Global Essential Oils and Oleoresins Market
Essential oils are raw materials obtained from botanic sources. They are used widely in the fragrance and flavor industries. Essential oils and oleoresins include various products that are primarily used as fragrances and flavors. Essential oils, in particular, find use as food supplements and medicines to endorse good health. Besides these, essential oils are also used as feedstock in the chemicals industry.
Global Essential Oils and Oleoresins Market: Key Segments
The global market for essential oils and oleoresins is broadly classified on the basis of application, product type, and nations. In terms of product type, the market for essential oils is segmented into peppermint, lavender, sandalwood, bergamot, tea tree, rosemary, ylang-ylang, and chamomile. Among all the aforementioned segments, the lavender segment is likely to hold the maximum share in the market during the forecast period.
On the basis of type of oleoresins, the market for essential oils is segmented into vanilla, turmeric, herbs, cinnamon, chilies, pepper, ginger, clove, and garlic. Of these, chilies are expected to dominate the market over the forecast period. In terms of application, the market is segmented into beverages, savory, confectionary, and nutraceuticals. Among these, the beverage segment dominates the market at present and is projected to contribute the highest revenue in the forthcoming years.
Nations exhibiting most lucrative prospects for the global essential oils and oleoresins market include India, ASEAN, Australia, New Zealand, and Greater China, and rest of Asia Pacific. Among these nations India has emerged as the largest market for essential oils and oleoresins, followed by China as more affluent people live in India compared to other nations.
Global Essential Oils and Oleoresins Market: Region-wise Outlook
The market for essential oils and oleoresins in Asia Pacific is poised to grow at a robust pace in the coming years as consumers in the region increasingly prefer natural ingredients such as chilies and pepper. Among all emerging nations in Asia Pacific, India accounts for the largest share in the market, trailed by China. Consumers in emerging countries have become more conscious about their health. This is expected to positively influence the market’s growth trajectory in Asia Pacific. Besides this, the market in New Zealand is also expected to witness consistent growth in the coming years due to the increasing number of health conscious consumers in the country.
Global Essential Oils and Oleoresins Market: Key Trends and Opportunities
The global market for essential oils and oleoresins is poised to surge exponentially in the forthcoming years. Major drivers propelling the growth of essential oils and oleoresins market are the increasing health consciousness among consumers, the rising consumer preferences for natural ingredients in fragrance, beauty products, medicines, and food. However, the rising prices of products with high quality are expected to hamper the growth of the market to an extent in the near future.
Global Essential Oils and Oleoresins Market: Vendor Landscape
Some of the most prominent players operating in the market include Natures S.A, Alchem International Ltd, Indena S.P.A, Kancor Ingredients Ltd., Frutarom Industries Inc, Chr. Hansen A/S, Symrise A.G, and Biomax Life Sciences Limited, among others. Enterprises operating in the global market for essential oils and oleoresins are looking forward to increase their investment in product innovation in order to expand their operations to newer markets. In addition to this, these companies are also adopting various pricing strategies to gain competitive edge in the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.