Global essential oils market is expected to witness a noteworthy growth during the forecast period, 2021-2028. By type, the citrus sub-segment is expected to be most lucrative. By application, the food and beverages sub-segment is expected to be the most profitable. The Asia-Pacific region is expected to lead the market.
New York, USA, Oct. 26, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global essential oils market is anticipated to generate a revenue of $20,497.61million by 2027, at a CAGR of 9.20%, increasing from $10,349.81 million in 2020.
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The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the essential oils market.
Impact of COVID-19 on the Global Essential Oils Market
The coronavirus pandemic has left many industries in a devastating state. However, essential oils market has experienced a positive growth during the pandemic. The main reason behind this growth is the application of essential oils in the treatment of different health conditions such as stress, immunity disorder, and sleep disorders.
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Dynamics of the Global Essential Oils Market
Drivers: Increasing popularity of essential oils in food and beverages industry is expected to enhance the essential oils market growth during the forecast period. Essential oils elevate the flavor and taste of food. This factor has increased the adoption of essential oils as a substitute for herbs and spices. Also, urban population has inclined towards a healthy eating habit. These factors are anticipated to enhance the growth of the market during the forecast period.
Restraint: The higher cost of essential oils compared to regular oils is expected to be one of the major restraining factors for the essential oils market during the forecast period.
Key Segments of the Global Essential Oils Market
The report has divided the global essential oils market in different segments based on type, application, and regional analysis.
Type: Citrus Type Sub-segment Expected to be Most Lucrative
The citrus type sub-segment is predicted to dominate the market with a revenue of $4,907.12 million during the analysis period. The main factor behind the growth of the market segment is the extensive use of citrus essential oils in home care products.
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Application: Food & Beverages Sub-segment Expected to be the Most Profitable
The food & beverages sub-segment of the essential oils market is expected to surpass $7,460.75 million by the end of 2028, increasing from $3,745.10 million in 2020. Essential oils help in preventing viral infections caused by synthetic preservatives, which is expected to boost the growth of the market during the forecast period. Another factor behind this growth is the rising trend of applying natural ingredients in the food.
Regional Analysis: European Market Expected to Dominate the Market
European regional market of essential oils is predicted to generate a revenue of $8,854.97 million during the forecast period. Growing trend of natural cosmetics and fragrances in the regional countries are expected to be the main attributor behind the growth of the market during the analysis period. Moreover, the presence of the major companies such as The European Federation of Essential Oils (EFEO) in Europe is another factor enhancing the growth of the market.
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Key Market Players & Strategies of the Global Essential Oils Market
1. Cargill, Inc.
3. Koninklijke DSM N.V.
4. dôTERRA International LLC
5. Givaudan SA
6. Young Living Essential Oils
7. The Lebermuth Company, Inc.
9. Sensient Technologies Corporation
10. Essential oils of New Zealand
In July 2021, Givaudan, a world leader in fragrance creation and Privi Specialty Chemicals Limited, a famous manufacturer of aroma and fragrance chemicals signed an agreement. The main aim of this agreement is to strengthen the production capacities of Givaudan for the global specialty fragrance ingredients.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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