Utilizing both primary and secondary research methods, Reports and Insights investigated the “Essential Oil Market” from every perspective in recent times. The issued report is promising the clients to help them gain a deeper understanding of prevailing market dynamics such as supply-demand asymmetry, product preferences, customer preferences and habits, pricing trends, and so forth. The data is then compiled and evaluated using a scale of market assessment and data validation approaches. In addition, Reports and Insights have an in-house data prognostic approach that prophecies market growth through 2030
The global essential oil market in 2022 is estimated for more than US$ 8.4 Bn and expected to reach a value of US$ 17.2 Bn by 2030 with a significant CAGR of 9.3%.
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Essential Oil Introduction
Essential oil is a concentrated liquid that contains aromatic products, which are extracted from plants. Essential oils are also referred to as volatile oils, aetherolea, ethereal oil, and even oil of the plants. The oil extracted contains the essence of the plant fragrance. The oil may be chemically expressed as essential amino acids or even essential fatty acids. The oils are generally extracted with the help of the distillation process. Other processes involve solvent extraction, absolute oil extraction, and even cold pressing. These are further used in perfumes, soaps, cosmetics, flavored food and beverage, and others.
Essential Oil Market Dynamics
Increasing aromatherapy and rising consumer attraction towards natural ingredient drives this market. Moreover, the changing lifestyles, application of these oils in the pharmaceutical industry and increasing personalized toiletries is further fuelling the demand for essential oils, globally.
Favorable government policies and regulations for essential oils and growing demand for such fragrancing oils from emerging countries are further creating endless opportunities for the growth of essential oil market. On the basis of products, orange oil recorded to have the highest market share of this market. Whereas, the food & beverage segment holds the largest share on the basis of the application. However, the high cost of these oils and irregular availability of raw materials may hamper the growth of this market.
The global essential oil market is expected to increase at a significant CAGR over the forecast period owing to the increasing count of spa and relaxation industries, increasing disposable income and rising demand of essential oils from end-user industry.
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Essential Oil Market Segmentation
The global essential oil market is segmented on the basis of product, method of extraction, application, and region.
On the basis of product, the global essential oil market can be segmented into Orange Oil, Lemon Oil, Lime Oil, Peppermint Oil, Cornmint Oil, Citronella Oil, Spearmint Oil, Geranium Oil, Clove Leaf Oil, Eucalyptus Oil, Jasmine Oil, Rosemary Oil, Tea Tree Oil, Lavender Oil and Others.
On the basis of method of extraction, the global essential oil market can be segmented into distillation, carbon dioxide extraction, cold press extraction, solvent extraction and other extraction methods.
On the basis of application, the global essential oil market can be segmented into food & beverages, cosmetics & toiletries, aromatherapy, home care, healthcare and others.
Essential Oil Market Key Players
The global essential oil market is mainly dominated by Cargill Inc., DÅterra International LLC, E. I. Du Pont De Nemours and Company, Firmenich SA, Givaudan SA, International Flavors & Fragrances Inc., Koninklijke DSM N.V., Sensient Technologies Corporation, Symrise AG, The Lebermuth Company, Inc. and Young Living Limited.
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