Herb oils have become very popular in the 21st century as consumers seek out ‘natural and organic’ solutions that fit into their active lifestyles and have minimal to no-side effects. Herb oils have a number of benefits that customers are increasingly drawn towards. Herb oils can be used in skin therapy, food preparation, or even for direct topical application. Herb oils can be either made at home or purchased in stores and can be infused or essential. Future Market Insights predicts that the herb oil market should record a modest CAGR of 4.9% for the period 2017-2022.
The personal care and cosmetic segment accounts for approx. a quarter of the revenue share by application in the herb oil market in 2017 and is projected to surge forward during the forecast period. The personal care and cosmetic segment is expected to be worth more than a billion dollars by end 2022 making it large enough for all key stakeholders in the herb oil market. Herb oils can be put to great use in preparing food and that is a strong reason why the food & beverage segment has a larger revenue share in the herb oil market application segment than the personal care segment. The highly populous APEJ region represents the largest potential market for the food & beverage segment and companies are advised to target this dynamic region with all guns blazing. The APEJ food & beverage segment is worth more than US$ 245 million in 2017 alone.
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The pharmaceutical segment contributes less than half the personal care or food & beverage segment in the herb oil market by application. Nonetheless, the pharmaceutical segment is likely to record a moderate CAGR of more than 4% from 2017 to 2022, making it unwise for players in the herb oil market to overlook it entirely. APEJ has a commanding position in the global pharmaceutical segment and should maintain its position for the foreseeable future. A segment that has come into the limelight in recent times is aromatherapy and its purported benefits. Even though aromatherapy currently has a single-digit revenue share in the herb oil market, companies that are able to convey their marketing message across to potential customers should be able to exploit the opportunity that exists in this application segment.
Distillation is the most popular extraction method in the herb oil market and should remain so for some time. The distillation extraction method is estimated to witness a robust CAGR of more than 5% from 2017 to 2022 and companies in the herb oil market are advised to take this into account while devising their sourcing strategies.
The APEJ herb oil market is anticipated to cross US$ 1.1 billion by the end of 2022 because herbal products are actively sought after by domestics customers for both religious and health factors.
The companies profiled in the herb oil market report are Enio Bonchev Production Ltd., Citrus and Allied Essences Ltd., China Flavors and Fragrances Company Limited, The Lebermuth Company, DoTERRA International, Biolandes SAS, International Flavors & Fragrances Inc., Givaudan SA, Symrise AG, and Young Living Essential Oils LC.