essential oil market has been an exception. It experienced a growth in the market during the pandemic period due to increasing demand for essential oils on the account of their anti-oxidant, anti-microbial, anti-infective properties.
Segments of the Market:
The report has divided the essential oils market into certain segments based on type, application, and region.
Type: Citrus Sub-segment to be the Most Profitable
By type, the citrus sub-segment is expected to be the fastest growing as well as the most dominant sub-segment and gather a revenue of $4,907.12 million by 2028. Citrus essential oils such as sweet orange, mandarin, lemon, lime, etc. are extensively used in home care products as they can easily dissolve other substances; which is predicted to boost the growth of this sub-segment in the forecast period.
Application: Food & Beverages Sub-segment to be the Most Dominant
By application, the food & beverages sub-segment is expected to have the highest market share and gather a revenue of $7,460.75 million during the 2021-2028 timeframe. Essential oils have been increasingly used in food and beverages industry in order to prevent the viral infections caused by synthetic preservatives, which is why there is a growth in demand for these oils and this growth in demand is predicted to push the sub-segment forward.
Broader Insights Pertaining of Specific Segments or Regions of Essential Oils Market & Avail 10%OFF
Region: Market in the Europe to be the Most Lucrative
By regional analysis, the essential oils market in Europe is expected to register a revenue of $8,854.97 million by 2028, thereby becoming the most lucrative sub-segment. Large scale promotion of production and sale of essential oils and related products by organizations like European Federation of Essential Oils (EFEO) is expected to be the primary growth driver of the market in the forecast period.
Prominent Market Players:
Some of the prominent players of the essential oils market are
- Cargill, Inc.
- Givaudan SA
- Symrise
- DuPont
- Young Living Essential Oils
- Sensient Technologies Corporation
- Koninklijke DSM N.V.
- The Lebermuth Company, Inc.
- Essential oils of New Zealand
- dôTERRA International LLC
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market. Inquire here to get access to the Key Companies’ Development Strategic Report
For instance, in April 2022, Phoenix Flavors and Fragrances, a leading essential oils manufacturing company, announced the acquisition of Innovative Fragrances, a personal care and aroma-based products supplier. This acquisition is expected to help the acquiring company, i.e., Phoenix Flavors and Fragrances, to consolidate its position in the market in the coming period.
Finally, the report also summarizes many crucial aspects of the essential oils market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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More about Essential Oils Market:
- 4 Striking Health Benefits of Essential Oils
- Global Essential Oils Market to Witness Propelling Growth with the Rising Demand by End-Users
