Portland, OR, March 04, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global essentials oil market was estimated at $8.00 billion in 2018 and is expected to hit $15.61 billion by 2026, growing at a CAGR of 8.7% from 2019 to 2026. The report offers a detailed analysis of top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and fluctuating market trends.
Rise in demand for aromatherapy, increase in preference for natural ingredients, demographic changes, and evolving applications in pharmaceutical industry drive the growth of the global essential oils market. On the other hand, high price, limited knowledge regarding weed management, and dearth of awareness among end-users curtail down the growth. Nevertheless, revenue opportunities in establishing direct distribution network is anticipated to pave the way for an array of opportunities in the near future.
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The orange segment to rule the roost-
Based on product, the orange segment held the highest share in 2018, accounting for nearly two-fifths of the total market in 2018. The same segment is also expected to manifest the fastest CAGR of 9.3% by the end of 2026. The other segments discussed in the report include eucalyptus, cornmint, peppermint, citronella, lemon, lime, clover leaf, and spearmint.
The food and beverages segment to maintain its dominance during the study period-
Based on application, the food and beverages segment garnered nearly two-fifths of the global market share in 2018, and is projected to dominate throughout the forecast period. The cleaning and home segment, on the other hand, would cite the fastest CAGR of 9.3% from 2019 to 2026. The other two segments assessed in the market report take in spa and relaxation, and medical.
North America to dominate till 2026-
Based on region, North America contributed to two-fifths of the total market revenue in 2018, and is projected to maintain its top status during the estimated period. Simultaneously, the region across Asia-Pacific would showcase the fastest CAGR of 9.3% during 2019–2026. The provinces of Europe and LAMEA are also analyzed in the report.
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Frontrunners in the industry-
Key market players analyzed in the global essential oils market report include West India Species, Inc., Biolandes, Moksha Lifestyle Products, Sydney Essential Oils Co. Pty Ltd., Essential Oils of New Zealand, Young Living Essential Oils, Farotti SRL, The Lebermuth Company, doTERRA International, and H.Reynaude & Fils. These players have incorporated exclusive market strategies such as partnerships, collaboration, mergers & acquisitions, and new product launch to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.