Portland, OR, April 16, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Essential Oil Market is projected to garner $11.19 billion by 2022, from $6.77 billion in 2016, growing at a CAGR of 8.7% from 2016 to 2022. The report provides a comprehensive analysis of key market trends, major winning strategies, value chain, key segments, business performance, and competitive scenario. These insights are helpful for leading market players, new entrants, investors, and shareholders to gain a strong position and devise strategies to be adopted for gaining leadership status.

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Surge in preference for natural ingredients, prominence of aromatherapy, changes in lifestyle, and emerging applications in the pharmaceutical industry drive the growth in the industry. However, lack of awareness in some regions and high costs hinder the market growth. On the other hand, supportive government initiatives create new opportunities in the market.

Based on type, the orange segment contributed nearly two-fifths of the total market share in 2016 and is expected to maintain its lead position throughout the forecast period. This segment would also grow at the fastest rate, registering a CAGR of 9.3% from 2016 to 2022. It is lucrative segment among types such as peppermint, lime, eucalyptus, cornmint, and others.

Based on application, the flavor & fragrance segment contributed the major share in the market in 2016, accounting for more than two-fifths of the share. However, the cosmetics segment registered the highest CAGR of 9.2% from 2016 to 2022. The research also analyzes aromatherapy, pharmaceuticals, agrochemicals, and others.

Regionally, North America contributed nearly two-fifths of the total share in 2016 and is expected to maintain its lead position during the forecast period. However, Asia-Pacific is expected to grow at the fastest rate, with a CAGR of 9.3% from 2016 to 2022.

Leading market players analyzed in the research include dTERRA International, Biolandes, Young Living Essential Oils, Sydney Essential Oils Co. Pty Ltd, The Lebermuth Company, Farotti SRL, H.Reynaude & Fils, Essential Oils of New Zealand, Moksha Lifestyle Products, and West India Species, Inc. They have adopted various strategies including partnerships, collaborations, joint ventures, expansions, mergers & acquisitions, and others to gain strong position in the market.

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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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