Global Herb Oil Market, by Product Types (Basil, Mint, Thyme, Dill, and Others), By Application (Personal Care & Cosmetic, Food & Beverages, Pharmaceutical, Aromatherapy, Industrial, And Others), By Sales Channel (Specialty Store, Modern Trade, Drug Stores, Online Store, And Other Sales Channel), by Extraction Mode (Distillation, Solvent Extraction, Cold Pressing, And Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a promising CAGRfor the period between 2020 and 2028.
The global herb oil market in 2020 is estimated for more than US$ 2,622.4 Mn and expected to reach a value of US$ 3,784.5 Mn by 2028 with a significant CAGR of 4.5%.
As per the report, the chemical formulated medications have both positive and negative effects on the human body. As a result, many humans have been tested positive for such chemical compounds. As an alternative to such a fast yet toxic medication, the herb oils are gaining popularity in this scenario. The switch of chemical-based treatment to organic and botanical-based treatment is driving the herb oil market, globally. The herb oils may be referred to as the vicious concentration of natural compounds that are being extracted from the barks, leaves, seeds, and etc.
Increasing health consciousness and developing consumer focus towards a healthy lifestyle and towards organic and natural products and solutions are some of the major factors which is expected to drive the growth of herb oil market around the globe. Also, the increasing demand for herb oil mainly in the food and beverages industry is expected to propel the growth of the market during the forecast period. However, the growing applications of herb oils in skin therapy, spa, and relaxation along with the processing/preparation of food products is also laying a positive effect on this market.
Furthermore, Meridian Market Consultants (MMC) Study identifies that, in terms of regional segmentation, the market is segmented into six regions i.e. North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. In terms of revenue, the North America region is expected to dominate the market mainly due to the increasing demand for herb oil in the personal and cosmetic industry. Thyme product type segment of herb oil is gaining popularity in the healthcare & pharmaceutical industry and healthcare manufacturers are introducing new products in the market which is expected to increase demand for herb oil in European region. Asia Pacific herb oil market is expected to be the most dominating market throughout the forecast period. Availability of key players and increasing application of herb oils in both religious and healthcare use in this region are some of the revenue-boosting factors.
MMC Study identifies some of the key participating players in the herb oil market globally are Biolandes SAS, China Flavors & Fragrances Co. Ltd., Citrus and Allied Essences Ltd., doTERRA International, LLC, Enio Bonchev Production Ltd., Givaudan SA, International Flavors & Fragrances Inc., Symrise AG, The Lebermuth Co., Inc., and Young Living Essential Oils LC. and others.
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