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Essential Oils Global Market Report 2022
Major players in the essential oils market are Givaudan SA, Young Living Essential Oils, The Lebermuth Company Inc. , Symrise, Essential oils of New Zealand, International Flavors & Fragrances Inc, Robertet SA, BIOLANDES SAS, Cargill Inc, DuPont, Koninklijke DSM N.
New York, June 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Essential Oils Global Market Report 2022" - https://www.reportlinker.com/p06282660/?utm_source=GNW
V., dôTERRA International LLC, Sensient Technologies Corporation, Firmenich SA, Mane, Rocky Mountain Oils LLC, Falcon, Farroti, Indian Essential Oils, and Ungerer Limited.
The global essential oils market is expected to grow from $12.36 billion in 2021 to $13.58 billion in 2022 at a compound annual growth rate (CAGR) of 9.90%. The market is expected to grow to $21.85 billion in 2026 at a CAGR of 12.62%.
The essential oil market consists of sales of essential oils by entities (organizations, sole traders, and partnerships) that refer to the oils that are concentrated plant extracts that retain the natural flavor/essence and smell of their source. These types of oils are mainly used in aromatherapy.
The main types of essential oils are orange oil, lemon oil, lime oil, peppermint oil, cornmint oil, citronella oil, spearmint oil, geranium oil, clove leaf oil, and eucalyptus oil.Orange essential oil is extracted from the rind of the sweet orange, Citrus sinensis.
The methods is used for extracting essential oils include distillation, carbon dioxide extraction, cold press extraction, solvent extraction, and other extraction methods. The major uses of essential oils can be seen in the food and beverage, aromatherapy, cosmetics and toiletries, pharmaceuticals, cleaning and home care, animal feed, and fragrances industry.
North America was the largest region in the essential oils market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing spa industry across the globe is expected to propel the growth of the essential oils market.Essential oils are used in aromatherapy, a form of alternative medicine to support health and well-being.
The consumer preference is increasing for natural and organic oil products all around the globe.For instance, according to the Global Wellness Institute, in 2020, there were over 1,60,000 spas, earning $68 billion in revenue globally.
Spa revenue was growing by 8.7% annually prior to 2020. Therefore, the increasing spa industry across the globe is driving the growth of the essential oils market.
New product launches are a key trend gaining popularity in the essential oils market. For instance, in October 2020, doTERRA, a multi-level marketing company based in Pleasant Grove, Utah that sells essential oils and related products, announced several new essential oil products and diffusers like Helichrysum Touch, which is ideal balance of Helichrysum oil and fractionated coconut oil used to promote youthful complexion, glowing, and reduce signs of aging.
In December 2020, NEW WAVE HOLDINGS CORP., which is engaged in the research and development of mushroom products, including psychedelic substances has acquired Way of Will Inc. for an undisclosed amount. The acquisition will provide capital and support services to NEW WAVE HOLDINGS CORP. Way of Will Inc., a Canadian retailer of aromatherapy products, which uses natural aromatic plant and essential oils to promote healthy outcomes.
The countries covered in the Essential Oils market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06282660/?utm_source=GNW
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