Global Essential Oils Market to Reach $11.3 Billion by 2026

SAN FRANCISCO, June 4, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Essential Oils - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 8; Released: March 2021
Executive Engagements: 3049
Companies: 88 - Players covered include Biolandes SAS; Cargill, Incorporated; doTERRA International LLC.; DuPont de Nemours, Inc.; Essential Oils of New Zealand Ltd.; Falcon Essential Oils; Farotti S. R. L.; Flavex Naturextrakte GmbH; Givaudan S.A. (Switzerland); H. Reynaud & Fils; International Flavors & Fragrances Inc.; Koninklijke DSM N.V.; Moksha Lifestyle Products; Robertet SA; Rocky Mountain Oils, LLC; Sensient Technologies Corporation; Sydney Essential Oils Co. Pty Ltd.; The Lebermuth Co., Inc.; Young Living Essential Oils and Others.
Coverage: All major geographies and key segments
Segments: Extraction Method (Distillation, Solvent Extraction, Carbon Dioxide Extraction, Cold Press Extraction, Other Extraction Methods); Distribution Channel (Direct Selling, Other Distribution Channels); Appllication (Food & Beverage, Cosmetics & Toiletries, Aromatherapy, Home Care, Healthcare, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Essential Oils Market to Reach $11.3 Billion by 2026

Essential oils are extracts from plants, including from herbs, leaves, as well as barks, and are extracted from waste byproducts such as citrus peels, and steam distilled to produce concentrates. The concentrated extracts are volatile and have aromatic essences, making them ideal for multiple applications such as food & beverage, home care & cleaning, cosmetics, fragrances, and aromatherapy. Growth in the market is being driven by multiple factors such as rising preference for clean label products, new applications, and increasing transparency in processes. The increasing use of essential oils in the household, personal care, and bath significantly contributes towards the market growth. The food & beverage industry is one of the key drivers of growth for the essential oils industry. The food & beverage industry utilizes essential oils as ingredients, and also as preservative agents. With growing adoption of alternative medicine for common ailments, the demand for essential oils in aromatherapy are increasing at a significant pace, especially in developed markets where parlors for aromatherapy are flourishing.

Amid the COVID-19 crisis, the global market for Essential Oils estimated at US$8.1 Billion in the year 2020, is projected to reach a revised size of US$11.3 Billion by 2026, growing at a CAGR of 5.9% over the analysis period. Distillation, one of the segments analyzed in the report, is projected to grow at a 6.6% CAGR to reach US$4.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Solvent Extraction segment is readjusted to a revised 5.9% CAGR for the next 7-year period. This segment currently accounts for a 24.1% share of the global Essential Oils market. Essential oils are mainly extracted through "steam distillation". In this method, steam is passed through a distillation chamber containing the plant material. Breakdown of plant tissue occurs in presence of steam, thereby releasing essential oil in the form of vapors. Majority of essential oils including eucalyptus, patchouli, tea tree oil, peppermint and lavender are distilled. Solvent extraction method is employed for the delicate plant material or flowers, as their aroma would be denatured or spoiled by high temperatures required for water or steam distillation.

The U.S. Market is Estimated at $3 Billion in 2021, While China is Forecast to Reach $1 Billion by 2026

The Essential Oils market in the U.S. is estimated at US$3 Billion in the year 2021. The country currently accounts for a 35.79% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1 Billion in the year 2026 trailing a CAGR of 7.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.5% and 5.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR while Rest of European market (as defined in the study) will reach US$1.1 Billion by the end of the analysis period. Europe and North America dominate market growth, owing to the presence of large cosmetics and food & beverage industries, the two largest applications of essential oils. Moreover, Europe boasts of profound support mechanisms such as the EFEO (European Federation of Essential Oils) that promotes essential oils. In addition, the availability of feedstock and access to end-users also aid the European market. The presence of a large untapped market with increasing disposable incomes and awareness is propelling growth in the Asia-Pacific region.

Carbon Dioxide Extraction Segment to Reach $1.9 Billion by 2026

Supercritical fluid extraction method makes use of super carbon dioxide as a solvent in solvent extraction method. The supercritical carbon dioxide extracts both essential oils and waxes to form concrete. Pressure is reduced to normal levels leading to evaporation of carbon dioxide, leaving no petrochemical residues. In the global Carbon Dioxide Extraction segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.3 Billion in the year 2020 will reach a projected size of US$1.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$140.8 Million by the year 2026, while Latin America will expand at a 5.8% CAGR through the analysis period. More

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com 
Email: [email protected] 

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