Project report for Essential Oils

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Introduction

After the covid 19 pandemic, Indian essential oils market are increasing their production capabilities to manufacture essential oils made from basil, clove, and eucalyptus globulus, amongst others. They are raising awareness about effective anti-virus synergies that deliver protection against coronavirus. On the other hand, eucalyptus radiata is being highly publicized for powerful antibacterial and anti-infection properties. Essential oils are often used for aromatherapy, a form of alternative medicine in which healing effects are ascribed to aromatic compounds. Aromatherapy may be useful to induce relaxation, but there is not sufficient evidence that essential oils can effectively treat any condition. These are stimulate the growth of essential oil market in India.

An essential oil is a concentrated hydrophobic liquid containing volatile chemical compounds from plants. Essential oils are also known as volatile oils, ethereal oils, aetheroleum, or simply as the oil of the plant from which they were extracted, such as oil of clove. The term "essential" used here does not mean indispensable or usable by the human body, as with the terms essential amino acid or essential fatty acid, which are so called because they are nutritionally required by a given living organism. Essential oils are generally extracted by distillation, often by using steam. Other processes include expression, solvent extraction, absolute oil extraction, resin tapping, wax embedding, and cold pressing. They are used in perfumes, cosmetics, soaps, air fresheners and other products, for flavouring food and drink, and for adding scents to incense and household cleaning products. Essential oils should not be confused with perfume, fragrance, etc. as the latter usually include pure chemical components whereas essential oils are derived from plants.

Market potential & Strategy

The global essential oils market size is estimated to be valued INR 776.150 Crores in 2021 and is expected to reach a value of INR 1205.670 Crores by 2026, growing at a CAGR of 9.3% in terms of value during the forecast period. In terms of volume, the market is estimated to account for 253.2 KT in 2021 and is expected to reach at 345.4 KT by 2026, growing at a CAGR of 6.4% during the forecast period. Factors such as a growth in awareness toward preventive healthcare, improvements in the standard of living and rise in double income households, along with increase in demand for aromatherapy are some of the factors driving to the growth of the market for essential oils. The demand for “all-natural ingredients” has lately been on the rise mainly due to the growing awareness about the benefits of natural ingredients and the increasing disposable income, which results in people spending more money on expensive natural products. The increasing health consciousness among people fuels this demand further by leading to more liberal spending on good-quality natural products, which would provide long-lasting results. Several manufacturers across all industries are developing new ways of incorporating natural and healthy ingredients in their formulations for providing maximum benefits to the consumers.

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