May 19, 2017, Tampa, Florida – Global essential oil market is estimated to reach USD 13.9 billion by 2024, according to a new research study published by Ameri Research.Increasing usage in aromatherapy coupled with thestrong growth in food & beverage sector in Asia Pacific is anticipated to drive market growth.
Changing lifestyles coupled with rising per capita disposable income is the primary reason for thegrowth of packaged food & beverage consumption in emerging economies such as China, India, Thailand, and Malaysia.The introduction of wide variety of traditional and innovative flavors & fragrances in food & beverage and personal care industries is expected to compliment market growth further.
Increasing application scope in end-use industries such as pharmaceuticals along with superior benefits offered by these oils is another factor projected to bolster demand. Spa &relaxation accounted for over 25% of the overall industry revenue in 2016. Recent development in thefield of aromatherapy coupled with rising popularity in thedeveloped region is driving application segment growth.
Click the link below to view the report description: - https://www.ameriresearch.com/product/essential-oil-market-outlook-2024
Key findings from the study: -
- Corn mint oil is anticipated to exhibit significant growth rate due to high menthol content and offers various health benefits. The product segment is estimated to witness increasing consumptionof medicines, food and beverages, flavors and fragrances applications.
- Europeemerged as the leading regional consumer and accounted for 40% of the market revenue in 2016. The region imports significant volumes of essential oil from Southeast Asian countries such as Indonesia, Malaysia, and Thailand.
- Strong growth of packaged food industry coupled with increasing demand from fragrance and dentistry is anticipated to boost Asia Pacific market growth. The region is expected to grow at an estimated CAGR of 9.1% from 2017 to 2024.
- Oils such as lime, vetiver, and cajeputare used for different purposes in aromatherapy such as fragrance diffusers or mucolytic agent.
- Establishments including European Federation of Essential Oils (EFEO), European Chemicals Agency, Food & Drug Authority regulate the usage in various applications.
- Key industry participants includeEssential Oils of New Zealand, Sydney Essential Oil & Co., Young Living Essential Oils, Moksha Lifestyle Products, West India Spices, Ungerer Limited, The Lebermuth Inc., India Essential Oils, Rocky Mountain Essential Oils, FarrotiSrl.
- Essential Oil Market by Product (Volume, Tons; Revenue, USD Million)
- Orange Oil
- Citronella Oil
- Corn Mint Oil
- Lemon Oil
- Lime Oil
- Clover Leaf Oil
- Peppermint Oil
- Eucalyptus Oil
- Spearmint Oil
- Essential Oil Market by Application (Volume, Tons; Revenue, USD Million)
- Food & Beverages
- Spa & Relaxation
- Cleaning & Home
- Essential Oil Market by Region (Volume, Tons; Revenue, USD Million)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
- Saudi Arabia
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