Tangerine Essential Oil – Infiltrating the Beauty Circle
Beauty industry has seen a palpable change over the last decade, and increasing reliance on natural products instead of chemicals has been a major trend. While the paradigm shift to natural ingredients has been creating a strong base for the tangerine essential oil market to expand, the beauty industry continues to leverage the prowess of tangerine essential oil by its incorporation into an extensive range of fragrances and anti-aging cosmetics. However, production fluctuations are likely to continue pressurizing key manufacturers, compelling them to reassess their pricing and overall competition strategies.
The future of tangerine essential oil market shines bright as it is an intangible asset not just for the beauty industry but also for the medical industry. Tangerine essential oil has gradually clawed up the medical sector with its abilities to aid in the treatment of insomnia, nervous tension, and depression. The TMR study examines the growing penetration of tangerine essential oil in various end-use sectors and offers a 360-degree analysis to help market participants understand the key trends that are likely to govern the market.
Beyond the Traditional – F&B Industry Unleashing Potential of Tangerine Essential Oil
Tangerine essential oils have been in use used throughout the history for religious ceremonies, food preparations, beauty treatments, and health related applications. However, over the past decade, with the emergence of modern chemistry, there has been significant refinement in the production of tangerine oil. Unlike earlier times when the producers relied on distillation for manufacturing tangerine essential oils, they are resorting to modern practices such as solvent extraction.
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Gone are the days when tangerine essential oils were exclusively used as home remedies. Tangerine essential oil is briskly penetrating the food and beverages, cosmetics, and pharmaceuticals industries. The revenues from tangering essential oil adoption by the F&B industry alone generated around US$ 13 Mn revenues in 2018. Manufacturers are leveraging the ‘natural additive’ potential of tangerine essential oil, which is significantly assisting the revenue growth of market. By the end of the forecast period, the global tangerine essential oil market is anticipated to register the revenues worth of US$ 266 Mn, as projected by TMR.
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Key Trends – The Most Significant Market Influencers
Consumer Preference for Aromatherapy – A Growth Ladder for the Market
As consumers are increasingly realizing the benefits of aromatherapy, therapeutic treatments are rapidly gaining ground, worldwide. While a majority of consumers prefer aromatherapy as an effective treatment for anxiety, depression, immunity related conditions, and cognitive performance, tangerine essential oil which is an excellent source of antioxidants and offers soothing and relaxing effects, is rapidly gained pie’s share in the aromatherapy realm. This inclination towards aromatherapy has opened numerous growth pockets for the tangerine essential oil market. Leading companies are launching new product formulations with the most natural forms of tangerine essential oil to gain an edge over competition and capitalize on multiple emerging revenue generation opportunities in the tangerine essential oil market.
‘Personalization’ has emerged as a highly lucrative trend in almost all industry verticals, compelling brands focus on specific consumer needs. Meanwhile, the growing trend of last mile delivery in retail industry, especially E-commerce, is likely to influence strategic developments of a number of leading companies operating in the tangerine essential oil market. Companies leveraging the additional advantage of customer satisfaction and loyalty through last mile delivery will continue to gain momentum in the tangerine essential oil market.
Developed Regions Continue to Represent Lucrative Investment Pockets
Developed economies, such as Japan and the U.S., are witnessing steady growth of the food and beverages industry, thereby creating multiple investment pockets for tangerine essential oil market players. This market scenario has been attributed to the increasing application of tangerine essential oil in carbonated drinks and flavored beverages. On the other side, considering the fact that nearly 3/5th of Europeans prefer functional foods as of 2018, tangerine essential oil is highly likely to witness a positive demand outlook in Europe’s functional foods market. Increasing applicability of tangerine essential oil in the fragrances market will also remain an important factor boosting its sales in the near future, and France likely to be among the prime consumers of tangerine essential oil.
Tangerine Essential Oil Market – A Glance at the Competitive Landscape
The tangerine essential oil market is fragmented in nature with numerous players striving to expand their global footprint. The companies in the tangerine essential oil market are banking on new product innovations and expansion of the production capacities. For instance, doTERRA International, LLC has expanded its production capacity in order to meet the demand for essential oils from cosmetics, pharmaceuticals, and food industry. The company has set up a distillery in Bulgaria targeting expansion in Europe.
Key companies in the market have also resorted on product diversification and strategic acquisitions to strengthen their base. For instance, Lionel Hitchen Essential Oils Ltd. recently added to its already diverse product portfolio of oleoresins and flavors by offering essential oils in two different forms namely cold pressed and concentrated.
Analyst’s Viewpoint on Tangerine Essential Oil Market
An increase in consciousness among the consumers regarding health and beauty has served as the building block for the market growth. Besides, the changes in lifestyle leading to stress and anxiety have been playing a pivotal role in proliferating the sales for tangerine essential oil. In line with the growth of E-commerce, leading market stakeholders are emphasizing enhancing online presence.