Chicago, June 29, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, The global essential oils market is projected to reach USD 15,987.7 million by 2026, with a CAGR of 9.3%, in terms of value between 2021 and 2026. Some of the reasons that are driving the growth of the essential oil market are its various application in the food & beverages industry as flavoring ingredients, in home care, and toiletries as a fragrance due to its medicinal properties. These essential oils also possess cleansing & detoxification properties.
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Orange oil dominates the market with a significant share in the essential oils market
Based on type, the orange oil segment belongs to the Rutaceae family and is widely used as an essential oil. Orange oil is obtained from the peel of the orange fruit. The demand for essential oil is booming, due to increasing awareness about the benefits of orange oil in end-use applications such as food & beverages, aromatherapy, and health care. Brazil is the leading producer & exporter of orange worldwide followed by the US, China, India, and Mexico.
Browse in-depth TOC on "Essential Oils Market"
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The distillation segment is projected to account for the largest market share in the essential oils market during the forecast period
Based on the method of extraction, the distillation segment is projected to account for the largest market share in the essential oils market. Some of the reasons for boosting the growth of this category are its attribute of retaining the benefits of the oil, as well as its cost-effectiveness. This technique helps for quality control purposes and its wide application.
The healthcare segment is projected to grow at a significant CAGR in the essential oils market during the forecast period
By application, healthcare is projected to grow steadily during the forecast period in the essential oils market. The factors driving the growth of this segment are the increasing geriatric population and the increasing prevalence of lifestyle diseases. The essential oil has its application in healthcare due to its medicinal properties which relieve cold and flu symptoms. Additionally, it also helps in reducing body aches.
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North America is the largest region in the essential oils market during the forecast period
North America is one of the fastest-growing regions in terms of value in the global essential oils market during the forecast period. The region is highly diversified with manufacturers focusing on catering to the growing demand of the end-user industry. The market is dominated by key players like Cargill (US) and DuPont (US). Additionally, the increasing awareness of consumers regarding the health benefits associated with essential oil in different end-use applications led to the growing demand for essential oils in the region.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Givaudan SA (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances, Inc. (US), Symrise (Germany), and MANE (France). The other players in the market include Cargill, Inc., DuPont, DSM, dōTERRA International LLC, Young Living Essential Oils, The Lebermuth Company, Inc., Rocky Mountain Oils LLC, Biolandes SAS, Essential Oils New Zealand, Falcon, Farotti, India Essential Oils, and Ungerer Limited.
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