Global Essential Oil Market to witness a CAGR of 8.1% during 2017-2023

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NEW YORK, Jan. 25, 2018 (GLOBE NEWSWIRE) -- The global essential oil market is expected to witness a CAGR of 8.1% and is projected to reach USD 12.1 billion by 2023. The growth in the essential oil market is attributed to the growing demand for natural and organic products coupled with favourable government regulations. Moreover, expanding applications of essential oils in medical therapy is also driving the growth in the global essential oil market. The report segments the essential oil market by Product type (Orange, Pepper Mint, Eucalyptus, Lemon, Corn Mint, Clove Leaf, Spearmint, Citronella, Jojoba, Lime, Others), Application (Food & Beverage, Medical, Spa & Relaxation, Cleaning & Home, Others), and Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa(MEA)). The report studies the global essential oil market over the forecast period (2017-2023).

The essential oil is referred as an ethereal oil or volatile oil and has volatile aroma from plants. The essential oil is obtained by distillation of leaves, stems, fruits, flowers, seeds, roots, and other parts of the plant. The oil is sourced from a variety of herbs and plants including orange, peppermint, corn mint, lemon, eucalyptus, and others. Essential oils find its usage in vast applications including perfumes, soap, cosmetics, and household cleaning products on account of superior antiseptic and antibiotic properties.

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Key findings from the report:

  • The global essential oil market is expected to reach USD 12.1 billion by 2023
  • The orange oil segment holds the major share of the global essential oil market in 2016 and is expected to hold its dominance during 2017-2023
  • The food & beverage application segment is expected to register fastest CAGR during the forecast period.
  • Europe is expected to hold majority of share in the market over the forecast period
  • North-America is expected to become the second largest essential oil market 2017-2023
  • Some of the key companies operating in the essential oil market include Biolandes SAS, Moksha Lifestyle Products, The Lebermuth Company, Young Living Essential Oils, Sydella Laboratoire, Rocky Mountain Oils (RMO),  Dōterra, West India Spices Inc., Falcon and Ungerer Limited, among others

Major factors driving the growth in global essential oils market

The demand for natural and organic products is on the rise due to rising health awareness among the consumers globally. Essential oils are experiencing high demand from pharmaceutical industries due to their medicinal properties such as antiviral, antibacterial, antifungal, and antimicrobial. They are highly oxygenated and enhance digestion. The naturally extracted oil has minimum side effects, unlike most conventional drugs and medicines. The increasing demand in flavor and fragrance would be driving the market over the forecast period. Furthermore, rapid industrialization and increasing disposable income is expected to fuel the market growth, mainly in developing countries of Asia-Pacific. The other factors such as the profitable opportunities and positive regulations implemented by the government would create positive impact on the growth of the market.

Essential oil Market - Regional insight

Europe is expected to hold the majority of share in the global market over the forecast period, on account of the growing awareness and increasing demand for natural cosmetics and beauty products. North-America, being the key market, is expected to become the second largest essential oil market over the forecast period. The growth in the region is attributed to government subsidies and tax benefits coupled with advanced and efficient technology. Asia-Pacific is an emerging market growing at rapid rate and is expected to expand and occupy larger market share in the essential oil market, owing to increase in per capita income encouraging the production and application of essential oils.

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