Essential Oil Market Size, Value Share, Industry Growth Report, Business Statistics, Comprehensive Research Study and Forecast to 2023
Essential Oil Market Global Research Report by Type (Pure Essential Oil, Compound Essential Oil and Others), Ingredients, Application and Region – Forecast to 2023
pune, India – May 31, 2019 /MarketersMedia/ —
Essential Oil Market Research Report includes various topics like total Market Size, Key Market Drivers, Challenges, Growth Opportunities, Industry Share, Growth, Demand, Outlook etc. Furthermore, it covers key market updates, the impact of regulations and technological updates in. The report addresses the need to stay updated in this competitive market conditions and this provides and comprehensive data for making strategies and decision to stimulate the market growth and profitability
Market Overview
The Global Essential Oil Market is estimated to grow exponentially over the forecast period due to influential factors such as the increasing popularity of essential oils among consumers which has led to significant growth in essential oil production, and the rising application of essential oil in cosmetics, pharmaceutical, and personal care.
According to a detailed report published by Market Research Future (MRFR), the global essential oil market has been projected to reach a market valuation of USD 18,956 million by 2023, at a CAGR of 5.92% over the forecast period 2017 to 2023.
Additionally, the growing investment towards research and development by healthcare professionals globally for the benefits of essential oils in healthcare for mental health, physiological disorders, among others is estimated to create lucrative opportunities for the market.
Major market players are increasingly focusing on product enhancement and innovation due to the major competition in the global essential oil market, which is estimated to contribute substantially to the market growth over the forecast period.
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Key Players
The key market players in the Global Essential Oil Market primarily are
• Shaanxi Guanjie Technology Co., Ltd (India)
• Sydney Essential Oils (Australia)
• The Lebermuth Co., Inc. (U.S.)
• Shiv Sales Corporation (India)
• Young Living (U.S.)
• Biolandes (France)
• doTerra (U.S.)
Segment Analysis
The global market for Essential Oil has been segmented based on type, ingredients, application, and region.
Based on the type, the essential oil market has been segmented into fragrance and flavor, and aromatherapy. Fragrance and flavor segment have been assessed to dominate the essential oil market with more than 40% market share, and aromatherapy segment has been assessed to grow at the higher growth rate during the forecast period 2017 to 2023.
Based on ingredients, the global market for has been segmented into an orange essential oil, corn mint essential oil, cedarwood, eucalyptus, chamomile, lavender, clary sage, citronella, litsea cubeba, citrodora, peppermint, basil, clove, and others. among these, the clover leaf essential oil market is expected to reach a valuation of approximately USD 150 million by 2023, while the corn mint and the orange essential oils segment together account for 57% of the market share.
The global Essential Oils Market, based on application, has been segmented into, cosmetics, pharmaceutical, and personal care. Among these, the cosmetics segment has been assessed to value at USD 1,958 Million with a CAGR of 5.76% during the forecast period 2017 to 2023.
Based on the region, the essential oil market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).
Regional Analysis
North America is assessed to account for 21.9% of market share in the Global Essential Oil Market over the forecast period. The growing popularity of essential oil in aromatherapy and pharmaceutical sector has risen the demand for essential oil production in America, with U.S. and Canada contributing significantly to the market growth. In North America, aromatherapy application segment has been expected to witness considerable growth over the forecast period.
Europe is an important region in the global essential oil market and is estimated to witness massive growth over the forecast period, owing to the rise in the use of essential oils in the pharmaceutical sector in Europea.
APAC region is estimated to dominate the market with 58.2% of market share over the forecast period, owing to the increasing awareness and popularity of essential oils among consumers, use of essential oils in the pharmaceutical sector for healthcare purposes, among others. APAC is estimated to witness the highest market growth among the regions in the global essential oil market. China, India, and Australia are the major countries in this region with a strong market for essential oils.
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Source: MarketersMedia
Release ID: 518910
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