The Essential Oil and Oleoresins market is experiencing remarkable growth in the food industry. With increasing consumer demand for natural and healthy ingredients, these products are gaining popularity as flavor enhancers and natural preservatives. Their versatility and potential health benefits have led to wider adoption by food manufacturers, driving the market’s expansion.
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.
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The food and beverage sectors mostly use essential oils, which are raw components obtained from plants, to improve the flavour and scent of food products. Oleoresins, one of the finest sources of essential oil, are where they are obtained. Oleoresins and essential oils can both be produced through distillation or solvent extraction. Since both essential oils and synthetic chemicals can be used to enhance or improve the flavour and aroma of food, they are in severe competition with one another in the fragrance sector.
The rise in demand for high-quality oils is being driven by the rising popularity of aromatherapy, which blends both essential oils and other aromatic compounds for their medicinal effects. The global market for essential oils and oleoresins is anticipated to develop over the course of the forecast period for a variety of reasons, including the rising demand for cosmetics and natural perfumes.
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
Since customers are shifting to consuming food products made from natural sources, demand for essential oils and oleoresins has increased across a number of end-user industries, including drinks, bakery and confectionery, soup, and curry powder. Solvent extraction is a method used to extract essential oils from botanical sources. They are used in the food and beverage industries because of their distinctive scent. Additionally, they are employed in the production of cosmetics and natural perfumes in the fragrance and flavour sector. These features are expected to cause the market for essential oils and oleoresins to develop significantly during the next years.
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.
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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.
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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