Concentrated plant extracts are known as essential oils. These are all-natural bioactive products known for their medicinal properties. The essential oils are commonly used as anti-microbial and anti-oxidative solutions. Besides, they are also used as anti-inflammatory, relaxing, anti-mutagenic, and stimulating agents. These properties are foreseen to fuel the demand in the global essential oils market.
Essential oils have been in use for a long time, especially in aromatherapy and traditional medicines to treat several health issues. These are basically used as natural replacements of chemical formulations in disease treatment. Some of the commonly raw plants from which the oils are derived include Rosmarinus officinalis, Mentha piperita, Lavandula angustifolia, Jasminum sambac, Eucalyptus globulus, Nigella sativa, Acorus gramineus, etc. which are known for their neuroprotective effects. Another commonly used essential oil, eucalyptus oil has anti-carcinogenic properties that help battle with Lactobacillus acidophilus pathogens.
These oils are known to be effective in the treatment of respiratory tract diseases, nervous disorders, gynecological problems, digestive system ailments, andrological diseases, heart disorders, endocrine issues, and skin infections. It also has anti-viral and anti-fungal properties. It is also effective against dementia, Alzheimer’s, neurological disorders, epilepsy, anxiety, depression, etc., which is propelling the demand in the global essential oils market. However, the manufacturing process of these oils is known to cause neurotoxicity and intoxication, which is estimated to be a hindering factor for the market growth.
The global essential oils market is broadly categorized into the sales channel, application, product, and region. In terms of sales channel, the market is majorly segmented into direct selling, indirect selling, and others. On the basis of application, the global market is divided into food & drinks, relaxation & spa, cleaning & home, medical, and others. Based on product, the market is classified into ginger, cumin, mint, pepper, juniper, basil, cinnamon, neem, eucalyptus, turmeric, garlic, lime, clove, lemon, cardamom, and others.
Geographically, the global essential oils market is anticipated to be dominated by Asia Pacific with the highest market share during the forecast period. This is attributed to the increased cases of dental issues and neurological ailments in the nations such as China and India. Moreover, a rising inclination towards the usage of natural and organic products is also foreseen to contribute to regional growth. These products are also being widely used for fragrance and flavor enhancement in cosmetics, personal care, and food industry, which is likely to bolster the overall demand in the region in the future.
Some of the major players dominating the global essential oils market are Ungerer and Company, Inc., NOW Foods, Flavex Naturextrakte GmbH, Young Living Essential Oils, DoTerra, Essential Oils of New Zealand, The Lebermuth Company, West India Spices Inc., and India Essential Oils.
To cite, one of the leading players in the market, Young Living Essential Oils, took over a wellness firm, Life Matters. This aims to expand and fortify product portfolio and business presence.