Essential Oils Market is estimated to be driven by growing demand from the pharmaceutical sector as alternatives to conventional drugs for treating various ailments. Heightened demand for organic and herbal products has been witnessed over the past few years due to increasing visibility of the side-effects associated with pharmaceutical drugs.
Essential oils are used to treat various stress-related issues such as acne, menstrual issues, respiratory disorders, and insomnia. Essential oils find wide usage in therapeutic practices. Several health benefits offered by essential oils is estimated to boost the product penetration.
With the imposition of strict regulations for the labelling of food and pharmaceutical drugs, essential oils market will have a greater growth scope in the coming years. Moreover, increasing consumer affinity towards alternative medical practices will further boost industry growth. In terms of revenue, global essential oils market is expected to surpass USD 15 billion by 2026.
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Lavender oil segment is poised to showcase notable growth rate over 2019-2026. This sizable growth can be attributed to widespread adoption of lavender oil in food industry, where the product is being used for flavoring tea, dairy products, cooking herbs, and jellies. It is also widely used in the cosmetics industry in fragrances, personal care, skin care, and hair care products . Strong essence and flavor of lavender stimulates brain nerve cells, which aids in relieving stress and mind relaxation. Also, other desirable properties, such as antibacterial and anti-inflammatory characteristics of lavender oil will encourage product demand.
Essential oils market is estimated to garner significant proceeds from pharmaceutical applications in the coming years. Essential oils are also gaining traction from the medical industry. They are being utilized in the treatment of cardiovascular diseases, such as thrombosis and atherosclerosis. Rise in investment in R&D for transdermal drug delivery will offer potential growth opportunity for essential oils market.
North America essential oils market is forecast to exhibit exceptional growth over the analysis period. Changing consumer preference for natural and organic ingredients across the region will positively impact industry growth. Moreover, a growing penchant for aromatherapy and alternative herbal therapies will also support product penetration.
Increase in consumer preference for oil-based self-care treatment practices and expansion of cosmetic industry is estimated to increase product demand in the region. Also, absence of import regulations along with duty-free trading practices in the United States will fuel regional essential oils market trends.
Key players operating in essential oil industry include Young Living, Symrise, Firmnich, Bio Landes, Frutarom, Flacon and DoTerra. Few of the strategies adopted by these industry players include company collaborations, partnerships, joint ventures, acquisitions capacity expansion, and new product launches to increase the customer base and profits. Also, major players are investing in research and development activities to create new oil blends for preservation & aromatherapy applications.
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