The global essential oils market size isexpected to reach USD 14.6 billion by the end of 2026. As perthe report, the market stood at USD 7.03 billion in 2018 andis projected to exhibit a stellar CAGR of 9.65% during theforecast period of 2019-2026. This vital information is stated by FortuneBusiness Insights™, in its report, titled, “Essential Oils Market,2019-2026.” The global food and beverage industry is experiencingsteady, yet significant evolution regarding ingredient formulations. Thegrowing inclination of consumers towards organic and naturally grown productshas categorized essential oils as an essential component of choice in food processing.This is likely to mark a significant contribution towards the growth of themarket.
Inhalation of Essential Oils Likely to be Beneficial to StallCOVID-19 Virus
Since the COVID-19 virus outbreak, the disease has reached everycountry around the globe, which is why the World Health Organization declaredit as a public health emergency. The global impacts of the coronavirus diseasewere observed by every industry and public too and significantly affected theessential oil market positively. According to the International Journal ofPharmaceutical Science and Research, inhalation of certain essential oils canbe beneficial and an adjuvant therapeutic strategy to stall COVID-19. Thisstudy is likely to boost the demand and growth of the essential oils market.
Segmentation:
Based on type, the global essential oils market is divided intocitrus, eucalyptus, lavender, rosemary and tea tree. The citrus based oil isexpected to dominate in the market as the leading segment.
On the basis of application, the market is further categorizedinto food and beverage, personal care and cosmetics and pharmaceuticals amongothers. Among these, the food and beverage sector is the top application ofsuch oils that act as natural antimicrobials. It held a share of about 46.1% inthe year 2018.
Report Coverage:
We follow a comprehensive research methodology that focusesmajorly on offering accurate information. Our researchers have used a datatriangulation technique which would help us to provide authentic estimates andgauge the overall market dynamics. Besides, our analysts gained access toseveral global and regional paid databases for delivering the latestinformation so that you can invest only in the crucial zones.
Drivers and Restraints:
Essential Oils Used as a Preservation Source to Bolster MarketGrowth
Essential oils have a vital role to carry out regarding theorganic preservation of foods during the rising fear for artificial foodessences and their long-standing unfavourable outcomes. Several clinicaltrials, where the ranging based on concentration levels for the oils to be 0.5to 20 microliters per gram, have observed antibacterial activities in foodssuch as meat products, sea-food, milk, milk products, vegetables, and evencooked rice, among others. There has been a significant collaborationestablished using mild preservation methods coupled with essential oils.Furthermore, it is a great opportunity for R&D to combine and utilize theoil as food additives and is anticipated to deliver further motivation for theessential oils market to grow.
Regional Insights:
North America and Europe to Co-Lead the Market Backed byAttraction of Aromatherapy
The essential oils market share in the North American region wasworth USD 1.79 billion in 2018. The developed nations of the Europeanregion and the U.S. have acknowledged a few of the constituents of essentialoils such as cinnamaldehyde, carvone, Citral, carvacrol, p-cymene, among othersas a valid flavouring. The cosmetic developers in Europe too are leaningimmensely to include essential oils in their products. The risingpopularity for aromatherapy in major markets of the leading countries in theEuropean region is projected to make a notable contribution to the salessegment of these oils further promoting the essential oils market growth.
Competitive Landscape:
Innovative Launches by Key Players to Further Promote MarketGrowth
The prominent players in the market are constantly watching outfor opportunities to invest, launch or merge with other key companies tobolster their position in the market. They plan effective strategies along withthe help of their expert advisors to enhance their brand value and ensurebetter reach among the end-users. One such efficient strategy is launchinginnovative products to attract consumers from all regions.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/essential-oils-market-101063
