The Essential Oil and Oleoresins market notable growth in the food industry. The growing consumer desire for natural and healthy components is making these products more and more popular as natural taste enhancers and preservatives. Because of their versatility and potential health advantages, food manufacturers have employed them more frequently, which has accelerated the market’s expansion.
Oleoresins and essential oil sales are expected to reach US$ 12,567 million in 2022 and US$ 23,479 million by 2032, growing at a compound annual growth rate (CAGR) of 6.5%. Growth is ascribed to the growing application in personal hygiene and consumer goods. Between 2016 and 2021, the market for oleoresins and essential oils had a compound annual growth rate (CAGR) of 5.7%.
Enhancing the flavour and aroma of food items is the main application of essential oils, which are unprocessed plant components utilised in food and beverage production. They originate from oleoresins—one of the best sources of essential oils. Solvent extraction or distillation can be used to create oleoresins and essential oils. In the fragrance industry, essential oils and synthetic chemicals are fierce competitors since both can be employed to improve the flavour and aroma of food.
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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.
The Essential Oil and Oleoresins market is experiencing remarkable growth, particularly in the food industry, as consumers increasingly seek natural and healthy components. These products, known for their versatility and potential health benefits, are gaining popularity as natural taste enhancers and preservatives. According to a recent report by Future Market Insights, the global market for oleoresins and essential oils is expected to reach US$ 23,479 million by 2032, with a compound annual growth rate (CAGR) of 6.5%.
Key Takeaways:
- Market Growth: Oleoresins and essential oil sales are anticipated to grow from US$ 12,567 million in 2022 to US$ 23,479 million by 2032, with a CAGR of 6.5%.
- Consumer Demand: Increasing consumer preference for natural and healthy food products is a significant driver of the market’s expansion.
- Versatility: Essential oils and oleoresins find applications in various industries, including food and beverage, pharmaceuticals, cosmetics, and perfumery.
- Regional Analysis: The Asia Pacific is expected to experience rapid growth, driven by the rising preference for food items such as black pepper and cloves.
Key Points:
- Applications in Various Industries: Essential oils and oleoresins are used not only in the food industry for flavor enhancement but also in pharmaceuticals and cosmetics, contributing to their diverse applications.
- Rising Demand for Premium Oils: The popularity of aromatherapy and the demand for natural perfumes and cosmetics are expected to drive the growth of premium essential oils.
- Market Restraint: The surge in the price of high-quality products poses a threat to market growth, as consumers may opt for lower-cost alternatives.
- Competitive Landscape: Key players in the market include doTERRA International LLC, Mountain Rose Herbs, Inc., Synthite Industries Ltd., Clarion Casein Ltd., Universal Oleoresins Private Limited, and Young Living Essential Oils LC.
Key Market Drivers:
- Flavor and Aroma Enhancement: Essential oils play a crucial role in enhancing the flavor and aroma of food products, driving their extensive use in the food and beverage industry.
- Natural and Healthy Trend: The shift towards natural and healthy food choices by consumers contributes significantly to the increased demand for essential oils and oleoresins.
- Diverse Applications: From food and beverages to pharmaceuticals and cosmetics, essential oils and oleoresins find applications in a wide range of household items.
Key Market Restraint:
- Price Surge: The growth of the essential oils and oleoresins market is threatened by the increase in the price of high-quality products, potentially leading consumers to opt for more affordable alternatives.
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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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