Alternative medicine is a mega-trend in the global pharmaceutical sector. Tracing the opportunities and witnessing sustaining practice of alternative medicines in both developed and developed economies, World Health Organization has launched WHO Traditional Medicine Strategy 2014-2023 to bring forth the benefits of putting alternative medicine to good use. Some of the Asian countries, such as in Singapore and Republic of Korea, 76% and 86% respective populations generally practice the usage of traditional medicine in spite of having a well-established healthcare system. Global essential oils market is leveraging this trend as such oils are the fundamental constituent of traditional and alternative medicine, and are often acclaimed to be poised of stress-reducing and energy boosting peculiarities. Aromatherapy is one of the most highly acclaimed and standard practice for the application of alternative medicines, and employs essential oils as its principal element. Essential oils offers an extensive array of usage and finds applications for dealings including relaxation, stress reduction, curing headaches, boosting energy, preventing dementia, and strengthening immunity. The procedure includes inhaling the essential oils, to which our bodies respond positively by absorbing the essential nutrients. Essential oils used as massage oils for massaging sore muscles is also a part of aromatherapy.
During the yesteryears, there is a surge in uptake for natural products manufactured with plant-based ingredients and thus has shaped a foundational platform for essential oil merchandises to witness the spotlight. While essential oils have been used for centuries, a portion of the clientele inclined towards health-consciousness are now preferring organic alternatives to chemical products for the whole lot from managing their temperaments to repelling insects and treating acne. The surge in demand from several cosmetics verticals including perfumery industry is the prime impetus driving the growth of the patchouli oil market, a form of essential oil. Similarly, the growing emphasis on the use of Balsam oil, Coriander oil, Davana oil, and others in the formulation of several drugs for various diseases has enabled the pharmaceutical industry to evolve as a lucrative market for essential oils. Some of the other markets that are prominently growing and adding impetus to essential oil industry are professional hair oils market, natural fragrance ingredients market, flavours and fragrances ingredients market.
Russia and Brazil witness exuberant growth in their export value of essential oils:
Ultra International B.V, a Russia and Brazil Essential Oils Market company, Brazilian oranges account for around 34% of the world market that is almost 17 million tons from a global estimate of 50 million tons of fresh fruit. As Brazil is the largest producer of fresh oranges and it also processes more orange compared to any other nation, it is the global leader in production of orange oil that is an essential oil. Approximately 40% of global oranges are processed for juice and oil, hence Brazil dominates the global export of essential oils.
Brazil was the 5th biggest exporter of essential oils in the year 2017 with export value of $ 409 million. Similarly, export value of essential oils and resinoids; perfumery, cosmetic or toilet preparations by Brazil witnessed an upsurge of 6% during 2014 – 2018. Russian Federation were amongst the economies with the highest growth rate during the similar tenure, and its export value increased by 11%. Such significant development in the exports is the major factor adding impetus to Russia and Brazil essential oils market size. The market in 2018 witnessed opportunities worth $ 476 million. Since some of the key market players with majority Russia and Brazil essential oils market share such as Young Living Essential Oils and Aloha Oils are expanding the operations globally, opportunities in the market is estimated to be progressing at a CAGR of 5% during the forecast period of 2019 – 2025.
Relevant Developments –
Essential oils are omnipresent in modern food and pharmaceuticals; latest IoT enabled diffusers are in the market for hassle-free aromatherapy:
Essential oils such as lemon oil, cinnamon oil, and sandalwood oil are constantly under the research lens for reassessment of their practical uses, while discovering new purposes at the same time. For instance, researchers recently discovered that adding a drop or two of essential oils can prevent microbial growth in food. In a similar fashion, Russia and Brazil essential oils market have found their primary application in the food industry. This segment is anticipated to grow with a noticeable CAGR of 6.1% during the forecast period of 2019-2025.
Oil diffuser have always been a topic to contemplate in the essential oils market. Modern technologies such as IoT has led towards innovative ways that these oils are being dispensed. For instance, a French startup, Lumiere, unveiled the world’s first IoT essential oil diffuser in 2016. The most striking feature of the diffuser is the smartphone application designed to control it. By installing the application on smartphones, users can easily regulate the diffuser based on their mood, schedule or even the volume of their rooms. For more customized usage, users can automate it with an alarm clock or cyclic programming. Other innovative diffusers include aromatic furniture, nasal clips, inhalers, as well as sheet sprays to assist in a relaxing nap. Moreover, essential oils have also found itself as an essential fragment of personal care products, such as Niche for Men Towelettes and Oilogic’s kid-friendly ‘Bundle of Joy’ roll-on oil collection.
Russia and Brazil Essential Oils Market Companies:
Some of the key players with substantial Russia and Brazil essential oils market share are Biolandes SAS, Givaudan International SA, International Flavors & Fragrances Inc., Symrise AG, Enio Bonchev Production Ltd., The Lebermuth Company, Inc., Now Foods, Phoenix Aromas & Essential Oils LLC, Ultra International B.V., and Young Living Essential Oils.
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Essential Oils Market
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