India Essential Oils Market: Introduction
In terms of
value, the India essential
oils market is anticipated to expand at a CAGR of ~4% from 2020 to 2030. Growing
trend of adoption of ayurvedic products and rising demand for natural personal
care products in India are factors driving the essential oils market in the
country. Growth of the organic cosmetics & homecare products industry in
India would create lucrative opportunities for the essential oils market in the
country in the near future. Rising awareness about benefits offered by natural
ingredients boosts their adoption, which drives usage of essential oils in
various applications. Therapeutic benefits offered by essential oils are
anticipated to drive the demand for these oils in India during the forecast
period.
Increase in
the consumption of essential oil as natural preservatives is anticipated to
boost the essential oils market in India during the forecast period. Moreover,
increasing consumption of essential oils in various applications, including
food & beverages, cosmetics, homecare products, and pharmaceuticals drives
the market in the country. Rising regulations on the usage of chemical-based essential
oils are estimated to drive the market for essential oils in India in the next
few years.
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Volatile Prices of Raw Materials to
Hamper Market in India
High prices
of essential oils restrain the essential oils market in India. Insufficient
production of raw materials and unavailability of these materials in enough
quantity raise their prices. Volatile prices of raw material led by their
irregular supply are projected to hamper the essential oils market in India
during the forecast period. Low supply of raw materials puts burden on the
essential oils market in India. Changing climatic conditions may result in poor
harvesting. Additionally, availability of low-cost chemical-based substitutes
also hampers the essential oils market in the country. Adulteration, residues
of solvents and pesticides, and microbial contaminations are other factors
hindering the essential oils market in India.
Lack of
quality management and advanced procurement facilities is a key factor
responsible for quality degradation. Deficiency in quality and purity
management is another major restraint of the essential oils market in India.
Cornmint Oil to Dominate India
Essential Oils Market
In terms of
product, the India essential oils market has been divided into citrus oil,
eucalyptus oil, clove oil, peppermint oil, basil oil, cornmint oil, spearmint
oil, sandal wood oil, and others. Among these, the cornmint oil segment
dominated the India essential oils market, in terms of volume and revenue, in 2019. The
citrus oil segment is expected to be highly lucrative from 2020 to 2030.
Cornmint oil is widely used to manufacture various types of products including
food, beverages, confectionery items, dental care products, homecare products,
and cosmetics. Citrus oil is beneficial for digestion and to boost energy.
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Food & Beverages to Be Key
Application
Based on
application, the India essential oils market has been segregated into food
& beverages, pharmaceutical, cosmetics & toiletries, aromatherapy,
homecare products, fragrances, and others. Among applications, the food &
beverages segment held a major share of the India essential oils market in 2019.
It is anticipated to continue to dominate the market in the country from 2020 to 2030.
North to be a Lucrative Zone of
India Essential Oils Market
Based on
zone, the India essential oils market has been classified into east, west,
north, and south. The essential oils market in India is projected to expand at
a CAGR of more than 4%, in terms
of value, during the forecast period. The market in the country is expected to
offer significant opportunities to manufacturers of essential oils during the
forecast period. India is a major manufacturer and consumer of essential oils.
The west zone segment dominated the India essential oils market in 2019. The
north zone segment is anticipated to expand at the maximum CAGR during the
forecast period.
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Competition Landscape
The India
essential oils market was highly fragmented, with various small- and
medium-scale manufacturers operating in the market in 2019. West
zone has been a lucrative market for essential oils in India over the last few
years. Leading market players have taken initiatives to expand their presence
in the market in the country through new product launches and strategic
partnerships with suppliers and distributors.
Key
manufacturers operating in India essential oils market Bo International, Kanta
Enterprises Private Limited, Falcon Essential Oils, Indian Aroma Exports, India
Essential Oils, Shiv Sales Corporation, AG Industries, BMV Fragrances Pvt.
Ltd., Moksha Lifestyle Products, Kush Aroma Exports, and Veda Oils.
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