LONDON--(BUSINESS WIRE)--The global basil essential oil market is expected to post a CAGR of close to 8% during the period 2019-2023, according to the latest market research report by Technavio.
Consumers are increasingly becoming aware of the health benefits of basil essential oils, which will increase its demand during the forecast period. Basil essential oil is a natural relaxant oil that helps in relieving stress, nervous tension, depression, anxiety, fatigue, mental strain, migraine, and other mental conditions. As the basil essential oil contains eugenol, citronella, and linalool, it also helps in reducing skin inflammation. In addition, this oil is also used for muscle relaxant which provides relief from fatigue and muscle pain. Such extensive health benefits of using basil essential oil will propel its demand during the forecast period.
As per Technavio, the increasing demand for organic and cold-pressed basil essential oil will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global basil essential oil market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global basil essential oil market: Increasing demand for organic and cold-pressed basil essential oil
The demand for organic basil essential oil product is increasing at a significant rate as they are considered healthier and safer than conventional products. As a result, several vendors in the market are offering organic variants of basil essential oil. In addition, the demand for cold pressed basil oil is also increasing. Cold pressing is a method of oil extraction that refrains from using heat to extract oil as heating can degrade the oil's flavor and nutritional quality.
“The basil essential oil has found widescale application in several industries including the cosmetics, pharmaceutical, and food and beverages industries. In the food and beverage industry, basil essential oil is being used as a key ingredient for preparing salad dressings, ketchup, and Italian dishes such as pasta and pasta sauces. It is also being used in the cosmetics industry to maintain healthy skin as it has anti-inflammatory properties. Such wide spread applications of basil essential oil will fuel its demand during the forecast period,” says a senior analyst at Technavio.
Global basil essential oil market: Segmentation analysis
This market research report segments the global basil essential oil market by application (pharmaceuticals and cosmetics, and food and beverages) and geographic regions (APAC, Europe, MEA, North America, and South America).
The pharmaceuticals and cosmetics segment held the largest basil essential oil market share in 2018. This is mainly due to the various health benefits of basil essential oil which makes it a suitable component for several pharmaceutical and cosmetic products.
Europe led the market in 2018 with a market share of more than 31%, followed by North America, APAC, South America and MEA respectively. The dominant market share of Europe can be attributed to the increasing awareness about the health benefits and various applications of basil essential oil across industries including pharmaceuticals, cosmetics, and food and beverages.
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Market Landscape
- Market ecosystem
- Market characteristics
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Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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