Essential Oil Market: Snowballing Demand in Aromatherapy and Various Natural Remedies to Offer Plent

From: Transparency Market Research
Published: Thu Oct 11 2018


Vendor landscape in the global essential oil market is forecast to remain vastly concentrated. New businesses can face entry barriers considering the predominance of leading companies. Nonetheless, Transparency Market Research (TMR) predicts the competition in the essential oil market to intensify in the coming years due to the telling increase in product and service varieties offered by key firms. In order to emerge at the top key players are also looking to expand their activities across untapped markets via strategic collaborations. Some of the leading players operating in the global essential oil market are DoTERRA International LLC, Young Living Essential Oils, The Lebermuth Co. Inc., Enio Bonchev Production Ltd., International Flavors & Fragrances Inc., Biolandes SA, Givaudan SA, Symrise AG, Citrus and Allied Essences Ltd., and China Flavors and Fragrances Co. Ltd.

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In a recent study, TMR has pegged the global essential oil market to reach US$27.4 bn by the end of 2022. Between 2017 and 2022, the market is forecast to exhibit a CAGR of 9.6%. As per the report, the global essential oil market was valued at US$17.36 bn in 2017. Among various products available in the market, the demand for citrus oil is expected to scale high. Regionally, Europe emerged dominant and is projected to exhibit a CAGR of 8.8% between 2017 and 2022.

The demand for essential oil is forecast to rise at a steady pace through the course of the reportís forecast period. Consumer inclination towards natural product will bode well for the overall market. Leading producers are taking more interest in bio-based and natural products as consumers have become more conscientious about ingredients used in their skincare or beauty products, besides their food and beverages. This could be a result of the rising concerns with regards to pollution and hazards triggered by exposure to certain chemicals. Spurred by this, the global essential oil market is poised to surge at an impressive pace.

In addition to this, the rising use in aromatherapy is a crucial factor fuelling the demand for essential oil around the world. TMR also expects the use of essential oil to rise for adding fragrances in novel beauty and skincare products. These factors are likely to set the tone for robust growth in the global essential oil market.
Company: Transparency Market Research
Contact Name: Pradnya
Contact Email: pradnya@transparencymarketresearch.com

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