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The global essential oils market is being aided by the thriving fragrance and cosmetics industries. The demand for essential oils in the sectors is increasing to manufacture products like perfumes, body scrubs, lotions, and face cream, due to their therapeutic and soothing properties. In emerging economies like the Asia Pacific and the Middle East and Africa, the industry is expected to witness a robust growth due to the rising disposable incomes and growing health concerns coupled with the positive health impact of essential oils on the senses. In the developed regions, the increased demand for premium quality products is aiding the industry. The rising popularity of essential oils variants such as mentha oil, orange oil, and clove is propelling the market forward. While the leading clove oil producer is Indonesia, accounting for over 75% of its global production, the leading orange oil producer is Brazil, occupying over half of the global orange oil production, followed by the United States. Based on end-user demand, the highest growth rate for essential oils is expected to come from the flavour and fragrance industry, projected to grow at a rate of 6-7% till 2022, followed by pharmaceuticals industry, which uses lemon oil, eucalyptus oil, etc., due to their medicinal properties.
The rising demand for natural products over artificial ones, particularly from the personal care and cosmetics sector, is influencing manufacturers to opt for natural items, thus, aiding the essential oils industry, globally. In November 2020, Givaudan SA (SWX: GIVN), a leading player in the flavours and fragrances industry, announced its plan to acquire Ungerer & Company, a US-based flavour and fragrance specialty ingredients business, particularly dealing in essential oils. The acquisition will help Givaudan expand its leadership in the fast-growing local and regional specialty ingredient segment. Ungerer’s expertise is expected to provide Givaudan with a rich palette of predominantly natural ingredients for the creation of flavours and fragrances, fulfilling the demand for its end customers in such specialties.
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The major players in the global essential oils market are Lebermuth, Inc., Sydney Essential Oil Co., Biolandes SA, Young Living Essential Oils, Farotti SRL, Robertet SA, and Givaudan SA among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of these major players.
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