Tea Tree Oil Market - Forecast (2022 - 2027)
Tea Tree Oil Market Overview
Tea Tree Oil market size was estimated at $50.23 million in 2020, growing at a CAGR of 5.94% during the forecast period 2021-2026. Tea tree oil is made from the leaves of Melaleuca alternifolia, a small tree native to New South Wales and Queensland in Australia. It has papery bark, a bushy crown, and pale bark. Anti-inflammatory, antibacterial, antifungal, and antiviral properties are all found in tea tree oil. Tea tree oil can be used to treat acne, contact dermatitis, athlete's foot, and other skin conditions also it has a Camphoraceous odor. If tea tree oil is ingested, it is poisonous. Vomiting, hallucinations, nausea, dizziness, weakness, sleepiness, diarrhea, coma, blood cell abnormalities, and severe rashes are all possible side effects. Tea tree oil has several chemicals that can help fight viruses, germs, and fungi. It contains Terpene hydrocarbons, Terpinen-4-ol, and other components. Tea tree oil's antimicrobial properties make it a beneficial ingredient in a variety of soaps and lotions for treating bacterial and fungal skin infections. Increasing demand for tea tree oil in the personal care industry across the globe is the major factor driving the growth of the market. Increasing preference for healthy natural products is set to further enhance the overall market development of the Tea Tree Oil Market for the period 2021-2026.
Report Coverage
The report: “Tea Tree Oil Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Tea Tree Oil Market.
Key Takeaways
- The Asia Pacific dominated the Tea Tree Oil Market in 2020 owing to the rising demand for natural skincare products among the people in the region. The Tea Tree Oil Market scope for different regions will be provided in the final report.
- Increasing awareness about the benefits of tea tree oil is set to aid the market growth of the Tea Tree Oil Market report.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Tea Tree Oil Market report.
- Growing concern about the quality of the product is poised to create hurdles for the Tea Tree Oil Market.
Tea Tree Oil Market Segment Analysis – By Application
Based on application, the market for Tea Tree Oil is segmented into Cosmetics & Toiletries, and Therapeutics. Cosmetics & Toiletries held the largest share in the Tea Tree Oil market and it is estimated to register a higher CAGR of 6.02% during the forecast period 2021-2026. Tea tree oil is widely used in the production of various cosmetics & Toiletries products such as cleansing soaps, deodorants, hand wash sanitizers, and face creams, shampoo & conditioners, skin-clearing lotions, mouthwash, body lotions, shower gels, and many others. Tea tree oil has antibacterial, antiviral, and antifungal qualities, thus it's best to use it straight from the bottle. Its antifungal qualities make it useful against a variety of fungal infections of the scalp, skin, and toenails which increasing the Tea Tree Oil market.
Tea Tree Oil Market Segment Analysis – By End User
Based on end-user, the market for Tea Tree Oil is categorized in FMCG Companies, Cosmetic Companies, Pharmaceutical Companies, and Others. Cosmetic Companies held the largest share in the Tea Tree Oil market. Tea Tree oil is mostly used by cosmetic companies for the production of various skin care products as Tea-tree oil is used to treat acne, eczema, skin diseases such as herpes, wounds, warts, burns, insects bites, and nail mycosis which is increasing the Tea Tree Oil market. However, Pharmaceutical companies are estimated to register a higher CAGR of 6.07% during the forecast period 2021-2026 owing to the rising demand for tea tree oil for making pharmaceutical products due to its anti-inflammatory and anaesthetic properties, which helps to reduce swelling and pain while also preventing infections and scarring.
Tea Tree Oil Market Segment Analysis – By Geography
Asia-Pacific dominated the Tea Tree Oil market with a major share of 39% in 2020. This is attributed to the rising demand for natural and clean label cosmetic products in this region. Furthermore, Increasing awareness about the benefits of tea tree oil enables to prevent infection among the people in the region is also contributing to the growth of the market.
However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing purchasing power of the people in this region. The increasing demand for tea tree oil from cosmetic industry in this region is also increasing the growth of the market in this region.
Tea Tree Oil Market Drivers
Increasing Usage of Tea Tree oil In Aromatherapy
Increasing usage of tea tree oil in aromatherapy is increasing the growth of the Tea Tree Oil Market. Aromatherapy is a holistic healing technique that promotes health and well-being by using natural plant extracts. Tea tree oil is widely used in aromatherapy as the ability to naturally support and strengthen immune system health and fight infections since it reduces the negative sense of stress, which makes the disease more likely. According to the International Spa Association (ISPA), Spa visits have been increasing each year across the globe. Additionally, the growing demand for natural products among people is also predicted to increase the growth of the Tea Tree Oil market during the forecast period 2021-2026.
Increasing Demand For Tea Tree Oil, As a result of Increasing Prevalence of Skin Cancer.
Increasing demand for tea tree oil owing to the rising prevalence of skin cancer is increasing the growth of the Tea Tree Oil market. Tea tree oil can fight against skin cancer owing to its anti-inflammatory and antimicrobial properties also it has the ability to cure skin cancer. According to the American Academy of Dermatology, In the United States, skin cancer is the most frequent cancer. one out of every five Americans will develop skin cancer. Moreover, growing awareness about the health benefits of Tea Tree Oil among the people thereby is increasing and leading to the market growth during the forecast period 2021-2026.
Tea Tree Oil Market Challenges
Depletion of Natural Resources and Concern about Quality of Tea Tree Oil.
The major factor that is set to impede the growth of the Tea Tree Oil market is the depletion of natural resources. Owing to the rise in population and industrialization which resulted in deforestation that leads to an increase in the number of trees are being cut. According to The World Counts, deforestation could lead to the extinction of up to 28,000 species in the next quarter-century and Natural disasters have deforested or destroyed 13 million hectares of forest. Another factor that hampers the growth of the market is the growing concern about the quality of the product among consumers.
Tea Tree Oil Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Tea Tree Oil Market. In 2020, the Tea Tree Oil Market share is consolidated by the top ten players present in the market. The Tea Tree Oil Market, the top 10 companies are
- Aos Product Pvt. Ltd.
- Coromandel Mountains Tea Tree Oil Company
- Oribi Oils (Pty) Ltd.
- T.G.Cassegrain & Co Pty Ltd
- Jenbrook Pty Ltd.
- Young Living Essential Oils
- Maria River Plantation
- Plantlife, Inc
- The Sherwin-Williams Company
- NOW Foods
Tea Tree Oil Market Development
- In November 2019, Young Living Essential Oil has opened a new office in South Africa, the African continent's first Young Living market. This would assist the corporation in expanding its market in South Africa.
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