Global Essential Oils Market Generated $10.8 Billion Revenue in 2020 says P&S Intelligence
NEW YORK, July 8, 2021 /PRNewswire/ -- The growing consumer demand for natural products, burgeoning usage of aromatherapy for relief from anxiety and stress, and increasing application of essential oils in the cosmetics and food & beverage industries will propel the global essential oils market at a healthy CAGR during 2021–2030.
Due to the lockdowns and movement restrictions implemented in the wake of the COVID-19 pandemic, the essential oils market has taken a hit. This is because not only have the production and trade of such products come to a standstill but even the demand for them has reduced. Around the world, cosmetic centers and spas have been closed down, which has resulted in a substantial demand for essential oils.
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The essential oils market is categorized into food & beverage, aromatherapy, cosmetics & toiletries, healthcare, homecare, and others, on the basis of application. During the forecast period, the highest CAGR will be seen in the aromatherapy category on account of the rising adoption of this approach for managing stress, depression, anxiety, and other mental illnesses.
Carbon dioxide extraction, distillation, solvent extraction, cold press extraction, and others are the categories under the method of extraction segment. Among these, the distillation category is predicted to dominate the essential oils market till 2030. During distillation, the components of a solution are extracted by first evaporating the solution and then cooling it back to a liquid. The essential oils contained in different plant species need a varying process duration, pressure, and temperature, all of which can be modified during the distillation process. The process thus offers a precise approach to obtaining the essential oil in its purest form.
Browse detailed report with COVID-19 impact analysis on Essential Oils Market Research Report: By Type (Orange, Eucalyptus, Cornmint, Peppermint, Citronella, Lemon, Lime, Clove, Spearmint, Rosemary, Lavender), Method of Extraction (Distillation, Carbon Dioxide Extraction, Cold Press Extraction, Solvent Extraction), Application (Food & Beverages, Cosmetics & Toiletries, Aromatherapy, Home Care, Health Care) – Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/essential-oils-market
The fastest growth in the essential oils market will be observed in Asia-Pacific (APAC) during the forecast period, as these products are affordable and easily available here. Moreover, the stressful life of people and their rising awareness on alternative stress and anxiety management methods will propel the market. Other key factors driving the demand for essential oils in the region are the technological advancements in the field and growing medical tourism sector.
Market Players Engaging in Product Launches and Technological Advancements
In order to target more customers, companies in the essential oils market are widening their product portfolio.
For instance, in October 2020, lemon eucalyptus essential oil, extracted from the lemon-scented blue gum eucalyptus plant, was launched by dōTERRA International LLC. As per the company, the product's scent encourages a positive environment, and mixing it with a diffuser balances the aromas or sweetness.
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In the same way, in August 2020, a new skincare line, essential oil blends, diffusers, and essential-oil-infused wearable rings were introduced by Young Living Essential Oils. The purpose of the product launch was to allow people to better care for their family, home, and themselves during the stressful COVID-19 era.
Major players in the global essential oils market are dōTERRA International LLC, Rocky Mountain Oils LLC, Plant Therapy Inc., Young Living Essential Oils, Vitruvi, Edens Garden, Frontier Co-op, Organic Aromas, PublicGoods, REVIVE Essential Oils LLC, Majestic Pure Cosmeceuticals, and NOW Health Group Inc.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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SOURCE P&S Intelligence
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