Increase in awareness of the healing benefits of essential oils, and rise in preference toward sustainable and safe personal care products drive the growth of the global essential oil soap market.
PORTLAND, Oregon, Jan. 21, 2020 /PRNewswire/ — Allied Market Research published a report, titled, “Essential Oil Soap Market by Product Type (Lavender Essential Oil, Rose Essential Oil, Tea Tree Essential Oil, Rosemary Essential Oil, Peppermint Essential Oil, and Others), and Distribution Channel (Supermarket/Hypermarket, E-commerce, Retail Stores, and Pharmaceutical Stores): Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global essential oil soap industry was estimated at $261.2 million in 2018 and is expected to hit $458.6 million by 2026, registering a CAGR of 8.3% from 2019 to 2026.
Drivers, restraints and opportunities-
Surge in awareness of the healing benefits of essential oils, increase in preference toward sustainable and safe personal care products, and preference for locally made, artisanal, natural products fuel the growth of the global essential oil soap market. On the other hand, high price as compared to synthetic ingredient soaps, and several cross-border counterfeit activities impede the growth to certain extent. However, revenue opportunities in establishing direct distribution network, and growth in revenue through online sales channels are expected to usher in a number of opportunities for the key players in the industry.
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The lavender segment to dominate by 2026-
Based on product type, the lavender segment contributed to one-fifth of the global essential oil soap market share in 2019, and is anticipated to lead the trail during 2019–2026. Lavender oil is said to have antiseptic and anti-inflammatory properties, which helps in healing minor burns and bug bites. It is also useful for treating anxiety, depression, insomnia, and restlessness. These factors have boosted the growth of the segment. The rosemary segment, on the other hand, would cite the fastest CAGR of 9.4% till 2026. Being used in aromatherapy since past, Rosemary oil helps in reducing stress levels and nervous tension along with boosting mental activity, encouraging clarity and insight, relieving fatigue, and supporting respiratory function which, in turn, propels the growth of the segment.
The supermarket/hypermarket segment to retain the lion’s share during the estimated period-
Based on distribution channel, the supermarket/hypermarket segment accounted for one-third of the global essential oil soap market share in 2019, and is projected to retain its dominance throughout the forecast period. The fact that it offers different types of essential oil soaps of various brands with unique features in each brand product has propelled the growth of the segment. Simultaneously, the pharmaceutical stores segment would showcase the fastest CAGR of 10.6% during the study period. With the growth of supply chain system and demand by customers, pharmaceutical stores are not limited to drugs and medicines only, they are now expanding their products offering to stationaries, food, beverages, cosmetic and other general livelihood items which, in turn, has boosted the growth.
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Europe, followed by North America, to rule the roost-
Based on geography, Europe, followed by North America, held the major share in 2019, garnering two-fifths of the global essential oil soap market. Demand for natural ingredients has increased for manufacturing cosmetics, and personal care industries in Europe, which has fueled the growth of the market in this province. At the same time, the region across LAMEA is expected to grow at the fastest CAGR of 14.3% by the end of 2026. Leading players in the province are targeting direct distribution of their product through authorized outlets and online portals. These players are focusing on promoting their unique product offerings and supplying it through direct sales channel. These factors have contributed to the growth of the region.
Frontrunners in the industry-
Wipro Unza Holdings Ltd.
Sunleaf Naturals, LLC
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