Global Essential Oil Market 2019-2023
About this market
The expanding retail space is one of the key parameters expected to trigger the market’s growth in the forthcoming years. Players in the emerging and advanced economies are adopting different distribution formats for offering essential oils through supermarkets and hypermarkets, convenience stores, discount stores, and online portals. The sales of essential oils through e-commercial portals including Amazon and Walmart are increasing due to the convenience of shopping offered through the online distribution channels. This will further foster the essential oil market growth in the forthcoming years. Technavio’s analysts have predicted that the essential oil market will register a CAGR of over 8% by 2023.
Expanding applications across various industries
One of the growth drivers of the global essential oil market is the wide-scale application of essential oils across various industries such as food and beverages. It is extensively used in the preparation of various scented and perfumes and beauty products.
Enforcement of stringent regulations for essential oils
One of the challenges in the growth of global essential oil market is the enforcement of stringent regulations for essential oils. Stringent regulations for essential oils restrict the business of vendors operating in multiple economies which will hinder the growth of the market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the essential oil market during 2019-2023, view our report.
The market appears to be moderately concentrated and with the presence of a few market players. Several vendors in the market are focusing on ensuring that their products comply with clean labeling to increase the sales of essential oils. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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