NewYork, NY -- (SBWIRE) -- 10/06/2021 -- Herb Oil Market size was estimated at $1.2 billion in 2020, projected to grow at a CAGR of 4.8% during the forecast period 2021-2026. The growing importance of these oils in complementary and alternative medicine, such as aromatherapy is driving the market growth. For instance, Calendula oil comes from marigold flowers and is a natural oil. It's frequently utilized as a supplement to or alternative to other treatments. Oregano oil is a natural antibacterial and antifungal agent that can also help to lose weight and reduce the cholesterol levels. Black cumin seed oil has showed potential in the treatment of a variety of ailments, including high blood pressure and asthma. Black cumin seed oil also has antifungal properties against Candida albicans, a yeast that may grow out of control in the body and cause candidiasis. Herb oils are vegetable extracts with a vegetable oil as the solvent. Herb oils have been made since antiquity. They're utilized for both external and internal purposes. There has been an increase in demand for herbal goods and alternative treatments, indicating that these items are becoming more popular. As a consequence, in the upcoming years, the herb oil market is projected to develop steadily. Essential oils, commonly known as herb oils or herbal oils, are liquid extracts of hydrophobic plants. Other applications for herb oils that contribute to the market's growth include the cosmetic and personal care sectors, where herb oils are used to make perfumes, soaps, and other products, as well as providing flavor to a variety of meals and drinks. These oils have the potential to function as natural insecticides and decreasing the need for synthetic pesticides. Calendula oil contains antifungal, anti-inflammatory, and antibacterial qualities, making it potentially beneficial for wound healing, eczema relief, and diaper rash relief. It's also a good antiseptic. Infusing marigold flowers in a carrier oil yields calendula oil. Calendula oil can be used alone or in the preparation of ointments, creams, and salves.

Herb Oil Market Segment Analysis – By Product

Based on Product, Herb Oil market is segmented Basil, Thyme, Dill, Mint, and others. Basil Segment is accounted for the largest revenue market share in 2020. Basil essential oil are extensively used in aromatherapy. Basil essential oil includes a variety of chemicals that are considered to be beneficial to one's health. Linalool, a molecule found in lavender that has been demonstrated in numerous scientific studies to alleviate stress, which is one of these chemicals. In aromatherapy, it is believed that breathing the scent of basil essential oil sends messages to a brain area involved in emotion regulation. Thyme Segment is predicted to grow with the fastest CAGR of 5.4% in the forecast period 2021-2026 as it is antifungal, anti-inflammatory, and antibacterial. It's widely found in foods, cosmetics, and toiletries as a preservative. It can also be found in mouthwash as an ingredient. Several studies have demonstrated that thyme essential oil can decrease or eradicate foodborne germs, improve heart health, and reduce inflammation in the body, among other things.

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Herb Oil Market Segment Analysis – By Application

Based on Application, Herb Oil market is segmented Personal Care & Cosmetics, Pharmaceutical, Food & Beverage, Aromatherapy, and Others. Food & Beverage Segment is accounted for the largest revenue market share in 2020. The growing desire for natural, healthy, and minimally processed food items throughout the world has widened the scope of herb oil use in food and beverage applications. These oils' antimicrobial characteristics aid in the preservation of food and beverage items for longer periods of time. Another key reason driving the growth of this application sector is the rising focus of food and beverage producers on improving product shelf life without compromising quality. Personal Care & Cosmetics Segment is projected to grow with the fastest CAGR of 5.2% in the forecast period 2021-2026 owing to the growing usage of herb oil in this sector. For instance, Calendula oil is used to treat acne by some people. Calendula extract was reported to be effective in treating and preventing acne vulgaris in one laboratory investigation. A lotion containing 10% black cumin seed oil dramatically decreased the occurrence of acne after two months, according to the Journal of Dermatology & Dermatologic Surgery. The study's participants indicated a satisfaction rate of 67%. Black cumin seed oil may be applied to human hair to soften and shine it. Studies have indicated that using black seed oil reduces the occurrence of psoriasis plaques.

Herb Oil Market Segment Analysis – By Geography

Based on Geography, Europe Herb Oil Market accounted for the 38% revenue share in 2020. The presence of organizations like the European Federation of Essential Oils (EFEO) has aided the expansion of the essential oil sector in Europe. The European Federation of Economic Organizations (EFEO) was established to promote and protect the interests of all stakeholders involved in the market value chain. The group is in talks with the European Commission and the European Parliament to modify or establish essential oil laws. Such developments have aided the region's market expansion. The presence of numerous industry competitors and the easy availability of feedstock are two significant factors driving the market's robust expansion in Europe. Asia-Pacific is poised to grow with the fastest CAGR in the forecast period 2021-2026. Growing economies and improved knowledge of the need of a healthy diet, rising trend for herb oil in aromatherapy, alternative medicine is driving the market. Black cumin seed oil is a supplement that is commonly used in alternative medicine to treat a range of ailments. According to current studies, black seed oil can help with asthma treatment, weight loss, and blood sugar and cholesterol levels reduction. The existence of a huge population, as well as different unexplored markets, are expected to attract major companies' attention to develop and build their operations and distribution facilities in this region, contributing to the region's growth.

Herb Oil Market Segment Analysis-Drivers

Rising Number of People Suffering from Arthritis:

Rising number of patients suffering from arthritis are opting for aromatherapy treatments to alleviate their symptoms, which is likely to fuel market development during the forecast period. According to CDC (Centers for Disease Control and Prevention) data, about 53 million adults in the United States had arthritis in 2015, and this number is anticipated to rise to 67 million by 2030, giving enough potential for firms that provide natural treatments to arthritis sufferers. Taking black cumin seed oil orally may help to alleviate the symptoms of inflammatory rheumatoid arthritis.

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Herb Oil Market Segment Analysis-Challenges:

Stringent Rules and Regulations:

Risk issues connected with aromatherapy, as well as tight rules governing the marketing of essential oils by the US Food and Drug Administration (FDA), are the primary factors limiting the worldwide herb oil market's growth. As producers must identify the indication for which the essential oil is used, such as therapeutic grade or cosmetic grade, stringent clearance for new essential oils is posing significant challenges to market expansion. For example, the US FDA issued a warning letter to Young Living in 2014 for violating the Federal Food, Drug, and Cosmetic Act (FDCA) in connection with the marketing of their aromatherapy essential oils, because the company claims that using Young Living Essential Oil aromatherapy products can cure and treat certain diseases. Further, limited conditions to use a particular essential oil may limit product demand. For instance, one should not use calendula oil if sensitive to ragweed, daisies, marigolds, or other Asteraceae/Compositae plants, as it might result in an allergic response. Calendula should be avoided by women who are pregnant or nursing since it might alter hormone levels and cause menstruation.

Herb Oil Market Segment Landscape:

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Herb Oil Market. Herb Oil Market top 10 companies are Symrise, Citrus and Allied Essences, Biolandes, DoTERRA, Givaudaan, The Lebermuth, China Flavors and Fragrances, You g Living Essential Oils, Enio Bonchev

Acquisitions/Product Launches:

In February 2020, Givaudan, has acquired U.S. based company Ungerer and Company, leading player in flavour, fragrance and specialty ingredients company. This acquisition will help to expand Givaudan's flavours and fragrances portfolio.
In September 2019, Givaudan has acquired Vietnamese flavour company, Golden Frog, leading manufacturer of natural flavours, extracts and essential oils for the food and beverage industry. This acquisition will help them to expand their natural flavor ingredients portfolio.

Key Takeaways

The growing partnerships, acquisition and the expansion of herb oil producers' aromatherapy product lines is projected to drive the global herb oil market growth throughout the forecast period.
Herb Oil Market expansion is expected to be aided by increasingly growing application of herb oil in complementary therapy, is accelerating the market growth.
According to a review published in Complementary Therapies in Medicine in 2015, black cumin seed oil is beneficial to persons with diabetes and according to a small research published in Immunological Investigations in 2016, black cumin seed oil may help in the treatment of rheumatoid arthritis.

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