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Global Thyme Oil Market to Grow at a CAGR of 7.8% During 2021-2026, Aided by the Growing Demand for Natural Products
According to a new report by EMR titled, ‘Global Thyme Oil Market Report and Forecast 2021-2026’, the global market for thyme oil reached a volume of about 191.45 thousand metric tons in 2020. The industry is further expected to grow at a CAGR of 7.8% between 2021 and 2026.
The global thyme oil industry is being driven by the increasing product demand from various application sectors. Thyme oil is extensively utilised as a flavouring agent in the food industry to prepare products like syrups, beverages, baked goods, sweets, and others. It is also used in pharmaceutical industry as a major ingredient in syrups and other formulations to treat digestive issues, among others. Based on nature, the organic segment is expected to witness a significant growth rate over the forecast period owing to the growing consumer awareness regarding the harmful effects of chemicals utilised in conventionally sourced thyme oil.
The growing R&D activities around thyme oil and the expanding applications of the product are expected to further aid the industry growth. The manufacturers are focusing on launching plant based cosmetic products to grab consumer attention. Further, thyme oil is also finding use in products like mouthwashes and elixirs as well as in ointments due to its favourable properties. The growth of the e-commerce industry and the easy availability of thyme oil through online platforms like Amazon.com, Inc. (NASDAQ: AMZN) and Alibaba Group Holding Ltd (NYSE: BABA) are expected to significantly contribute to the market growth over the forecast period.
Market Breakup by Nature, Type, Application, Distribution Channel, and Region:
- By nature, the industry can be bifurcated into organic and conventional.
- Based on type, the industry can be divided into red thyme oil, and white thyme oil, among others.
- The different applications of thyme oil are pharmaceuticals, cosmetics, food products, and fragrance, among others.
- On the basis of distribution channel, the industry can be divided into direct and indirect.
- Region-wise, the global market for thyme oil can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Key Findings of the Report:
- The global market for thyme oil is being driven by the growing consumer demand for plant based and natural products.
- The growth of the major end use industries, particularly cosmetics is further propelling the industry growth.
- The market is receiving a further impetus with the rising consumer disposable incomes and improving standards of living.
- The growing R&D activities and the new product launches are further propelling the market growth.
Key Offerings of the Report:
- The EMR report gives an overview of the global market for thyme oil for the periods (2016-2020) and (2021-2026).
- The report also offers historical (2016-2020) and forecast (2020-2025) market information for the nature, types, applications, distribution channels, and major regions of thyme oil.
- The report also gives the regional historical (2016-2020) and forecast (2020-2025) price trends of the product.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the global thyme oil market are Young Living Essential Oils, Ultra International B.V., NOW Health Group, Inc, Berjé Inc., and Edens Garden, 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 the major players.
About Us:
Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.
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