Essential oils are raw materials obtained from botanic sources. They are used widely in the fragrance and flavor industries. Essential oils and oleoresins include various products that are primarily used as fragrances and flavors. Essential oils, in particular, find use as food supplements and medicines to endorse good health. Besides these, essential oils are also used as feedstock in the chemicals industry.
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The global market for essential oils and oleoresins is broadly classified on the basis of application, product type, and nations. In terms of product type, the market for essential oils is segmented into peppermint, lavender, sandalwood, bergamot, tea tree, rosemary, ylang-ylang, and chamomile. Among all the aforementioned segments, the lavender segment is likely to hold the maximum share in the market during the forecast period.
On the basis of type of oleoresins, the market for essential oils is segmented into vanilla, turmeric, herbs, cinnamon, chilies, pepper, ginger, clove, and garlic. Of these, chilies are expected to dominate the market over the forecast period. In terms of application, the market is segmented into beverages, savory, confectionary, and nutraceuticals. Among these, the beverage segment dominates the market at present and is projected to contribute the highest revenue in the forthcoming years.
Nations exhibiting most lucrative prospects for the global essential oils and oleoresins market include India, ASEAN, Australia, New Zealand, and Greater China, and rest of Asia Pacific. Among these nations India has emerged as the largest market for essential oils and oleoresins, followed by China as more affluent people live in India compared to other nations.
The market for essential oils and oleoresins in Asia Pacific is poised to grow at a robust pace in the coming years as consumers in the region increasingly prefer natural ingredients such as chilies and pepper. Among all emerging nations in Asia Pacific, India accounts for the largest share in the market, trailed by China. Consumers in emerging countries have become more conscious about their health. This is expected to positively influence the market’s growth trajectory in Asia Pacific. Besides this, the market in New Zealand is also expected to witness consistent growth in the coming years due to the increasing number of health conscious consumers in the country.
The global market for essential oils and oleoresins is poised to surge exponentially in the forthcoming years. Major drivers propelling the growth of essential oils and oleoresins market are the increasing health consciousness among consumers, the rising consumer preferences for natural ingredients in fragrance, beauty products, medicines, and food. However, the rising prices of products with high quality are expected to hamper the growth of the market to an extent in the near future.
Some of the most prominent players operating in the market include Natures S.A, Alchem International Ltd, Indena S.P.A, Kancor Ingredients Ltd., Frutarom Industries Inc, Chr. Hansen A/S, Symrise A.G, and Biomax Life Sciences Limited, among others. Enterprises operating in the global market for essential oils and oleoresins are looking forward to increase their investment in product innovation in order to expand their operations to newer markets. In addition to this, these companies are also adopting various pricing strategies to gain competitive edge in the market.