In a recent study, TMR has pegged the global essential oil market to reach US$27.4 bn by the end of 2022. Between 2017 and 2022, the market is forecast to exhibit a CAGR of 9.6%. As per the report, the global essential oil market was valued at US$17.36 bn in 2017. Among various products available in the market, the demand for citrus oil is expected to scale high. Regionally, Europe emerged dominant and is projected to exhibit a CAGR of 8.8% between 2017 and 2022.\
The demand for essential oil is forecast to rise at a steady pace through the course of the report’s forecast period. Consumer inclination towards natural product will bode well for the overall market. Leading producers are taking more interest in bio-based and natural products as consumers have become more conscientious about ingredients used in their skincare or beauty products, besides their food and beverages. This could be a result of the rising concerns with regards to pollution and hazards triggered by exposure to certain chemicals. Spurred by this, the global essential oil market is poised to surge at an impressive pace.
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In addition to this, the rising use in aromatherapy is a crucial factor fuelling the demand for essential oil around the world. TMR also expects the use of essential oil to rise for adding fragrances in novel beauty and skincare products. These factors are likely to set the tone for robust growth in the global essential oil market.
Demand for Citrus Oil to Remain High
The worldwide market for essential oil is broadly evaluated on the basis of the type of the product, sales channel, extraction method, and the application. Spice oil, herb oil, citrus oil, spice seed oil, and perfumery oil are the main types of essential oil available in the global market. The demand for citrus oil has been relatively higher than other products and the trend is anticipated to remain on an upward streak in the years to come.
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Lack of Awareness Could Restrain Growth Opportunities
Despite prevailing growth opportunities, the global essential oil market is slated to witness a few challenges, especially spurred due to their high prices. Furthermore, the as the market continues to reel under lack of awareness among consumers about key benefits of certain essential oil, growth pace will stay restricted.
\Nonetheless, increasing knowledge about the use of essential oil in various natural therapies and home remedies could improve growth prospects for the market in the coming years. Furthermore, the rising use of essential oils in food and beverages and cosmetics industry is forecast to create lucrative growth prospects for the market in the forecast period. TMR predicts the demand for cosmetic and skincare products to rise significantly in the coming years. In addition, the demand for neutraceuticals is expected to scale higher, subsequently paving way for the growth of the global essential oil market.