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Europe Essential Oils Market Value Worth $4 Bn by 2026
Published Date: 2020-10-20
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According to the Graphical Research new growth forecast report titled “Europe Essential Oils Market” Size By Product (Orange oil, Lemon oil, Eucalyptus oil, Clove oil, Peppermint oil, Jasmine oil, Rosemary oil, Cornmint oil, Citronella oil, Geranium, Spearmint oil, Lavender oil, Tea tree oil, Others), By Application (Food & beverage, Aromatherapy, Cosmetics & Toiletries, Pharmaceuticals, Cleaning & home care, Animal Feed, Fragrance, Others), Estimated to Exceed USD 4 Billion by 2026.
Europe is one of the key food & beverages markets globally, which offers lucrative growth opportunities for essential oils market. Increasing geriatric population coupled with the increasing number of cases of health disorders such as cardiovascular diseases, bronchitis and Alzheimers disease will raise the demand for essential oils in aromatherapy application. The increasing consumption of salads, marinades, dips and desserts in European meal is likely to further fuel the market growth.
Increasing disposable income and shifting lifestyle supported by cultural changes and immigration is anticipated to propel bakery products demand, which will thereby drive market size in anticipated timeframe. Bakery products including pie and beverages such as lemonade heavily depend upon lemon and orange essential oils for their citrussy fragrance and flavor. The property pf essential oils to enhance the shelf life of food products and to make them more durable is expected to promote the market growth during the assessment period.
Increasing consumer inclination towards chemical free and nature-based products is likely to drive market size in the forecast timeframe. Companies are focusing on R&D activities in order to cater to the growing product demand along with new product launches for sustaining their position in the market.
Lavender essential oil segment will witness a growth of 9% over the forecast period, accounting for market revenue of USD 450 Million in 2019. Lavender, rosemary, jasmine and geranium essential oils are predominantly used in cosmetic and hair care products owing to their property of strengthening hair from the roots and relieving stress when massaged on the scalp. Besides, rosemary and lavender essential oils help to reduce headaches and prevent acne and reduce complexion, thus raising the product demand.
Europe essential oils market from fragrance application is expected to reach over USD 140 million by 2026. Increasing use of essential oils in perfumes and fragrance industry owing to their soothing properties is expected to raise the product demand. Statistics show that three European countries: Germany, France and U.K. ranked among the top five markets for fragrances with a market value of USD 2.7 billion, USD 2.6 billion and USD 2.5 billion respectively in 2018. The changing consumer preferences towards the use of high-quality perfumery with natural ingredients is likely to further fortify product demand.
Key players in the Europe essential oils market are REYNAUD & FILS, Edens Garden, Young Living Essential Oils, Lebermuth, Inc, Robertet SA, doterra, FAROTTI SRL, Essential Oils of New Zealand Ltd., FLAVEX Naturextrakte GmbH, H. Ungerer Limited, Cargill Incorporated, Dupont, Rocky Mountain Oils, LLC, Givaudan, Moksha, Sensient Technologies Corporation, the Sydney Essential Oil Co., and Royal DSM.