NEW YORK, July 17, 2017 /PRNewswire/ — The U.S. essential oil market is projected to reach USD 7.34 billion by 2024, according to a new report by Grand View Research, Inc. The demand for natural and organic products is splurging in the United States, and so is the consumption of essential oils by the personal care and cosmetics industries.
Read the full report: http://www.reportlinker.com/p04785495/US-Essential-Oil-Market-Analysis-By-Product-Frankincense-Tea-Tree-Sandalwood-Clove-Eucalyptus-Lemon-Lemongrass-Cedarwood-Rosemary-Thyme-Basil-Citronella-By-Application-Flavors-Fragrances-Aromatherapy-And-Segment-Forecasts.html
Use of essential oils as a flavoring and aromatic agents is flourishing across distinct industries including food & beverages, medical, cleaning & home, spa & relaxation and others. Moreover, the healing properties of the essential oils and rising popularity of natural products for treating medical ailments has propelled this growth.
The U.S. holds a prominent share in the essential oils market owing to beneficial government regulations and exemptions on import duty. The cosmetic industry is growing speedily around the globe and U.S. being the hub for many of these companies, demand for the essential oils is projected to witness rapid growth in upcoming years.
The market is in a growing stage and consists of a vast number of players. However, price sensitivity is one of the significant challenges posed by the companies. Moreover, limited availability of the raw materials and strict regulations on the harvesting and cultivation are some other hindering factors.
Further Key Findings from the Study Suggest:
Lemon oil is projected to grow at the highest CAGR from 2016 to 2024.
Frankincense essential oil expected to grow at an estimated CAGR of 9.4% in terms of revenue over the forecast period
Sandalwood, tea tree, frankincense, clove, rosemary, etc. oils observe significant demand from…