The Essential Oil and Oleoresins market gain popularity in the food business as a result of their inherent charm. The market, which is projected to grow at a 6.5% CAGR to reach $23,479 million by 2032, indicates customers’ preferences for natural flavour enhancers. Their rising usage in food is driven by their health benefits and adaptability; in 2022, their use in food was $12,567 million, a significant increase.
The food industry is witnessing a significant increase in the market for essential oils and oleoresins. These items are becoming more and more well-liked as natural taste enhancers and preservatives due to the growing customer desire for natural and healthy ingredients. Food makers have used them more frequently due to their adaptability and possible health benefits, which has sped up the market’s growth.
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The market for oleoresins and essential oils is projected to reach US$ 12,567 million in 2022 and expand at a compound annual growth rate (CAGR) of 6.5% to US$ 23,479 million by 2032. Growth is attributed to the expanding use in consumer products and personal hygiene. The market for oleoresins and essential oils saw a compound annual growth rate (CAGR) of 5.7% between 2016 and 2021.
The primary usage of essential oils, which are raw plant materials used in the manufacturing of food and beverages, is to improve the flavour and scent of food products. They come from oleoresins, which are one of the greatest places to get essential oils. Oleoresins and essential oils can both be produced through distillation or solvent extraction. Since both can be used to enhance the flavour and aroma of food, essential oils and synthetic chemicals are highly competing with one another in the fragrance market.
The demand for premium oils is rising as aromatherapy, which uses both essential oils and other aromatic compounds for its medicinal powers, gains popularity. The demand for natural perfumes and cosmetics is anticipated to increase over the course of the forecast period, which is likely to have an effect on the world market for essential oils and oleoresins.
Due to the increased demand for essential oils in a number of end-user industries, such as curry powder, soup, bakery and confectionery, and drinks, the market is anticipated to grow. Consumer preference for savoury cuisine is another element driving the growth of the global market for essential oils and oleoresins oils.
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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