The market is expected to generate an incremental $ opportunity of US$ 1,392.2 Mn between 2022 and 2032
Category: Food & Beverages Published Date : October 2022 ID: CVC-00340 Format: PDF Pages: 300
Herb Oil Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Herb Oil Market grew at a CAGR of 5.4% between 2017-2021 and is estimated to be US$ 1879.3 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.7% and is expected to reach a valuation of US$ 3,271.5 Mn by 2032 end.
Both herbaceous and non-woody plants have leaves from which herbs can be harvested. The liquid extracts of hydrophobic plants are called essential oils, also referred to as herb or herbal oils. These oils are frequently employed in complementary and alternative medicine, including aromatherapy.
The cosmetic and personal care industries, where herb oils are used to create perfumes, soaps, and other goods, as well as flavor a range of foods and beverages, are other uses for herb oils that support the expansion of the industry. The use of synthetic pesticides could be reduced if these oils work as natural insecticides. Demand for herbal products and complementary therapies has increased, suggesting that these products are becoming more well-liked.
THE DEMAND FOR NATURAL PRODUCTS SURGING GROWTH OF HERB OIL MARKET
Due to changing consumer lifestyles, various variables increased knowledge of the advantages of natural products, consumer attention to their health and wellness, and millennial trends; today’s consumers are very knowledgeable and carefully weigh all of their available options before making a purchase. Consumer purchasing is mostly driven by the ingredients used in products, the technology used, and the manufacturing process.
The leading market participants focus on providing products free of additives and genetically modified organisms (GMOs) due to changing consumer lifestyles brought on by the growth of digital media and constant internet pop-ups.
HEALTH RISKS REALTED WITH TOO MUCH USE HAMPER MARKET
Herbal oils should only be used sparingly because overuse can be harmful to your health. Certain users, including those who are pregnant, have young children, or have certain medical issues should not use it. As a result, to some extent, it can serve as a market restraint.
ESSENTIAL OIL PRODUCTION LEADING TO INCREASING DEMAND FOR HERB OIL
Shortly, it is projected that the global market for essential oils will expand steadily, increasing demand for herb oil. Some key factors fueling the need for the herb oil market include the shift toward preventative healthcare and consumers’ higher standards of living.
France and Germany, in particular, are big exporters of essential oils from the European continent. United States, India, and Brazil are the other nations contributing to the overall expansion of the worldwide herb oil market, in addition to the EU nations.
In early 2020, COVID-19 spread worldwide, infecting millions of people and forcing major nations to enact work stoppage and foot restrictions. The bulk of industries has been severely hit, except for medical supplies and life support equipment. The herb oil industry has also taken a beating. Because of the pandemic, businesses report major delays in getting the necessary basic supplies. This has made inventory management extremely challenging for producers. The COVID-19 lockdown limitations and staffing constraints caused a decrease in Herb Oil production and sales.
Market Segments Covered in Report
By Product Type:
By Sales Channel:
By Region and Country:
Why is Food & Beverage estimated to account for the largest market share?
Natural preservatives are more expensive and are used less frequently than artificial preservatives, such as sodium benzoate, nitrate, and propionate. On the other hand, manufacturers are now searching for natural preservatives, like herb oils, to keep manufactured foods fresh. This can be due to customers’ growing desire for natural products.
Which Extraction segment is expected to expand the fastest during the forecast period?
The distillation segment is expected to expand the fastest during the forecast period.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
These actions have enabled market participants to increase their clientele and revenue. With the increasing demand for essential oil worldwide, market players in the Herb Oil market can anticipate attractive growth prospects in the future.
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product Type, Application, Extraction, Sales Channel, Region, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|