The global essential oils market size is expected to reach USD 14.6 billion by the end of 2026. As per the report, the market stood at USD 7.03 billion in 2018 and is projected to exhibit a stellar CAGR of 9.65% during the forecast period of 2019-2026. This vitalinformation is stated by Fortune Business Insights™, in its report, titled, “Essential Oils Market, 2019-2026.” The global food and beverage industry is experiencing steady, yet significant evolution regarding ingredient formulations. The growing inclination of consumers towards organic and naturally grown products has categorized essential oils as an essential component of choice in food processing. This is likely to mark a significant contribution towards the growth of the market.
Inhalation of EssentialOils Likely to be Beneficial to Stall COVID-19 Virus
Since the COVID-19 virus outbreak, the diseasehas reached every country around the globe, which is why the World HealthOrganization declared it as a public health emergency. The global impacts ofthe coronavirus disease were observed by every industry and public too andsignificantly affected the essential oil market positively. According to theInternational Journal of Pharmaceutical Science and Research, inhalation ofcertain essential oils can be beneficial and an adjuvant therapeutic strategyto stall COVID-19. This study is likely to boost the demand and growth of theessential oils market.
Segmentation:
Based on type, the global essential oils marketis divided into citrus, eucalyptus, lavender, rosemary and tea tree. The citrusbased oil is expected to dominate in the market as the leading segment.
On the basis of application, the market isfurther categorized into food and beverage, personal care and cosmetics andpharmaceuticals among others. Among these, the food and beverage sector is thetop application of such oils that act as natural antimicrobials. It held ashare of about 46.1% in the year 2018.
Report Coverage:
We follow a comprehensive research methodologythat focuses majorly on offering accurate information. Our researchers haveused a data triangulation technique which would help us to provide authenticestimates and gauge the overall market dynamics. Besides, our analysts gainedaccess to several 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 aPreservation Source to Bolster Market Growth
Essential oils have a vital role to carry outregarding the organic preservation of foods during the rising fear forartificial food essences and their long-standing unfavourable outcomes. Severalclinical trials, where the ranging based on concentration levels for the oilsto be 0.5 to 20 microliters per gram, have observed antibacterial activities infoods such as meat products, sea-food, milk, milk products, vegetables, andeven cooked 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 toCo-Lead the Market Backed by Attraction of Aromatherapy
The essential oils market share in the NorthAmerican region was worth USD 1.79 billion in 2018. The developed nationsof the European region and the U.S. have acknowledged a few of the constituentsof essential oils such as cinnamaldehyde, carvone, Citral, carvacrol, p-cymene,among others as a valid flavouring. The cosmetic developers in Europe too areleaning immensely 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 KeyPlayers to Further Promote Market Growth
The prominent players in the market areconstantly watching out for opportunities to invest, launch or merge with otherkey companies to bolster their position in the market. They plan effectivestrategies along with the help of their expert advisors to enhance their brandvalue and ensure better reach among the end-users. One such efficient strategyis launching innovative products to attract consumers from all regions.
For example, in November 2018, Young LivingEssential Oils launched its offerings and solutions in the Philippines, whichfalls in the Southeast Asian market.
Browse Detailed Summary ofResearch Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/essential-oils-market-101063
