Chapter 21 - Commercially available essential oil with higher relevance in food sector and their detailed information in market trends

Abstract

Since volatile oils may be used to improve food safety and shelf life and can be viewed as a natural substitute for conventional food preservatives, the usage of plant extracts and commercially available essential oils (EOs) in consumer goods is anticipated to rise in the coming years. This chapter concentrates on commercially available EO with higher food applications such as orange oil, tea tree oil, citronella oil, eucalyptus oil, and corn and peppermint oil, and detailed information on their market trends. By 2026, the market for essential a CAGR of 9.3% is anticipated for the oil market, reaching a value of USD 16.0 billion. Due to its many uses and end-use applications, the market for EOs is growing rapidly. According to Grand View Research, the food and beverage industry is the largest market for EOs, accounting for roughly 34.6% of the total worldwide demand of 178,800 tons in 2015. According to a market analyst, demand for EOs will remain strong due to expansion in emerging nations and a rise in Western consumers’ interest in natural products. Another quickly growing market is the spa and relaxation sector, which had a 29% market share in 2015 and is projected to grow at a CAGR of 8.7%. However, in 2015, orange oil made up 29.4% of the global market’s volume, according to Grand View Research, making it the most popular product on the market. Another four of the top five EOs are tea tree, eucalyptus, corn, and peppermint.