ALBANY, New York, November 27, 2018
ALBANY, New York, November 27, 2018 /PRNewswire/ --
The global essential oil market depicts a highly fragmented and competitive vendor landscape, says Transparency Market Research on the basis of a recently published report. Such a fragmented presence is mainly due to the presence of innumerable players in the market. Many companies are focusing on improving their oil product manufacturing techniques, thereby enhancing customer retention by providing good quality essential oils in the global essential oil market.
Achieving product differentiation, improving geographical reach, and increasing manufacturing capacity are three key strategies implemented by most people operating in the global essential oil market. DoTERRA International LLC, The Lebermuth Co. Inc., Young Living Essential Oils, and Enio Bonchev Production Ltd., are key players operating in the global essential oil market. With a low entry barrier coupled with relatively easy techniques of manufacturing essential oils, the number of players entering the market are expected to increase, thereby intensifying the competition.
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As per expert analysts, the global essential oil market was valued at US$17.36 bn in 2017, and is further expected to register revenue valued at US$27.49 bn by the end of 2022. This growth is projected to occur at a strong CAGR of 9.60% during the forecast period ranging from 2017 to 2022.
Rising Demand for Essential Oils in Myriad Industries Boosts Progress
Increasing use of essential oils in aromatherapy is primarily responsible for boosting growth in the global essential oil market. With improving lifestyles and rising demand for personal care, a surge in wellness activities such as aromatherapies exists from a worldwide perspective. With rapid innovations taking place in healthcare and wellness domains, the demand of essential oils is prophesized to mushroom on an unprecedented level, thereby boosting the associated market.
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Moreover, the oils are used on a large-scale basis for manufacturing of flavored foods and beverage products too. And with a rapidly mushrooming food and beverages industry, the global essential oil market is expected to witness tremendous progress in the next few years. Lastly, with rapidly increasing global population and urbanization, the demand for beauty and cosmetic products has witnessed a notable surge. With essential oils making a prime ingredient of these products, the associated market is anticipated to reach new heights over the course of next few years.
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Volatility in Raw Material Availability Stunts Progress
However, extensive fluctuation in the availability of raw materials needed to manufacture essential oils in remote and underdeveloped regions is primarily responsible for hindering progress in the essential oils market. Moreover, rising concerns about the use of several oil types due to harmful side effects also make many customers stay away from certain products that contain these ingredients. In addition, extraction of these oils might be relatively costly, especially in geographical extents where necessary labor and equipment might not be readily available. Nonetheless, many businesses are soon expected to introduce cost-effective and eco-friendly essential oil production techniques, thereby attempting to reduce the restraints acting on the market.
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This review is based on a TMR report, titled "Essential Oil Market (Product Type - Spice Oil, Spice Seed Oil, Citrus Oil, Herb Oil, and Perfumery Oil; Extraction Method - Distillation, Solvent, and Cold Pressing; Application - Personal care and cosmetic, Food and beverage, Pharmaceuticals, Aromatherapy, and Industrial; Sales Channel - Specialty store, Modern Trade, Drug Stores, and Online Store) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
The report segments the global essential oil market as:
Global Essential Oil Market: Product
Global Essential Oil Market: Extraction Method
Global Essential Oil Market: Application
Global Essential Oil Market: Sales Channel
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