New York
City, 13 March 2020: According to a new report published by Polaris Market Research the essential
oil market is anticipated to reach USD 16,172.2 million by
2026. In 2017, the 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.
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There has been a shift towards
e-commerce and consumers are increasingly purchasing essential oils through
online platforms. 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 the developing
countries of Asia-Pacific fuels the demand for essential oils market. Factors
such as increase in per capita income and changes in consumer behavior 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 coupled with high disposable income drives the market growth.
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The high
demand of essential oils in food & beverages and cosmetic products support
the market growth in the region. Asia-Pacific is expected to grow at the
highest CAGR during the forecast period owing to increasing disposable incomes
in developing countries of this region, rising awareness about benefits of
essential oils, and rising demand of essential oils from healthcare sector in
this region.
The different types of essential
oils in the market include lemon, lime, orange, corn mint, eucalyptus,
peppermint, citronella, clove leaf, and others. In 2017, the 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 flavor.
The well-known companies profiled
in the report include DÅterra 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 launch new products and collaborate with other market leaders to innovate
and launch new products to meet the increasing needs and requirements of
consumers.
About Polaris Market Research
Polaris Market Research is a global
market research and consulting company. The company specializes in providing
exceptional market intelligence and in-depth business research services for our
clientele spread across different enterprises.
Contact Us:
Polaris Market Research
Phone: 1–646–568–9980
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