ARTICLE
EUROPEAN MARKET POTENTIAL FOR ESSENTIAL OILS Aromatherapy products including essential oils are gaining popularity in Europe. Growing awareness regarding the benefits of aromatherapy at home and the shift to more natural and green ways to improve and maintain health could be reasons for this surge in popularity. As a result, the demand for essential oils is increasing in Europe. It is expected that this trend will continue, as essential oils offer many beneficial properties and can be used as a complementary treatment to conventional healing methods. What makes Europe an interesting market for essential oils? There is a growing demand for niche essential oils in the fragrance and personal care industries. Consumers are demanding high-quality natural products in the European market. The global luxury perfume market was valued at US$11.7 billion in 2018, expected to grow by a compound annual growth rate of 5.3% to reach US$16.8 billion in 2026. Increasing consumer preference for glamour, style, fashion and fragrance are key drivers for growth. Other drivers include the high purchasing power of target consumers and the high presence of luxury brands across the market. Artisanal and niche fragrances are also on the rise. They are perceived to be of higher quality, as they use a greater concentration of extracts. Growth is driven by the consumer demand for natural highquality products in Europe. According to Market Data Forecast, the global natural fragrances market is expected to grow at a compound annual growth rate of around 5% to reach US$39 billion in 2025. Read more: https://amp.issuu.com/wtcdublin/docs/february_issue_3/s/14860158
Aromatherapy products including essential oils are gaining popularity in Europe. Growing awareness regarding the benefits of aromatherapy at home and the shift to more natural and green ways to improve and maintain health could be reasons for this surge in popularity. As a result, the demand for essential oils is increasing in Europe. It is expected that this trend will continue, as essential oils offer many beneficial properties and can be used as a complementary treatment to conventional healing methods.
There is a growing demand for niche essential oils in the fragrance and personal care industries. Consumers are demanding high-quality natural products in the European market.
The global luxury perfume market was valued at US$11.7 billion in 2018, expected to grow by a compound annual growth rate of 5.3% to reach US$16.8 billion in 2026. Increasing consumer preference for glamour, style, fashion and fragrance are key drivers for growth. Other drivers include the high purchasing power of target consumers and the high presence of luxury brands across the market.
Artisanal and niche fragrances are also on the rise. They are perceived to be of higher quality, as they use a greater concentration of extracts. Growth is driven by the consumer demand for natural highquality products in Europe. According to Market Data Forecast, the global natural fragrances market is expected to grow at a compound annual growth rate of around 5% to reach US$39 billion in 2025. Read more: https://amp.issuu.com/wtcdublin/docs/february_issue_3/s/14860158