Introduction to Essential oil Market Overview
Essential oils has aromatic compounds produced by plants. Essential oils are extracted from various plant sources such as leaves, flowers, bark, fruits and wood. Most of the essential oils are extracted from the steam distillation method. The essential oils have wide application in medicines and cosmetics products. The essential oils are used in personal care products such as shampoo, soaps and hair care. Additionally, essential oil are used in food industries for flavoring, aroma, preservatives and others.
Market Size and Forecast
The global essential oil market is observing vibrant growth on account of increasing demand for personal care products. Additionally, increasing application of essential oil in food and pharmaceutical industry is projected to drive essential oil market.
According to International Trade Administration, the essential oil imports by Australia has increased to 40% from 2013 to 2015. Thus, essential oil market is anticipated to record a CAGR of 8.9% over the forecast period. The essential oil market is expected to reach a value of USD 15.4 million at the end of the forecast period.CLICK TO DOWNLOAD SAMPLE
Increasing application in Food Industry
Rapid economic development coupled with rising disposable income, thriving food industry is expected to boost the essential oil market in the developing regions. Additionally, increasing premium cuisine preferred by the high income population demand for the essential oils. This is expected to impact to have positive impact on essential oil market during the forecast period.
Widespread Application in Aromatherapy
Essential oils are used for aromatherapy. The various health benefits owing to the medicinal properties facilitates the demand for essential oil. Moreover, rapid urbanization and rising disposable income in countries such as China and India is also increasing the demand for aromatherapies. This indirectly drives the market growth of the essential oil market during the forecast period.
The high cost for extracting essential oil from specific plant types is expected to hinder the market growth of essential oil in the coming future.
Our-in depth analysis of the global essential oil market includes the following segments:
By Product Type
On the basis of regional analysis, global essential oil market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Europe is expected to dominate the essential oils market .In Europe, France is expected to contribute highest market share in the region during the forecast period on the account of high application of essential oil in cosmetics industry. Additionally, the expanding food and beverage industry in Europe is also driving the growth of the essential oil market.
Asia Pacific is anticipated to grow with the highest CAGR during the forecast period. This is attributed to the large production of essential oils coupled with increasing demand for organic products in the region.
North America is expected to show substantial growth in the essential oil market on the back of high import of essential oils for manufacturing personal care products during the forecast period. Additionally, the increasing demand for the flavors and fragrance in food and beverage industry is driving the growth of the essential oil market.
Global essential oil market is further classified on the basis of region as follows:
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