The global peel oil market size is expected to reach US$ 13.6 Billion in 2022. Increasing demand for essential oils in the cosmetics and personal care industry is likely to push sales of peel oil in future years. As per FMI, the peel oil market is anticipated to be valued at US$ 17.9 Billion in 2032 and exhibit growth at a CAGR of 8.2% in the forecast period (2022-2032).
| Report Attribute | Details |
| Peel Oil Market Estimated Base Year Value (2021) | US$ 12.1 Billion |
| Peel Oil Market Expected Market Value (2022) | US$ 13.6 Billion |
| Peel Oil Market Anticipated Forecast Value (2032) | US$ 17.9 Billion |
| Peel Oil Market Projected Growth Rate (2022-2032) | 8.2% CAGR |
Peel oils are highly concentrated oils that are mainly extracted from numerous fruits for their unique fragrance and flavor. These are considered to be volatile aromatic compounds that are extracted from the peels of fruits.
The demand for peel oil is expected to surge in the upcoming years owing to its rising usage in the food and beverage industry to prepare smoothies, cookies, muffins, and lemonade. Surging number of restaurants and hotels across the globe backed by the high demand for ready-to-eat food and beverages is another crucial factor that is anticipated to boost growth.
Moreover, increasing awareness among consumers regarding the benefits of using organic and natural ingredient-based personal and skincare products is likely to propel growth. High disposable income of consumers and ever-increasing population are set to push the need for peel oil for usage in premium cosmetics.
The trend of aromatherapy is expected to grow at a fast pace in the future among the millennial population. It is anticipated to drive the demand for essential oils as they benefit the psychological and physiological activities in the body simultaneously. Aromatherapy is considered to be a mainstream therapy with the changing consumer preference for more sophisticated and premium products.
The rising number of spas providing numerous innovative services globally is another factor that would aid growth. As per the 2021 International Spa Association (ISPA) Big Five Statistics, in 2019, nearly 192 million people visited spas worldwide, whereas in 2020, the count was 124 million. The spa sector generated a revenue of US$ 12.1 billion in 2020 alone. These numbers are likely to surge in the forthcoming years, thereby fostering the global peel oil market growth.
Though the usage of peel oil has increased in recent years with the high popularity of essential oils and diffusers, these products do have certain cons. As essential oils are expensive, not many people can afford them in underdeveloped countries.
People may be allergic to various types of peel oils without knowing it. In addition, several small-scale manufacturers are using synthetic fragrances in their peel oils to attract more customers. This may lead to multiple side effects, such as skin rash, itching, or headaches, thereby declining the sales of peel oil.
Based on region, North America is expected to generate the largest peel oil market share in the evaluation period. The ongoing development of new products infused with peel oil, including perfumes, sprayers, lotions, sheet masks, and gels in the U.S. and Canada is likely to drive the regional market.
As peel oil is used to treat acne by eliminating the sebum that often accumulates on an individual’s face, it is nowadays being used by skincare companies to make face wash or makeup removers. It helps in effectively unclogging pores and cleaning one’s face. Thus, the increasing demand for organic skincare products worldwide is projected to augur well for North America.
Asia Pacific is anticipated to remain in the second position in the assessment period. This growth is attributable to the ample availability of raw materials and relatively low cost labor in emerging economies, such as China and India. The surging demand for nutritious food and beverages among health conscious consumers in these countries is another vital factor that is set to augment growth.
Further, the demand for peel oil is expected to grow in Asia Pacific with the increasing demand for perfumes and the presence of various prominent companies in the skincare sector. The majority of these companies are investing huge sums in research and development activities to come up with cutting-edge products to attract more consumers.
Some of the renowned companies present in the global peel oil market include The Essential Oil Company, Vigon International Inc., TERRA Holdings, LLC., Heritage Brands Pty Ltd., Goddess of spring LLC., Health & Beauty Natural Oils Co. Inc., SRS Aromatics Limited, Global Essence Inc., Ventós, S.A., Essential Care Organics Ltd., and Frontier Natural Products Co Op. among others.
Leading companies in the market are currently focusing on improving their production technologies to maximize output and minimize resource consumption. They are also re-structuring their business processes and enhancing profitability by optimizing the value chain. At the same time, they are conducting pilot projects for bringing in new fruits that were not previously used in this industry to gain novel raw materials for the manufacturing of innovative peel oils.
| Report Attribute | Details |
| Growth Rate | CAGR of 8.2% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
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| Customization | Available Upon Request |
The global peel oil market is set to exceed US$ 17.9 Billion in 2032.
North America is set to lead the peel oil market in the forecast period.
The Essential Oil Company, Vigon International Inc., TERRA Holdings, LLC., Heritage Brands Pty Ltd., and Goddess of spring LLC. are some of the renowned companies in the peel oil market.
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