Global Essential Oils Market Predicted to Generate a Revenue of $20,497.61 Million and Grow at a CAGR of 9.20% during the Forecast Period, 2021 to 2028 - Exclusive Report [170 pages] by Research Dive
Global essential oils market is expected to witness a positive growth during the forecast period. By type, citrus sub-segment is predicted to be the most lucrative. Europe is expected to lead in the global market in the estimated timeframe.
NEW YORK, Oct. 19, 2021 /PRNewswire/ -- Research Dive has published a report titled, "Essential Oils Market Outlook by Type (Citrus, Tea Tree, Eucalyptus, Citronella, Clove, Lavender, and Others), Application (Food & Beverages, Fragrances, Cosmetics, & Aromatherapy, Household, and Pharmaceuticals), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028"
The Global Essential Oils Market is anticipated to generate a revenue of $20,497.61 million by 2028, increasing from $10,349.81 million in 2020, and grow at a CAGR of 9.20% during the forecast period.
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COVID-19 Impact Analysis on Essential Oils Market
The coronavirus pandemic has impacted the global economy in a drastic way. Many companies went bankrupt while others were closed down temporarily. Essential oils market has witnessed a flourishing growth during the critical period. This is because of the beneficial properties of essential oils. Apart from being used as a substitute to herbs and spices in cooking food, essential oils are also used widely in the aromatherapy industry. Many leading players of the industry are focusing on the growth enhancement of the market in the post pandemic period.
Access our comprehensive analysis of the IMPACT OF COVID-19 ON GLOBAL ESSENTIAL OILS
Regional Insights of the Essential Oils Market
Europe essential oils market is predicted to register the highest revenue of $8,854.97 million during the analysis period. Increasing popularity of natural cosmetics and fragrances in the regional countries is the main factor enhancing the growth of the regional market during the forecast period.
Segments of the Essential Oils Market
The report has divided the market into different segments based on type and application.
Type: The citrus type sub-segment is forecasted to garner a maximum revenue of $4,907.12 million during the forecast period. Extensive use of citrus essential oils in home care products due to its ant-bacterial properties is expected to contribute to the growth of the sub-segment.
Application: The food & beverages sub-segment of the essential oils market garnered a revenue of $3,745.10 million in 2020 and is further expected to generate a revenue of $7,460.75 million by the end of 2028. The main attributor behind this growth is the benefits of using essential oils in food to prevent viral infections caused by synthetic preservatives.
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Dynamics of the Essential Oils Market
Drivers: Rising popularity of essential oils in food and beverages industry as well as in aromatherapy is expected to fuel the growth of the essential oils market during the forecast period. Essential oils have many benefits. Few drops of essential oils enhance the taste and flavor of food. Essential oils also help in the treatment of stress, depression, and anxiety issues with its healing elements. These are the factors behind the growth of the essential oils market during the forecast period.
Restraint: The cost of the essential oils is higher compared to the regular oils. This is expected to be one of the major factors to hinder the market growth during the forecast period.
Opportunity: Increasing demand and popularity of aromatherapy around the world for its healing elements is expected to bring many opportunities for the market in near future.
Key Market Players & Strategies
- Cargill, Inc.
- DuPont
- Koninklijke DSM N.V.
- dôTERRA International LLC
- Givaudan SA
- Young Living Essential Oils
- The Lebermuth Company, Inc.
- Symrise
- Sensient Technologies Corporation
- Essential oils of New Zealand
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Recent Development
In November 2020, Symrise AG, entered into a purchase agreement with Sensient Technologies Corporation, a USA –based global producer of scents and colors to acquire their aroma and fragrance chemicals ranging a wide variety of aroma molecules and fragrances. Symrise AG is a world leader in the production of flavors and fragrances.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
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