Essential oils are the raw materials derived from botanic sources that are used in the flavor and fragrance industries. The essential oils and oleoresins includes wide range of products that are used primarily as flavors and fragrances, However, essential oils are used as medicines and food supplements to promote good health and also as a feedstock to the chemicals industry.
Essential Oils and Oleoresins Market Segmentation
Essential oils and oleoresins market are broadly segmented on the basis of product type, application and countries. On the basis of product type essential oils is sub segmented into lavender, peppermint, bergamot, sandalwood, rosemary, tea tree, chamomile and ylang ylang. Among all the mentioned segments, lavendar segment is anticipated to contribute the maximum market share during the forecast period followed by other segments. Based on the oleoresins type, essential oils and oleoresin market is sub segmented into turmeric, vanilla, herbs, chilies, cinnamon, clove, ginger, pepper, ginger and garlic. Among all the sub-segments of the essential oils and oleoresins market chilies are expected to be the most dominating market sub-segment in terms of market share over the forecast period. After chilies sub-segment pepper is the leading segment in terms of market share followed by other segments. Essential oils and oleoresins market is segmented on the basis of application into beverages, confectionary, savory and nutraceuticals. Of which beverage segment is the leading segment and expected to contribute highest revenue in the coming four to five years. Essential oils and oleoresins market is segmented on the basis of countries as India, Greater China, ASEAN, Australia and New Zealand and rest of the Asia Pacific. Among all countries India is the dominating country in the essential oils and oleoresins market, followed by the China owing to the presence of more affluent class population in comparison to other countries.
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Essential Oils and Oleoresins Market: Region-wise Outlook
The Asia Pacific essential oils and oleoresins market is expected to witness robust growth in the coming years owing the rising preference of consumers in Asia Pacific region for natural ingredients such as pepper and chilies. Among all the countries in Asia Pacific region, India is expected to contribute highest market share, followed by China during the forecast period. Increasing health concern of consumers in developing countries such as India and China is expected to fuel the growth of the Asia Pacific essential oils and oleoresins market. However New Zealand is anticipated to witness consistent growth in the coming four to five years owing to the rising number of health conscious consumers in various countries.
Essential Oils and Oleoresins Market: Drivers
Essential oils and oleoresins market is expected to show healthy CAGR in the next four to five years. Major drivers that promotes the growth of essential oils and oleoresins market are increasing health conscious consumers coupled with rising consumer preferences for natural ingredients in the food. Major restraining factor that is expected to hamper the growth of essential oils and oleoresins market in the forthcoming years is the rising prices of the high quality products.
Essential Oils and Oleoresins Market: Key Players
Key players operating in essential oils and oleoresins market are Natures S.A, Indena S.P.A, Frutarom Industries Inc, Alchem International Ltd, Kancor Ingredients Ltd., Symrise A.G, Chr. Hansen A/S, Biomax Life Sciences Limited. Companies operating in essential oils and oleoresins market invest huge resources in order to develop the new products with functional attributes in order to penetrate the new market. In addition to this company follow various pricing strategy in order to further increase its market presence.