(I-BusinessNews.Com, May 27, 2021 ) The global essential oils market size is estimated to be valued USD 10.3 billion in 2021 and is expected to reach a value of USD 16.0 billion by 2026, growing at a CAGR of 9.3% in terms of value during the forecast period. In terms of volume, the market is estimated to account for 253.2 KT in 2021 and is expected to reach at 345.4 KT by 2026, growing at a CAGR of 6.4% during the forecast period. Factors such as an growth in awareness toward preventive healthcare, improvements in the standard of living and rise in double income households, along with increase in demand for aromatherapy are some of the factors driving to the growth of the market.
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Restraint : Depletion of natural resources
A healthy ecosystem provides a range of benefits that acts as the foundation of human well-being. Plants are an essential part of this ecosystem as they balance the world by providing food and shelter. They also assist in physiological and psychological well-being through their therapeutic products such as essential oils. However, this source is exhausting gradually. This could be attributed to an increase in population and industrialization that has resulted in deforestation.
With the increased population, an increasing number of trees are cut to accommodate the increased number of people. According to The World Counts, “up to 28,000 species can go extinct in the next quarter-century due to deforestation. 13 million hectares of forest have been converted for other uses or destroyed by natural causes.
Essential oils are very concentrated compounds and have a very low yield. For example, one pound of lavender essential oil consumes around 220 lbs. of lavender flowers. Deforestation, along with the low yield of essential oil, is a major factor that acts as a barrier in the essential oils industry.
The aromatherapy segment of the essential oils market is projected to have highest CAGR during the forecast period, by applications
By applications, the aromatherapy segment is projected to have highest CAGR during the forecast period in the global market. Essential oils are volatile liquid substances extracted from aromatic plant material by different types of extraction methods. Changing lifestyles and their consequences, such as high stress and depression, along with increasing disposable incomes, resulting in an increase in demand for aromatherapy. The oils are extracted from natural plant sources such as flowers, herbs, and trees. Different types of essential oils used in aromatherapy include tea tree oil, jasmine oil, rosemary oil, and lavender oil. These oils are used in massage therapies, acupuncture, and topical care.
The market for distillation segment is projected to account for the largest share during the forecast period
By method of extraction, the distillation segment accounted for the highest share in the market. Distillation is the process of separating components of a mixture by evaporating and then condensing the vapor into liquid. The distillation method is used for temperature-sensitive materials such as aromatic compounds. It is a technique that is slightly volatile, where the water-insoluble substances are separated from nonvolatile materials by means of distillation. Different types of distillation methods are used, such as water distillation, water & steam distillation, and steam distillation for extraction of oils. It is used mainly for different types of essential oils such as eucalyptus, lavender, and jasmine. Distillation is one of the main methods used for extraction in the fragrance and essential oils industries.
Clove leaf by type drives the market during the forecast period
By type, the clove leaf segment is projected to have the highest CAGR during the forecast period. Clove is the dried, unopened flower bud obtained from a middle-sized, evergreen tree. It is found in the Molucca islands in Indonesia. It consists of various nutrients such as protein, volatile oil, non-volatile ether extract (fat), and crude fiber besides mineral matter and vitamins C & A. Globally, India is the largest country to import clove, followed by Singapore and the US. The distillation method of extraction is used to yield a substantial amount of clove leaf oil.
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Asia Pacific is the fastest-growing market during the forecast period in the global market
The growth in population, rise in disposable incomes, rapid urbanization in the Asia Pacific region, and an increase in demand for high-quality food & beverage products are the key factors that have encouraged the demand for essential oils. Substantial growth is witnessed in countries, such as China, India, and Japan, due to the increase in the purchasing power of the population and demand for protein-rich meat diets. Moreover, consumers prefer opting for products that have high nutritional content and offer health benefits and exotic taste.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the essential oils market. It consists of the profiles of leading companies such Cargill, Inc. (US), DuPont (US), Koninklijke DSM N.V. (Netherlands), dôTERRA International LLC (US), Givaudan SA (Switzerland), Young Living Essential Oils (US), The Lebermuth Company, Inc. (US), Symrise (Germany), Sensient Technologies Corporation (US), Essential oils of New Zealand (New Zealand), Firmenich SA (Switzerland), International Flavors & Fragrances Inc. (US), Mane (France), ROBERTET SA (France), Rocky Mountain Oils LLC (US), BIOLANDES SAS (France), Falcon (India), Farroti (Italy), Indian Essential Oils (India), and Ungerer Limited (UK).
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