Essential oils are also called as volatile oils or ethereal oils. These are obtained from roots, leaves, stems, flowers, bark or other parts of plant. Moreover, these oils are obtained from different herbs and plants, including orange, eucalyptus, cornmint, peppermint, citronella, lemon, lime, clove, and spearmint, using the other distillation methods associated to steam and water distillation. Further, these oils contain volatile aroma compounds and essence of plant from which these are formed. The essential oils have applications associated to cosmetics & toiletries, food items, and beverages.
According to study, “Essential Oils Market by Product (Orange, Eucalyptus, Cornmint, Peppermint, Citronella, Lemon, Lime, Clove, Spearmint, and Others) and Application (Food and Beverages, Medical, Cleaning and Home, Spa and Relaxation and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the global essential oils market are do TERRA International, Sydney Essential Oils Co. Pty Ltd., Biolandes, Young Living Essential Oils, The Lebermuth Company, Farotti SRL, Essential Oils of New Zealand, Moksha Lifestyle Products, H.Reynaude&Fils, and West India Species, Inc.
Based on product type, essential oils market is segmented into orange, cornmint, eucalyptus, peppermint, lemon, clove, citronella, lime, spearmint, and others. The orange segment is one of the key segment with the highest market share owing to key features of being eco-friendly and non-greasy, further making suitable for applications in household cleaners, pest controls, and therapeutic products. Based on method of extraction, market is segmented into distillation, cold press extraction, carbon dioxide extraction, solvent extraction and other extraction methods. Based on application, market is segmented into food & beverages, cleaning & home, medical, spa & relaxation, and others. Food & beverages segment is likely to exhibit substantial growth rate due to strict government regulations regarding food safety and limit in usage of synthetic flavors and essence food stuff. The others applications include usage of essential oil in paints, tobacco, paper manufacturing, textile industries, and agrochemicals. In addition, based on distribution channel, market is segmented into MLM (multi-level marketing) distribution, direct distribution, and retail distribution. The retail distribution channel is further sub-segmented into e-commerce, supermarket or hypermarket, retail stores, pharmaceutical stores and others.
The essential oils market is driven by rise in demand for food & beverage and cosmetic applications, followed by increase in demand for aromatherapy and growth in research & development (R&D) activities. However, side effects associated with certain essential oils and depletion of natural resources may impact the market. Moreover, rise in demand for natural ingredients and favorable government regulations are key opportunities for market.
Based on geography, the North-American region holds largest share in essential oils market owing to rise in awareness about the benefits of essential oil coupled with increase in the application of essential oil in pharmaceuticals and food & beverages in the region. Whereas, the European and Asian-Pacific regions are expected to growth at the higher growth rate due to wide scope application of essential oil coupled with high consumer base over the forecast period. In near future, it is anticipated that the global essential oils market will be reached at rapid pace on account of rise in preference for natural ingredients during the forecast period.
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Ankur Gupta, Head Marketing & Communications