Essential Oils Market Size, Share & Trends Analysis Report By Product (Orange, Cornmint, Eucalyptus), By Application (Medical, Food & Beverages, Spa & Relaxation), By Sales Channel, By Region, And Segment Forecasts, 2021 - 2028
New York, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Essential Oils Market Size, Share & Trends Analysis Report By Product, By Application, By Sales Channel, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06191053/?utm_source=GNW
Essential Oil Market Growth & Trends
The global essential oils market size is estimated to reach USD 35.5 billion by 2028. The market is expected to expand at a CAGR of 7.4% from 2021 to 2028. The growth can be attributed to the rising awareness regarding the health benefits of naturally sourced oils and the growing inclination of people towards aromatherapy. Additionally, increasing demand from major end-use industries such as food and beverage and personal care, and cosmetics is likely to have a positive impact on the market.
Essential oils are generally distilled or extracted directly from plant matter to derive the most concentrated essence or oil.Distillation may be a steam contact or direct water contact process where plant leaves, stems, roots, and flowers are leached for their essences and flavors.
Raw material for essential oils varies from product to product, based on the type of oil required.
Key companies are entering into long-term contracts with domestic and international suppliers and distributors to diversify their sources, control prices, and maintain the quality of raw materials. Mergers, acquisitions, joint ventures are the major expansion strategies adopted by players to strengthen their position in the market as well as expand their regional presence.
Europe was the dominating region in 2020 and is predicted to witness a CAGR of 7.4% over the forecast period. This is attributed to the strong presence of the food and beverage industry coupled with high disposable income and high standards of living of the consumers.
Essential Oil Market Report Highlights
• In 2020, the orange oil segment accounted for over 9.47% revenue share on account of growth in the end-use industries such as spa and relaxation and medical
• The lemon oil segment is projected to witness a CAGR of 8.1% by 2028 owing to its usage in a variety of skincare, haircare, and cosmetic products
• The food and beverages segment was the second largest application segment in 2020 due to the ascending demand for natural, safe, and minimally processed food products across the globe
• As of 2020, Europe was the leading region and accounted for more than 45.0% of the market revenue share. North America was the second-largest region and is expected to witness a CAGR of 7.4% in the coming years
• The spa and relaxation was the dominant application segment in terms of both revenue and volume in 2020 owing to the busy lifestyle, hectic schedules, growing aging population, and rising urban dwelling
Read the full report: https://www.reportlinker.com/p06191053/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001