Essential Oil Market [By Product Type (Lemon, Lime, Orange, Corn Mint, Eucalyptus, Peppermint, Citronella, Clove Leaf, Others); By Distribution Channel (Offline Stores, Online Platforms); By Application (Healthcare and Pharmaceutical, Cleaning, Food and Beverages, Spa and Wellness, Others); By Region]: Market Size & Forecast, 2017 – 2026
Report Summary
The global essential oil market was valued at USD 6,829.5 million in 2017 and is anticipated to grow at a CAGR of 10.1% during the forecast period. Essential oils are volatile aromatic compounds obtained from parts of plants. Essential oils are obtained through distillation or extraction of different parts of plants such as leaves, roots, flowers, bark, resin, and peels among others. Essential oils are used in a wide range of applications such as aromatherapy, cosmetic products, household cleaning products, and natural medicine treatments among others. The demand for essential oils has increased over the years owing to their anti-inflammatory, antimicrobial, and antioxidant properties.
The increasing use of essential oils in aromatherapy primarily drives the growth of the market. Consumers are increasingly becoming aware regarding the benefits of essential oils and use of essential oils in applications such as cosmetics and food & beverages supplements the growth of the market. The growing inclination of consumers towards natural and organic ingredients further augments market growth. The increasing incidences of anxiety and depression coupled with hectic lifestyles have encouraged consumers to use essential oils. Other factors driving the market include increasing disposable income, and improving lifestyles. Growing demand from emerging economies along with increasing consumer awareness is expected to provide numerous growth opportunities in the coming years.
Segment Analysis
The global essential oils market is segmented on the basis of product type, distribution channel, application, and region. Based on product type, the market is segmented into lemon, lime, orange, corn mint, eucalyptus, peppermint, citronella, clove leaf, and others. On the basis of distribution channel, the market is segmented into offline stores, and online platforms. On the basis of application, the market is segmented into healthcare and pharmaceutical, cleaning, food and beverages, spa and wellness, and others. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Europe accounted for the largest share in the global Essential Oil market in 2017.
Competitive Landscape
The leading players in the market include D?terra International LLC., Rocky Mountain Oils, LLC, Naturals Together, Robertet SA, Now Health Group, Inc., Biolandes SAS, Falcon Essential Oils, Ungerer Limited, The Lebermuth Company, Flavex Naturextrakte GmbH, Farotti Srl, and E. I. Du Pont De Nemours and Company among others. These leading players in the market are introducing affordable products in the market to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.
