- Increase in popularity of aromatherapy, surge in preference for natural ingredients, demographic changes, and developing applications in pharmaceutical industry have propelled the growth of the global essential oils market
PORTLAND, Oregon, March 9, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Essential Oils Marketby 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". According to the report, the global essential oils industry garnered $8.00 billion in 2018, and is projected to reach $15.61 billion by 2026, growing at a CAGR of 8.7% from 2019 to 2026.
Major motivators for market growth
Rise in popularity of aromatherapy, increase in preference for natural ingredients, demographic changes, and emerging applications in pharmaceutical industry have boosted the growth of the global essential oils market. However, high prices, and limited knowledge regarding weed management and lack of awareness among end-users impede the market growth. On the contrary, favorable government regulations are expected to create lucrative opportunities in the near future.
The orange segment to open lucrative opportunities
Based on product, the orange segment held the maximum share in 2018, contributing to nearly two-fifths of the market. Moreover, the segment is estimated to register the fastest 9.3% during the forecast period, owing to growing demand for orange essential oil in the fragrance industry. In addition, rise in the usage of orange essential oils in multiple industries such as food and beverage, aromatherapy and more among others drives the growth for this segment.
The food and beverages segment held the largest share
Based on application, the food and beverages segment dominated the market in 2018, accounting for nearly two-fifths of the total market share, owing to rise in the usage of natural ingredients in preparation of food and beverages. On the other hand, the cleaning and home segment is expected to manifest the fastest CAGR of 9.3% during the forecast period. The rise in affinity of the consumers toward chemical free and essential oil-based solution for cleaning is driving the growth of the segment.
North America dominated the market
The market across North America held the largest share in 2018, accounting for almost two-fifths of the market, owing to growing awareness about the health benefits of essential oil, and increased investment by people in this region in aromatherapy and body massages. However, the market across Asia-Pacific region is expected to register the highest CAGR of 9.3% during the forecast period, due to wide scope of application of essential oils along with high consumer base in the region.
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