essential oils market
The
food and beverage industry is gradually transforming. The shift towards healthy
and organic food is fuelling the demand for essential oils. As per a
report by Fortune Business Insights, the global essential oils market is
expected to rise at a CAGR of 9.65% between 2019 and 2025. Fortune Business Insights in
a new study, titled “essential oils industry : GLOBAL MARKET
ANALYSIS, INSIGHTS AND FORECAST, 2015-2026” predicts that
essential oils play a crucial role in food and beverages, pharmaceuticals, and
cosmetics industry. Essential oils are used in aromatherapy, which is likely to
gain prominence, especially among people in urban areas. The growing inclination
for aromatherapy among the population is expected to offer an upthrust to the
essential oils market growth.
According
to the report, the global market for essential oils was worth US$ 7.03 Bn in
2018 and is anticipated to reach US$ 14.6 Bn by 2026. This shows that the
essential oils market size is expected to increase in the forthcoming years.
The increasing importance for herbal and natural treatment across the world is
fuelling demand for essential oils. In order to enhance the flavor, some
manufacturers add synthetic chemicals to food products which can adversely
affect the health. Hence, manufacturers are compelled to use a natural and
organic product such as essential oils to make the food product more
aesthetically appealing.
Essential Oils Market to
Gain from Rising Demand from Food & Beverages Sector
Essential
oils demand is increasing at a rapid pace in the food and beverages sector. As
per the report, this sector holds a 46.1% share in the global market, which
expands the essential oils market share. Increasing FDA approvals of essential
oils in this sector is expected to positively impact the market. Biological
properties such as insecticidal, antiparasitic, and anti-toxigenic offered by
these oils is one of the primary factors for their rising preference in food
and beverages industry. Use of essential oil in food products increases their
shelf-life and storage capability.
North America and Europe Collectively Lead the Market
The
market in North America and Europe is expected to witness higher CAGR during
the forecast period (2019-2026). This is attributable to the presence of a
large number of manufacturers in these regions. A large number of cosmetic
production firms present in Europe is likely to surge regional market growth.
The developed market in the U.S. and European Union are responsible for
constant growth in the market. The demand for aromatherapy - a well-known form
of alternative medicine is increasing in some of the leading markets of
Germany, the U.K., and France will propel the sales of the market. This will further
increase the essential oils market revenue in the forecast years.
South
America and Asia Pacific are anticipated to grow considerably in the market
owing to better economic condition. Rising urban class population especially in
India and China is likely to bolster the essential oils sales in these
countries.
Rising R&D Activities and Launch of Innovative Extraction
Techniques to Bolster Demand for Essential Oils
“Growing
research and development (R&D) activities on essential oils will help
manufacturers to understand the benefits of essential oils. Botanists are also
getting involved in several extraction techniques, which will amplify the
demand for essential oils,” said a lead analyst at Fortune Business Insights.
“Customer preference is shifting towards green and sustainable products, which
are multifunctional in nature. This shift will stimulate growth in the market,”
he added.
Growing
hospitality and tourism industry is escalating demand for aromatherapy. This,
along with the rising usage of natural active products in cosmetics and
pharmaceuticals, is boosting the essential oils market growth.
Read
More About Press Release:
https://www.fortunebusinessinsights.com/press-release/north-america-fats-and-oils-market-9163
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