Essential oils are also known as volatile oils and are obtained from flowers, leaves, stem, roots, and various other parts of trees and plants. Essential oils include the extract from the plants and aroma syntheses. Mostly, essential oils are used for the preparations of food, beverages, cosmetics, and personal care industries. It also has many medicinal benefits and also used in the pharmaceutical sector.
The Essential Oils Market size was marked at $8,006.1 million in 2018, and it will grow at the Compound Annual Growth Rate (CAGR) of 8.68% to reach $15,619.2 million in 2026. The orange segment is the greatest contributor in the market share of global essential oils, with $3,059.3 million in 2018, and it is predicted to reach $6,213.2 million by 2026, at a CAGR of 9.3%.
As there is an increased demand for added flavors and fragrances in the food, beverage industry, and other aromatic industry, that increased the demand of the essential oils and increased the growth in the essential oil market. Essential oils are used as fragrances, which are used for the massages, aromatherapy, and other recreation methods. The essential oils have numerous several health benefits that have increased demand in the pharmaceutical and medical applications. Other factors that are increasing the growth of the essential oils market are increased demand for aromatic personal care products, the growing popularity of the odorants, the rise in the R&D and technological advancements, and the growing disposable income. Even the spa and the relaxation sectors have a positive impact on the market.
Major export countries such as Germany, Canada, Japan, and the U.K. Imports are from countries such as India and France. The Asia Pacific will register a rapid growth in the essential oils market in the forthcoming years. The major factors are the growth of the market in the area is the rise in disposable income, excessive use of natural products such as essential oils by the consumers, and modularization. At current major share is held by North America and USA leads in the export countries.
Some of the big market key players in the field of essential oils market include Biolandess SAS, Givaudan SA, E.I. du Pont de Nemours and Company, Young Living Essential Oils, Sydney Essential Oil Co., Koninklijke DSM N.V., and Cargill, among others.