Essential Oil Market is Projected to Grow at USD 13.94 Billion by2024 Essential Oil Market 2024

Essential Oil Market is Projected to Grow at USD 13.94 billion by
2024: Radiant Insights, Inc
The global essential oil market is expected to reach USD 13.94 billion by 2024, according to a new report
by Grand View Research, Inc. Increasing awareness as well as willingness to buy organic and natural
products is expected to force market participants to employ essential oils in the production process. The
shift of focus from synthetic to natural products is likely to trigger market growth over the forecast period.
Increasing demand for flavors & fragrances from various applications including personal care, home care,
food & beverages, aromatherapy, etc. has prompted the essential oils demand as these oils are used as key
ingredients in fragrances and flavors. Numerous other advantageous product properties such as antiseptic,
aphrodisiac, anti-inflammatory, antidepressant, antispasmodic, diuretic, and tonic are expected to boost
essential oil demand in industrial, medicinal, and domestic applications.
The lower raw material conversion rate for essential oils production in addition to unique processes
requiring massive capital investment is expected to pose challenges to market participants. Limited raw
material availability as different crops are grown in the various countries only to obtain high-quality
products is also anticipated to challenge the market growth.
Click For Report Details @ http://www.radiantinsights.com/research/essential-oil-market
Further key findings from the report suggest:
Global essential oil market demand was 178.8 kilo tons in 2015 and is expected to exceed 370 kilo tons
by 2024, growing at a CAGR of 8.4% from 2016 to 2024
Orange oil emerged as the major product and accounted for 29.4% of total market volume in 2015. It is
also expected to witness the highest growth rate over the forecast period. Increasing orange oil demand in
food & beverages, personal care and cleaning agents is expected to foster the segment growth.
Food & beverages industry was the leading consumer of essential oil and accounted for 34.6% of total
market volume in 2015. It is also expected to witness the highest growth of 9.0% over the forecast period.
Essential oils demand from spa & relaxation application is expected to grow at a CAGR of 8.7% from
2016 to 2024. Essential oils have a great soothing and calming effect on the nervous system and are also
beneficial in blood circulation stimulation, which has triggered the essential oils demand from spa &
relaxation application segment.
Europe was the leading regional market and accounted for 43.5% of global demand in 2015. High
demand for food & beverages and natural personal care products has spurred the regional market growth
in upcoming years.
Asia Pacific essential oil market is expected grow at an estimated CAGR of 9.0% from 2016 to 2024 to
emerge as the fastest growing regional market. Increasing interest and awareness regarding essential oils
and natural products are expected to foster the regional market.