The global essential oils market size is expected to reach USD 14.6 billion by the end of 2026. As per the report, the market stood at USD 7.03 billion in 2018 and is projected to exhibit a stellar CAGR of 9.65% during the forecast period of 2019-2026. This vital information is stated by Fortune Business Insights™, in its report, titled, “Essential Oils Market, 2019-2026.” The global food and beverage industry is experiencing steady, yet significant evolution regarding ingredient formulations. The growing inclination of consumers towards organic and naturally grown products has categorized essential oils as an essential component of choice in food processing. This is likely to mark a significant contribution towards the growth of the market.
Inhalation of Essential Oils Likely to be Beneficial to Stall COVID-19 Virus
Since the COVID-19 virus outbreak, the disease has reached every country around the globe, which is why the World Health Organization declared it as a public health emergency. The global impacts of the coronavirus disease were observed by every industry and public too and significantly affected the essential oil market positively. According to the International Journal of Pharmaceutical Science and Research, inhalation of certain essential oils can be beneficial and an adjuvant therapeutic strategy to stall COVID-19. This study is likely to boost the demand and growth of the essential oils market.
Based on type, the global essential oils market is divided into citrus, eucalyptus, lavender, rosemary and tea tree. The citrus based oil is expected to dominate in the market as the leading segment.
On the basis of application, the market is further categorized into food and beverage, personal care and cosmetics and pharmaceuticals among others. Among these, the food and beverage sector is the top application of such oils that act as natural antimicrobials. It held a share of about 46.1% in the year 2018.
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Drivers and Restraints:
Essential Oils Used as a Preservation Source to Bolster Market Growth
Essential oils have a vital role to carry out regarding the organic preservation of foods during the rising fear for artificial food essences and their long-standing unfavourable outcomes. Several clinical trials, where the ranging based on concentration levels for the oils to be 0.5 to 20 microliters per gram, have observed antibacterial activities in foods such as meat products, sea-food, milk, milk products, vegetables, and even cooked rice, among others. There has been a significant collaboration established using mild preservation methods coupled with essential oils. Furthermore, it is a great opportunity for R&D to combine and utilize the oil as food additives and is anticipated to deliver further motivation for the essential oils market to grow.
North America and Europe to Co-Lead the Market Backed by Attraction of Aromatherapy
The essential oils market share in the North American region was worth USD 1.79 billion in 2018. The developed nations of the European region and the U.S. have acknowledged a few of the constituents of essential oils such as cinnamaldehyde, carvone, Citral, carvacrol, p-cymene, among others as a valid flavouring. The cosmetic developers in Europe too are leaning immensely to include essential oils in their products. The rising popularity for aromatherapy in major markets of the leading countries in the European region is projected to make a notable contribution to the sales segment of these oils further promoting the essential oils market growth.
Innovative Launches by Key Players to Further Promote Market Growth
The prominent players in the market are constantly watching out for opportunities to invest, launch or merge with other key companies to bolster their position in the market. They plan effective strategies along with the help of their expert advisors to enhance their brand value and ensure better reach among the end-users. One such efficient strategy is launching innovative products to attract consumers from all regions.
For example, in November 2018, Young Living Essential Oils launched its offerings and solutions in the Philippines, which falls in the Southeast Asian market.
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