World Health Organization recognizes the need for traditional and alternative medicine, and launched the WHO Traditional Medicine Strategy 2014-2023 to bring forth the benefits of putting alternative medicine to good use.
According to a report by the strategy, in Asian countries like Singapore, and Republic of Korea, 76% and 86% respective populations commonly use traditional medicine despite having a well-established healthcare system[1]. Essential oils are an important component of traditional and alternative medicine, and are often credited with stress-reducing and energy boosting properties.
These ethereal oils are often used in aromatherapy, which is a common type of alternative medicine. IndustryARC analysts have assimilated data, analyzed it, and compiled a report which estimates the 2018 essential market size to be between $7 billion- $7.5 billion. The market is also anticipated to grow at a lucrative CAGR of 8%-9% during the forecast period of 2019-2025. Europe will lead the essential oils market geographically with a regional share of 34%-40% owing to a well-established system for essential oils under the supervision of European Federation of Essential Oils.
Essential Oils Market Outlook:
Essential oils are volatile oils extracted from plants, and their rudimentary components. The ‘essence’ of plants in the form of scent and flavor is captured in essential oils, thus preserving what the plants truly constitute. The extraction is performed using several methods like distillation, and solvent extraction.
They have been widely employed by the cosmetics industry, and the cooking industry for their natural characteristics, the basis for their successful marketing. These oils are constantly under the research lens for reassessment of their practical uses, while discovering new purposes at the same time. For instance, researchers recently discovered that adding a drop or two of essential oils can prevent microbial growth in food. In a similar fashion, essential oils have found their primary application in the food industry. This segment is anticipated to grow with a noticeable CAGR of 6%-7% during the forecast period of 2019-2025.
Essential Oils Market Growth Drivers:
- The Food And Beverage Industry
Essential oils have found a secure purpose in the food and beverage industry. Instead of adding herbs, and juices directly, a drop or two of essential oils is being used to enhance the flavor of a dish. This helps in accentuating the needed flavor, while preserving the need for increased usage of herbs. A flavoring and preservation agents profile leads to robust essential oils market growth.
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