Pune, India, June 13, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Europe essential oils market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 4 billion by 2026.
With increasing consumer preference for natural and chemical-free ingredients, Europe essential oils market size will witness an accelerated expansion of over the coming years. Essential oils are substances extracted from plants, whose scents, flavors as well as other beneficial properties make them optimal for use in health, hair, and skincare products.
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The numerous health benefits related to essential oils are projected to fuel their demand in cosmetics, pharmaceutical, and medical applications. Essential oils extracted from ingredients such as rosemary, hyssop, lavender, sage, clary, rose, and roman chamomile are sought after for their various health benefits. Today’s hectic and busy lifestyles has created a significant demand for different stress relieving measures like aromatherapy, which is likely to raise the product demand.
Subsequently, rising geriatric population and the prevalence of age-associated health problems such as Alzheimer’s, bronchitis, and cardiovascular diseases is creating more demand for essential oils in aromatherapy application space. Essential oils have no major side effects, making them much more approachable therapy options as compared to other compounds.
Apart from being a well-developed beauty and wellness hub, Europe is also considered to be a major food & beverages market, offering ample of growth opportunities for essential oils market. Rising consumption of desserts, dips, marinades, and salads in meals across Europe is also favoring the market growth.
Consequently, a number of prominent firms are increasingly focusing on research and development activities in an effort to cater to the rapidly increasing product demand. Growing R&D is leading to higher novel product launches, fostering the business scenarios.
Following are some of the key trends that are expected to shape the Europe essential oils market growth:
Rising awareness around the benefits of lavender-based essential oils
In terms of product, in 2019, the lavender essential oil segment accounted for a market revenue of approximately $450 million. The segment is anticipated to witness growth of more than 9% over the assessment timeframe. Geranium, jasmine, rosemary, and lavender essential oils are mostly used in hair care and cosmetic products. This is owing to their inherent stress relieving properties when properly massaged on scalp. Additionally, their ability to strengthen the roots of the hair also warrants their use in such products. Moreover, lavender and rosemary essential oils also help prevent acne, reduce complexion, and headaches, creating a notable demand for these oils.
Growing adoption in cosmetics and toiletries
Speaking of application spectrum, in 2019, the cosmetics and toiletries application segment was valued at more than $400 million and is expected to showcase promising growth during the analysis time period. Waning dependence on synthetic ingredients and consumers increasing preference towards natural oils in cosmetics & toiletries is likely to raise the product demand. As per Cosmetics Europe, in 2017, the cosmetic and personal care products market across Europe was a €77.6 billion industry.
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Increasing prevalence of health disorders across Germany
On the regional front, the essential oils market revenue in Germany was valued at more than $450 million back in 2019. The regional segment is further projected to see strong growth over the forecast time period. This can be majorly ascribed to the numerous health benefits of aromatherapy and high consumption of essential oil-based personal care and cosmetic products. Furthermore, rising occurrence of different health-related issues like heart diseases, Alzheimer’s, and bronchitis will also foster the regional essential oils market size.
Key players constituting the industry’s competitive hierarchy include doterra, Royal DSM, Edens Garden, the Sydney Essential Oil Co., Cargill Incorporated, Essential Oils of New Zealand Ltd., Sensient Technologies Corporation, Young Living Essential Oils, LLC., Givaudan, Lebermuth, Inc., and FAROTTI SRL among many others. Prominent manufacturers are also focusing on new product launches and implementing various strategies such as partnerships, collaborations, and acquisitions to gain competitive advantage for business expansion.
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
