Essential Oil and Oleoresins Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Essential Oil and Oleoresins Market grew at a CAGR of 5.1% between 2017-2021 and is estimated to be US$ 14,598.2Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.8% and is expected to reach a valuation of US$ 25,654.1Mn by 2032 end.
The food and beverage sectors mostly employ essential oils, raw components obtained from plants, to improve the flavor and scent of food products. Oleoresins, one of the finest sources of essential oil, are where they are received. These essential oils are particularly well-known for their potent flavour, smell, and health advantages.
Essential oils are volatile chemical molecules or substances extracted from aromatic plants. They are mostly removed through the distillation process and are increasingly employed in foods, beverages, air fresheners, cosmetics, fragrances, and other products.
Oleoresins and essential oils can both be produced through distillation or solvent extraction. In the scent market, essential oils and synthetic compounds are in severe competition because both can be used to enhance the aroma and flavor of food.
GROWING DEMAND IN THE FOOD AND BEVERAGE INDUSTRY DRIVES THE GROWTH OF THE MARKET
Since customers are shifting to consuming food products made from natural sources, demand for essential oils and oleoresins has increased across several end-user industries, including drinks, bakery and confectionery, soup, and curry powder.
Solvent extraction is a method used to extract essential oils from botanical sources. They are used in the food and beverage industries because of their distinctive scent. Additionally, they are employed in producing cosmetics and natural perfumes in the fragrance and taste business. These features are expected to cause the market for essential oils and oleoresins to develop significantly during the next years.
Numerous end-user industries, including those in soup, beverage, baking, confectionery, and many others, are experiencing increased demand for essential oils. Consumers’ growing demand for tasty food is another force facilitating the growth of the global essential oils and oleoresins market.
HIGH PRICES OF ESSENTIAL OIL PRODUCTS MAY RESTRAIN THE GROWTH OF THE MARKET
The rise in the cost of premium goods made with essential oils poses a danger to the expansion of the world market for oleoresins and essential oils. When products are expensive on the worldwide market, consumers are frequently demoralized.
Consumers will migrate to consuming goods of similar quality but at a lower price if a product’s price increases. And this will restrain the expansion of the world market for oleoresins and essential oils. Lack of labor for manufacturing processes and retail sales is another factor preventing the worldwide market growth for essential oils and oleoresins.
INCREASE IN DEMAND FOR FEED PHYTOGENICS
A class of organic components called feed phytogenics or plant-based feed phytogenics, including herbs, essential oils, and oleoresins, are employed in animal nutrition. They are crucial in ensuring that livestock receives balanced nutrition. The increase in demand for various animal products including eggs and meat, primarily drives the market for oleoresins.
Growers feed animals with various items that boost their performance and productivity to ensure they get enough nutrients for greater growth and development and, eventually, higher-quality animal products. Depending on the livestock’s nutrient needs and feed consumption, different feed phytogenics are included.
Market Segments Covered in Report
By Distribution Channel:
By Region and Country:
Which application is increasing in its demand in the anticipated period?
Due to the widespread use of oleoresins, which add a natural flavor and smell to confections and beverages, the food & beverage segment is predicted to lead the market among the various applications of plant extracts. The advantages of using products infused with natural substances, such as oleoresins, are becoming better known to consumers.
Along with this, busy lifestyles, an increase in antibiotic allergies among people, the growing vegan population, and growing awareness of the negative effects of high doses of allopathic medicine all contribute to the growth of this application.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Due to a large number of competitors, there is intense competition in the industry.
The recent developments in the Global Essential Oil and Oleoresins Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Application, Distribution Channel, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.8%
Growing demand in the food and beverage industry drives the growth of the market
Major global Essential Oil and Oleoresins Market players are doTERRA International LLC, Mountain Rose Herbs, Inc., Synthite Industries Ltd., Clarion Casein Ltd., Universal Oleoresins Private Limited, Young Living Essential Oils LC, Natures S.A, Alchem International Ltd., Indena S.p.A, Kancor Ingredients Ltd.
High prices of essential oil products may restrain the growth of the market.
Asia Pacific Region is expected to account for the largest market revenue share in the Global Essential Oil and Oleoresins market.
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