LONDON--(BUSINESS WIRE)--The global essential oil market is expected to post a CAGR of over 8% during the period 2019-2023, according to the latest market research report by Technavio.
Essential oils have found widescale application as critical ingredients in the preparation of different foods and beverages and cosmetic applications. For instance, essential oils of lavender, basil, and tea tree help to keep the skin healthy. It is also used in the production of dental creams and mouthwashes. It is also being used in perfumes and insect repellants because of their antimicrobial and insecticidal properties. Various essential oils such as hinoki essential oil, geranium essential oil, coriander essential oil, and lavender essential oil are used in massage therapies as well. Thus, the wide-scale application of essential oils across various industries will drive the market's growth during the forecast period.
As per Technavio, the rising demand for aromatherapy will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global essential oil market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global essential oil market: Rising demand for aromatherapy
Aromatherapy is an alternative medicine practice that involves the use of plant-based materials, such as essential oils, which can be aromatically inhaled by patients to alleviate various adverse health conditions. Aromatherapy helps to reduce anxiety, ease depression, boost energy levels, speed up the healing process, eliminate headaches, boost cognitive performance, induce sleep, strengthen the immune system, reduce pain, improve digestion, and increase circulation. The demand for aromatherapy is growing globally, and various players are coming up with essential oils exclusively for aromatherapy practices. Thus, the growing popularity of aromatherapy among consumers will positively influence the global essential oil market during the forecast period.
“Along with the rising demand for aromatherapy, clean labeling of essential oils is another factor that is expected to contribute largely to the growth of the market as they include only those ingredients that consumers recognize as natural and wholesome. To increase the sales of essential oils, vendors are ensuring that their products comply with clean labeling,” says a senior analyst at Technavio.
Global essential oil market: Segmentation analysis
This market research report segments the global essential oil market by application (food and beverage, recreation, and others) and geographical regions (Europe, North America, APAC, South America, and MEA).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest growth rate due to the rising awareness about the health benefits of various essential oils such as basil essential oil and lavender essential oil.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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