Essential oils Market Research Report by Raw Material, by Application, by End-Use Industry, by Region - Global Forecast to 2028 - Cumulative Impact of COVID-19 - by The Insight Partners

NEW YORK, June 30, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Essential Oils Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Lavender, Rosemary, Eucalyptus, Lemon, Tea Tree, and Others) and Application (Food & Beverages, Personal Care, Pharmaceuticals & Nutraceuticals, and Others). Essential oils are aromatic compounds derived from plants. The aromatic compounds in essential oils give them their unique scent and flavor. Steam distillation or mechanical processes, such as cold pressing, are used to extract essential oils. Lavender, tea tree, lemon, rosehip, and eucalyptus are some of the most widely utilized essential oils for various applications such as food & beverages, personal care, pharmaceuticals & nutraceuticals, animal feed, and pet foods. The rising demand for natural flavors and extracts due to clean-label trends is driving the demand for essential oils market. Moreover, growing demand for essential oils from spas, massage centers, and aromatherapy centers is also boosting the essential oils market.

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Our report on "Global Essential Oils Market Analysis to 2028" encapsulate a detailed market analysis on key segments such as type and application of Essential Oils Market, and a deep dive statistical and qualitative analysis by geography covering five key regions and several countries. As a part of qualitative analysis report offers evaluation of key market dynamics such prevailing market driver, key challenges and opportunities that pave the path for future developments. Further, our analysis on the key competition provides a strategic viewpoint on the market initiatives, SWOT analysis, and highlights on the products and service developments of the players.   

Strategic Insights – Essential Oils Market

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). The essential oils market by each region is later sub segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely, North America, Europe, APAC, MEA, and South & Central America after evaluating political, economic, social and technological factors affecting the essential oils market in these regions. 

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Over the past few years, people are increasingly engaging in selfcare. Due to increasing awareness of mental wellbeing, people are practising selfcare routines. The number of spa and salon visits has increased significantly. Moreover, people are also participating in aromatherapy sessions. Essential oils are widely employed in personal care products as they are natural and high-quality aromatic ingredients. They give a characteristic essence to the products and play a specific role. For instance, lemon essential oil induces a feeling of freshness, whereas lavender essential oil promotes relaxation and calming feeling.

Essential oils also help in overcoming depression, anxiety, and nervousness. Personal care products with essential oils treat skin allergies and soothe the skin. Thus, the rising trend of selfcare coupled with increasing utilization of essential oils in personal care products are some of the key factors driving the growth of essential oils market.

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Key Recent Developments: Essential Oils Market.

• August 2019, Givaudan acquired Fragrance Oils, a UK-based manufacturer of specialty oils for personal care and homecare applications. This acquisition has further strengthened its market position in the natural fragrance, extracts, and essential oils market.
• November 2020, Symrise AG signed a purchase agreement with Sensient Technologies Corporation to acquire their fragrance and aroma business activities.

Asia Pacific is expected to register the highest growth in the global essential oils market. The rising population in countries such as India, China, and Japan, growing middle-class population, rising purchasing power, and increasing focus on self-care are some of the primary factors driving the growth of essential oils market across Asia Pacific. Moreover, growth of fragrance and personal care industry and rising inclusion of natural components and ingredients due to propelling clean-label trend is anticipated to drive essential oils market across the region. Furthermore, the presence of leading manufacturers including International Flavors & Fragrances, Inc.; DSM, and Symrise actively operating in the region is also driving the growth of the essential oils market.

Impact of COVID-19 Pandemic on Essential Oils Market

The COVID-19 pandemic brought unprecedented challenges for many industries, including the food & beverages industry. Lockdowns, border restrictions, travel bans, plant shutdowns, and other government-led safety protocols disturbed the operations of manufacturing companies. The COVID-19 pandemic also created a shortfall in production due to raw material and labor shortages, which hampered the market shares of small-scale and large-scale food and beverage manufacturers across different geographies. However, as people stayed in their homes due to stay-at-home mandates, they engaged themselves in aromatherapy and selfcare for mental wellbeing. This created significant demand for essential oils during the pandemic. However, due to supply chain disruptions, the raw materials supply was restricted which created production shortfall leading to demand and supply gap. This impacted their overall profitability.

Moreover, due to operational difficulties, the manufacturers could not meet the rising demand from different industries such as food & beverages, personal care, and pharmaceuticals & nutraceuticals. However, in 2021, the manufacturers were permitted to operate with full or partial capacity. Moreover, as governments relaxed their restrictions, supply chain improved. This helped the manufacturers in overcoming the supply chain gaps. Further, the rising number of people demanding for more natural and clean flavorings, additives, and specialty fragrances is boosting the essential oils market.

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The report segments the global Essential Oils Market as follows:

Global Essential Oils Market – By Type

• Lavender
• Rosemary
• Eucalyptus
• Lemon
• Tea Tree
• Others

Global Essential Oils Market – By Application

• Food & Beverages
• Personal Care
• Pharmaceuticals and Nutraceuticals
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Europe
• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe
• Asia Pacific (APAC)
• China
• India
• Australia
• South Korea
• Japan
• Rest of APAC
• Middle East and Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of SAM

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Essential Oils Market - Company Profiles:

• Givaudan
• Sensient Technologies Corporation
• Symrise
• International Flavors and Fragrances Inc.
• Firmenich SA
• MANE
• DSM
• Elixarome Limited
• BORDAS S.A.
• De Monchy Aromatics

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