Thecompetitive landscape of the global essential oilmarket is highly fragmented landscape, says TransparencyMarket Research (TMR). This is mainly due to the presence of several keyplayers across the globe. Key players in the market are focusing on noveltechniques to improve properties and expand applications of essentialoil. Apart from this, players are ramping up their investment in researchand development to produce advanced blends for aromatherapy and preservation.
DoTERRAInternational LLC, The Lebermuth Co. Inc., Young Living Essential Oil, and EnioBonchev Production Ltd are some of the prominent players operating in theglobal essential oil market.
Accordingto a research report by TMR, the global essential oil market was valued atUS$17.36 bn in 2017. The market is projected to rise at an impressive 9.60%CAGR in the forecast period from 2018 to 2022. Rising at this CAGR, themarket is projected to touch a valuation of US$27.49bn by the end of theforecast period
Onthe basis of geography, Europe is expected to lead the global essential oilmarket with the presence of several key players in the region. The market inEurope is subjected to rise at 8.8% CAGR during the forecast period.On the basis of application, personal care and cosmetic is expected to holdmaximum share in the essential oil market in the coming years. This is mainlybecause of the soaring demand for essential oil in manufacturing severalcosmetic products.
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Rising Awareness of Essential OilBenefits to Drive the Market
The globalessential oil market is expected to rise at a significant pace. This is mainlydue to the factors such as rising awareness among consumers, increase in disposableincome and growing application of essential oil in several industries. Apartfrom this, blooming end use industries such as food and beverage, personal careand cosmetic industry, and aromatherapy is another factor expected to offer asubstantial boost to the global essential oil market. Aromatherapy is gainingprominence, especially among urban population, due to changing lifestyles andrising media influence. This has translated into an upswing in the demand forthe product.
Despiteseveral drivers, the global essential oil market is projected to witness a fewchallenges. High prices of essential oil is the prominent factorhampering the wide scale adoption of essential oil market. Furthermore, lack ofawareness among consumers about key benefits of certain essential oils isanother prominent factor hampering growth of the essential oils market.Nevertheless, spur in research and development of innovative extractiontechniques is expected to bolster growth of the essential oil market in developingregions.
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Strong Distribution Channels toOffer Lucrative Opportunities
Increasingadoption of essential oil by people has resulted in emergence and acceptance ofa wide range of retail channels across the globe. Apart from accessoryshops, home centers, convenience stores, and discount stores, players arelaunching their online stores to improve their geographical reach. Further,essential oils are believed to possess properties like skin tightening and acnetreatment. They contribute to improving quality of hair, nails, and skin, thisappeal a large women and female teenage consumers. Swelling working womenpopulation base are projected to propel the essential oil market during theforecast period.
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