The market for essential oils and oleoresins is expected to reach US$ 12,567 million in 2022 and grow at a 6.5% CAGR to US$ 23,479 million by 2032. Growth is credited to the growing application in personal care and consumer goods. A CAGR of 5.7% was recorded for the market for essential oils and oleoresins from 2016 to 2021.
Essential oils are raw materials derived from plants that are mostly used in the food and beverage industries to enhance the flavor and aroma of food items. They are obtained from oleoresins, which are one of the richest sources of essential oil. Both oleoresins and essential oils are obtained via solvent extraction or distillation. Essential oils are in fierce competition with synthetic compounds in the fragrance industry since both can be used to improve or enhance the aroma and flavor of food.
The increasing popularity of aromatherapy, which combines both the essential oils and other aromatic compounds due to their therapeutic effects, has triggered the surge in demand for oils with high quality. In addition, the increasing demand for cosmetics and natural perfumes are major factors expected to drive the growth of the global essential oils and oleoresins market over the forecast period.
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The growing demand for essential oils in various end-user sectors, such as bakery and confectionery, soup, beverages, curry powder, and many others, fuel the industry’s growth, and this is slated to continue over the forecast period. Consumers’ growing demand for tasty food is another force facilitating the growth of the global essential oils and oleoresins oils market.
Essential Oils and Oleoresins Market Driven by Consumers’ Demand for Natural Food Products
Various end-user sectors such as beverages, bakery and confectionery, soup, and curry powder have created a surge in demand for essential oils and oleoresins since consumers’ are switching towards the consumption of food products obtained from natural sources. Essential oils are obtained via solvent extraction from botanic sources. They possess characteristic smell, which allows them to be used in the food and beverage industry. They are also used in the fragrance and flavor industry in the manufacture of cosmetics and natural perfumes. The global essential oils and oleoresins market is anticipated to witness a significant growth over the forecast period due to these properties.
Increasing Application in Various Household Items
There is diversity in the application of essential oils and oleoresins. They are often used in the pharmaceutical industry for the production of mouthwash and toothpaste. Essential oils and oleoresins also find application in the cosmetic industry where they are used to produce the aromatic scent gotten from body lotion, cream, and many more. Consumers’ demand for these items is a significant factor fueling the surge in demand for essential oils from the pharmaceutical industry, cosmetic industry, perfumery industry, and others. The rise in demand will also facilitate the growth of the global essential oils and oleoresins market.
Essential Oils and Oleoresins Market Restraint
The growth of the global essential oils and oleoresins market is threatened by the surge in the price of high-quality products that essential oils are used to produce. Consumers are often discouraged when the cost of items is high in the global market. A rise in the price of a product will foster consumers to switch towards the consumption of items with similar quality but a low price. And this will hamper the growth of the essential oils and oleoresins market globally.
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Essential Oils and Oleoresins Market: Region-wise Analysis
The Asia Pacific is slated to experience rapid growth during the forecast period due to the rising preference of consumers and manufacturers for food items such as black pepper, cloves, and others. North America is the next region expected to witness significant growth over the forecast period. Countries like India and China are in high demand for essential oils and oleoresins. For this reason, the Asia Pacific is expected to register a healthy CAGR over the forecast period.
Essential Oils and Oleoresins: Competitive Landscape
- doTERRA International LLC
- Mountain Rose Herbs, Inc.
- Synthite Industries Ltd.
- Clarion Casein Ltd.
- Universal Oleoresins Private Limited
- Young Living Essential Oils LC
Region-wise Analysis
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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