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Essential oil market size estimated to reach $16,172.2 million by 2026

Article-Essential oil market size estimated to reach $16,172.2 million by 2026

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According to a new report, published by Polaris Market Research, the essential oil market is anticipated to reach $16,172.2 million by 2026. In 2017, orange essential oil segment dominated the global market, in terms of revenue. Europe is expected to be the leading contributor to the global market revenue during the forecast period.

A significant increase in disposable income, changing lifestyles, and initiatives by market players to promote healthy lifestyles drive the growth of this market. Other driving factors include increasing incidences of stress and anxiety, growing inclination towards use of natural and organic products, and increasing awareness regarding physical and mental health. The use of essential oils in various applications such as food and beverages, healthcare, pharmaceutical, cosmetics, and aromatherapy further propel the market growth. Increasing demand in developing nations is expected provide numerous growth opportunities to the market players during the forecast period.

A universal shift toward e-commerce has led to increasing consumer purchases of essential oils through online channels. The variety of choices available coupled with ease of purchase offered by online platforms encourages consumers to buy essential oils online, supplementing the growth of the market.

Improvement in lifestyle due to rise in income level, especially in developing Asia-Pacific countries, fuels further demand for essential oils market. Factors such as improved per capita income and changes in consumer behaviour towards physical and mental health are expected to accelerate the adoption of essential oils in the coming years.

Europe generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The high geriatric population in the region supports the high demand of essential oils in food & beverages and cosmetic products. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to educated awareness about the benefits, and rising demand of essential oils from the healthcare sector in this region.

In 2017, orange essential oil segment accounted for the highest market share. The increasing demand for orange essential oil is owing to properties such as anti-inflammatory, antidepressant and antispasmodic. Use of orange essential oil has a calming effect on mind and body, and is used in various cosmetics products. It is also used in various foods and beverages to enhance flavour.

In a newly published report on the essential oils market, companies profiled include Dōterra International LLC., Rocky Mountain Oils, LLC, Naturals Together, Robertet SA, Now Health Group, Inc., Biolandes SAS, Falcon Essential Oils, Ungerer Limited, The Lebermuth Company, Flavex Naturextrakte GmbH, Farotti Srl, and E. I. Du Pont De Nemours and Company among others. These companies have launched new products for the essential oils market, collaborating with other market leaders to innovate and meet the increasing needs and requirements of consumers.