Have you heard of essential oils? From food & beverage products, to household cleaning products and cosmetics, to spa-related products, consumers are becoming more educated about the benefits of essential oils over synthetic additions and driving demand. Unlike most conventional drugs and medicines, these naturally-derived oils have no negative side effects, with some products like orange oil being touted for properties ranging from antidepressant to antiseptic.
Research shows that food & beverage applications accounted for 34.6% of the overall volume share in 2015, with spa & relaxation just behind that at 29%. The use of essential oils and aromatic compounds in medical applications, as well as cleaning & home products, are expected to increase as well. Whether it’s something you use to clean your floors or shampoo your hair with, many consumers are opting for products that have natural, recognizable, and pronounceable ingredients.
Globally-speaking, Europe is estimated to hold the lion’s share of the essential oils market with an increased awareness from both millennials and the large, aging population in countries such as France, Germany, UK, Spain, and Italy focused on the positive effects oils are believed to deliver. Europe is followed closely by North American in second place, with a good mix of capable manufacturers, well-defined supply chains, high per capita income, and governmental subsidies and tax benefits that encourage the production of essential oils. With the global essential oil market expected to reach USD 11.67 billion by 2022, although new manufacturers are getting in the game, the industry is still dominated by a few key players.
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