Essential Oils Market

Givaudan SA (Switzerland) and Koninklijke DSM N.V. (Netherlands) are the Key Players in the Essential Oils Market

The global essential oils market in terms of value is estimated at USD 10.3 billion in 2021; it is projected to reach USD 16.0 billion by 2026, at a CAGR of 9.3% from 2021. The demand for essential oils is experiencing an upward surge, owing to its varied functions and end-use applications. Essential oils are highly concentrated oils, which are extracted for their flavor and fragrance. They are volatile aromatic compounds extracted from the leaves, stems, flowers, bark, roots, and other parts of a plant. They contain antioxidant, antimicrobial, and anti-infective properties, which are useful in maintaining health. They help in treating several conditions such as sleep disorders, stress conditions, depression, and immunity disorders.

The key players in this market include Cargill (US), Koninklijke DSM N.V. (Netherlands), Givaudan SA (Switzerland), DuPont (US), Firmenich SA (Switzerland), Sensient Technologies Corporation (US), Symrise (Germany), Lonely Planet Global Inc. (Israel), International Flavors & Fragrances, Inc (US) and dôTERRA International LLC (US). Product launches, expansions & investments, mergers & acquisitions, agreements, joint ventures, and partnerships were the dominant strategies adopted by major players. These strategies have helped them to increase their presence in different regions.

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Givaudan SA operates its business through two major segments, namely, flavor and fragrance. It offers beverages, savory snacks, sweet goods, dairy, and the fragrance is for personal, home and laundry care brands and prestige perfumes under its flavor segment. The company offers essential oils under the fragrance segment; the company manufactures perfumes with specialized natural ingredients, which include different natural sources such as patchouli, tonka beans, benzoin, lavender, and sandalwood. The company has a strong global presence at more than 95 locations worldwide with more than 35 production sites. In February 2021, Givaudan acquired Myrissi (France). The acquisition of Myrissi would enable Givaudan’s long-term Fragrance & Beauty strategy; their expertise in AI would support Givaudan in proposing new organoleptic approaches to consumers. Moreover, in October 2021, Givaudan opened its newest fragrance production facility in Changzhou, China. In line with the recently announced 2025 strategy, China remains a key growth market for innovative and consumer-preferred fragranced products.

Cargill’s key business operating segments include agri-trading and processing; food ingredients & products; meat, poultry & eggs; farmer services; animal feed & nutrition; energy & nutrition; and financial. It offers a wide range of essential oils under animal feed & nutrition, which include feed additives such as Cinergy, Prohacid, Nectarom, and Biacid. It has R&D centers in Europe and North America and provides services in Africa, Europe, Asia, Latin America, North America, and the Middle East; this enables it to have a significant global market presence.

DuPont is a science- & technology-based company providing innovative products, materials, and services. The company operates through different business segments, namely, agriculture, food & personal care, electronics & communications, industrial biosciences, nutrition & health, performance chemicals, performance materials, safety & protection, and pharmaceuticals. The company’s nutrition & health segment comprises the specialty food ingredients business of Danisco A/S (Denmark). DuPont carries out its operations in more than 90 countries. The company has over 75 R&D centers and 12 examining laboratories globally. In February 2021, IFF (International Flavors & Fragrances, Inc.) completed the previously announced merger of IFF and DuPont’s Nutrition & Biosciences (“N&B”) business, pursuant to a Reverse Morris Trust transaction today. The combined company would continue to operate under the name IFF. Shares of the combined company’s common stock would trade on the New York Stock Exchange under the symbol “IFF.”

Related Reports:

Essential oils Market by Type (Orange, Lemon, Lime, Peppermint, Citronella, and Others), Application (Food & Beverage, Cosmetics & Toiletries, Aromatherapy, Home Care, Health Care), Method of Extraction, and Region – Global Forecast to 2026

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Report Code
FB 5385
RI Published ON
3/30/2021
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