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Essential Oil business Is Forecasted To Grow At A CAGR of 8.4% By 2024

27 October 2016

The “Global volatile oil Market” demand was 178.8 kilo tons in 2015 and is anticipated to exceed 370 weight unit tons by 2024.

The “Global volatile oil Market“ is anticipated to achieve USD 13.94 billion by 2024, consistent with a replacement report by Hexa Reports. Increasing awareness additionally as temperament to shop for organic and natural product is anticipated to force market participants to use essential oils within the production method. The shift of focus from artificial to natural product is probably going to trigger market growth over the forecast amount.

Increasing demand for flavors & fragrances from varied applications together with attention, home care, food & beverages, aromatherapy, etc. has prompted the essential oils demand as these oils square measure used as key ingredients in fragrances and flavors. various different advantageous product properties cherish antiseptic, aphrodisiac, anti-inflammatory, antidepressant, antispasmodic agent, diuretic, and tonic square measure expected to spice up volatile oil demand in industrial, medicinal, and domestic applications.

The lower material conversion rate for essential oils production additionally to distinctive processes requiring huge capital investment is anticipated to cause challenges to plug participants. restricted material handiness as totally different crops square measure full-grown within the varied countries solely to get high-quality product is additionally anticipated to challenge the market growth.

Orange oil emerged because the major product and accounted for 29.4% of total market volume in 2015. it's conjointly expected to witness the best rate over the forecast amount. Increasing orange oil demand in food & beverages, attention and cleansing agents is anticipated to foster the section growth.

Essential oils demand from spa & relaxation application is anticipated to grow at a CAGR of eight.7% from 2016 to 2024. Essential oils have a good soothing and calming result on the system and also are useful in blood circulation stimulation, that has triggered the essential oils demand from spa & relaxation application section.

Asia Pacific volatile oil market is expected grow at an calculable CAGR of 9.0% from 2016 to 2024 to emerge because the quickest growing regional market. Increasing interest and awareness concerning essential oils and natural product square measure expected to foster the regional market.

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