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(Health-NewsWire.Net, November 04, 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 for essential oils.
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COVID-19 Impact on the Global Market:
Due to the pandemic, food & beverage producers have become concerned about the need for preventing viral infections among consumers. Viral infections have a negative impact on the growth, gut health, performance of an individual. Essential oils are highly concentrated oils, which are extracted for their flavor and fragrance. They are volatile aromatic compounds extracted from the leaves, stems, flowers, bark, roots, and other parts of a plant. They contain antioxidant, antimicrobial, and anti-infective properties, which are useful in maintaining health.
The essential oils such as orange oil, lime oil, lemon oil, lavender oil, rosemary oil, geranium oil, citronella oil, and other oils play an important role in various industries such as food & beverage, cosmetics & toiletries, home care, aromatherapy, health care, feed, and other industries, which aids in supporting the high-quality of essential oils in providing and treating several conditions such as sleep disorders, stress conditions, depression, and immunity disorders.
Thus, the pandemic would positively impact the overall growth of the essential oils market, as the release of lockdown in various regions has increased the consumption of high-quality food & beverages, cosmetics & toiletries, home care, aromatherapy, health care, feed products, which in turn, globally boosts the market for essential oils.
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.
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Leading companies are 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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