At 9.5% CAGR, Essential Oils Market Size Worth USD $16.6 billion by 2027: IndustryARC
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Substantial Demand for Aromatherapy Complimented by Changed Health Awareness has Proliferated the Market Demand.
HYDERABAD, TELANGANA, INDIA, December 6, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that The Essential Oils Market Size is estimated to reach $16.6 billion by 2027 and it is poised to grow at a CAGR of 9.5% over the forecast period of 2022-2027. Essential oils are also revered as ethereal oils meaning fragrant, feather-light and volatile. Essential oil has been widely utilized owing to versatile application possibilities. Moreover, trends such as functional fragrances and customization availability are some of the factors propelling the demand for essential oils such as Acorus Calamus, Citronella, Lavender, Cardamom, Cypriol, Cumin Seed and others. Moreover, essential oil producers and researchers have provided various proof complimenting the usage of essential oil, without any major side effects. The following reasons have made the essential oil industry outlook moderate for the forecast period of 2022-2027.
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Key takeaways:
This IndustryARC report on the Essential oils Market highlights the following areas -
1. Geographically, Europe held a dominant market share in the year 2021. It is owing to the vast demand for various applications in countries under the scope of Europe. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027 owing to suitable weather conditions for agriculture, low-cost labor and ample availability of raw materials.
2. Increased awareness pertinent to the benefits of natural care products along with food and beverage applications supported by growing R&D activities has been a key market driver. However, supply challenges have resulted in quality issues for manufacturers which impedes growth.
3. A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Essential Oils Market Report.
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Segmental Analysis:
Essential Oils Market Segment Analysis - by Product : Essential Oil Market based on products can be further segmented into Citrus Fruits Oil, Lavender Oil, Frankincense, Chamomile Oil, Rosemary Tea Tree Oil, Patchouli Oil, Lavandin Oil, Lemongrass Oil, Citronella Oil, Balsam, Eucalyptus Oil, Clove Oil, Cedarwood Oil, Coriander Oil, Basil Oil, Cornmint Oil, Peppermint Oil, Spearmint Oil, Litsea Cubeba Oil and Others.
Essential Oils Market Segment Analysis - by Application : Essential Oil Market based on the application can be further segmented into Spa & Relaxation, Cleaning and Home, Food and Beverages, Pharmaceuticals and Others. Food and Beverages held a dominant market share in the year 2021.
Essential Oils Market Segment Analysis - by Geography : Europe held a dominant market share of 37% in 2021. It is owing to the recognition of various essential oils as food flavoring, that leads to a strong demand within the food and beverage industry.
Competitive Landscape:
The top 5 players in the Essential Oils Industry are -
1. Takasago International Corporation
2. Symrise AG
3. MANE
4. Flavex Nature-Extraktre GmBH
5. Firmenich SA
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Related Reports:
A. Fragrance Ingredients Market
https://www.industryarc.com/Report/15121/fragrance-ingredients-market.html
B. Black Cumin Seed Oil Market
https://www.industryarc.com/Report/17823/black-cumin-seed-oil-market.html
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