The U.S. essential oil market is projected to reach USD 7.34 billion by 2024, according to a new report by Grand View Research, Inc. The demand for natural and organic products is splurging in the United States, and so is the consumption of essential oils by the personal care and cosmetics industries.
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Use of essential oils as a flavoring and aromatic agents is flourishing across distinct industries including food & beverages, medical, cleaning & home, spa & relaxation and others. Moreover, the healing properties of the essential oils and rising popularity of natural products for treating medical ailments has propelled this growth.
The U.S. holds a prominent share in the essential oils market owing to beneficial government regulations and exemptions on import duty. The cosmetic industry is growing speedily around the globe and U.S. being the hub for many of these companies, demand for the essential oils is projected to witness rapid growth in upcoming years.
The market is in a growing stage and consists of a vast number of players. However, price sensitivity is one of the significant challenges posed by the companies. Moreover, limited availability of the raw materials and strict regulations on the harvesting and cultivation are some other hindering factors.
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Lemon oil is projected to grow at the highest CAGR from 2016 to 2024.
Frankincense essential oil expected to grow at an estimated CAGR of 9.4% in terms of revenue over the forecast period
Sandalwood, tea tree, frankincense, clove, rosemary, etc. oils observe significant demand from aromatherapy applications.
Aromatherapy segment is expected to account for over 25% of the revenue share by 2024 and will probably witness an estimated CAGR of 9.2% during 2014 to 2024.
The region is characterized by rising consumer disposable incomes and fast-paced expansion of the food & beverage industries.
The fragrance application segment holds the largest market share and is expected to grow at CAGR of 8.8% over the forecast period.
Numerous stews, sauces, soups, salad dressings, and beverages such as juices and alcoholic cocktails are highly enhanced using essential oils as flavoring agents.
Influential companies operating in the market include Biolandes SAS, Young Living Essential Oils, doTerra International, Ungerer Limited, etc.
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