According to the latest market report published by Future Market Insights titled ‘Herb Oil Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2022’, the revenue generated from herb oil is estimated to be valued at over US$ 2,912.9 Mn in 2017, which is projected to increase at a CAGR of 5.0% during the forecast period (2017-2022).
The usage of herb oil in the food industry can be mainly attributed to the increasing demand for natural products across the globe. The inclusion of nutrients, complemented with the rising health consciousness of people, is among key factors boosting the global herb oil market. Being a source of nutrition, herb oil adds nutritional value to food and beverages. The collective consumption of processed and packaged food products also exhibits a positive influence on the herb oil market.
Developing economies are expected to witness considerable growth in retail shelf space across the globe. This is likely to facilitate the demand for food products, which is estimated to boost the demand for herb oil. Due to the growing popularity of aromatherapy, centres that offer aromatherapy services are increasingly demanding herb oil.
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Factors Promoting Revenue Growth of the Herb Oil Market
Herb oil as an ingredient for cosmetic products
Owing to consumer preference for natural products from food to cosmetics, several multinational companies have adopted the strategy of adding natural ingredients, such as herb oils, to their products that include shampoos, body lotions, etc. For instance, L’Oreal Limited, one of the major players in the cosmetics industry, has introduced the “L’Oreal Paris- Extraordinary Oil,” a facial oil that helps restore the skin’s moisture balance. Its ingredients include essential oils such as oregano, citronella, Melissa, clove, rosemary, etc. Westwood Naturals, another cosmetics company, has introduced the “Coconut Hand/Body Lotion,” in which herb oil is a prime ingredient.
Growing urbanization across the globe is boosting the demand for nutritive ingredients such as herb oil
Owing to employment scenarios, the migration of working population to tier-1 cities across the globe is expected to witness a significant increase over the forecast period. Moreover, the contribution of growing economies is also expected to bolster the demand for herb oil over the forecast period. Increasing urbanization, supported by the economic growth, is expected to contribute significantly towards driving the herb oil market. Thus, the growing demand for food, beverages and pharmaceutical products is boosting the herb oil market.
Global Consumption Trend for Herb Oil
Herb oil products are mainly used in developed countries as their consumers have higher spending power as compared to consumers in other parts of the world. Other regions, such as Oriental lands like China and Japan, mainly use herb oils for reasons other than conventional ones, although the proliferation of Western culture has had a high impact on the usage of herb oil products. In Asia, herb oils are also used for cultural and religious purposes.
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Key Producers of Herb Oil
Some of the major companies operating in the herb oil market are Givaudan SA, Young Living Essential Oils LC, International Flavors & Fragrances Inc., Symrise AG, DoTERRA International LLC, Biolandes SAS, China Flavors and Fragrances Company Limited, The Lebermuth Company, Enio Bonchev Production Ltd. and Citrus and Allied Essences Ltd., among other herb oil manufacturers. These key players are focusing on expanding their product portfolio through new product launches for catering to market requirements. Moreover, companies are focusing on developing malt herb oil, a new product.