Rockville Pike, Sept. 26, 2024 (GLOBE NEWSWIRE) -- As revealed in a newly published study prepared by proficient analysts at Fact.MR, a market research and competitive intelligence provider, the global essential oil market is projected at a value of US$ 24.94 billion in 2024. Worldwide revenue from the sales of essential oils has been forecasted to increase at a CAGR of 9% from 2024 to 2034.
The popularity of aromatherapy in today’s world is being driven by an increasingly sedentary lifestyle, which has increased the demand for essential oils in premium fragrances. The functional benefits of essential oils, such as reducing stress and enhancing attentiveness, have contributed to their rising use in aromatherapy. Beauty and skincare products are becoming mainstream within the wellness industry. Aromatherapy is emerging as a key component of beauty, wellness, and fragrance, further boosting demand for essential oils due to their functional benefits.
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Demand for citrus oil is growing due to its invigorating and refreshing scents attracting more consumers. In addition, the vibrant fragrances of citrus oil are used in candles, air fresheners, and perfumes to create a soothing atmosphere. Its potential therapeutic properties, such as immune support, stress reduction, and mood enhancement, drive its demand.
Key Takeaways from Market Study:
The market for essential oils is projected to increase to US$ 59 billion by the end of 2034. North America is projected to hold a market share of 24.3% by 2034-end.
The market in South Korea is forecasted to expand at a CAGR of 9.8% from 2024 to 2034. The personal care & cosmetics segment is analyzed to account for 45.6% share of the global market by the end of 2034.
Sales of essential oils in Japan are evaluated to rise at 9.5% CAGR through 2034. Worldwide demand for conventional essential oils is forecasted to increase at a CAGR of 8.9% and reach a market valuation of US$ 31.46 billion by the end of 2034.
“Market players should invest in R&D activities to offer essential oils with improved functionalities and focus on offering clean-label products to stay ahead of the game,” reports a Fact.MR analyst.
Essential Oil Industry News & Business Trends:
Major participants in the essential oil industry are presently engaged in joint ventures, acquisitions, mergers, collaborations, and the introduction of new products.
In October 2023, Azelis, a prominent supplier of specialized chemicals and food ingredients, purchased all of BLH SAS's shares. In France, BLH SAS is a major distributor of flavors and perfumes for luxury perfumery.
In June 2023, Turpaz Industries made the acquisition of Food Base known. Food Base is a Hungarian company that focuses on creating and distributing essential oils.
In this recently released market analysis, MR offers comprehensive details regarding the price points of top essential oil producers positioned globally, sales growth, production capacity, and speculative technical progress.
Surging Usage of Essential Oils in Personal Care & Cosmetics for Aromatherapy and Grooming Purposes:
Worldwide demand for essential oils for use in the personal care & cosmetic industry is evaluated to increase at a CAGR of 9.5% and reach a value of US$ 26.92 billion by the end of 2034. These oils are used in spa and relaxation centers for their stress-relieving properties. In addition, the growing use of essential oils in makeup, color cosmetics, and hair and skin care is driving their global consumption.
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Key Market Players In Essential Oil Market:
Young Living Essential Oils, Now Health Group, Inc., doTERRA, Rocky Mountain Oils, LLC, Ultra International B.V., NHR Organic Oils, AOS Product Pvt. Ltd., BMV Fragrances Pvt. Ltd., Lebermuth Inc., Van Aroma, Ugerer and Company, Flavaroma, Sensient Technologies Corporation, Givaudan SA, and Falcon Essential Oils are some of the leading manufacturers of essential oil.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the essential oil market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on type (citrus, nuts, herbs & spices, flowers, mint, others), nature (organic, conventional), and end use (food & beverages, personal care & cosmetics, pharmaceuticals), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Discover Additional Market Insights from Fact.MR Research:
Global citrus essential oil market is projected to expand at a CAGR of 4.1% and hit a valuation of US$ 6 billion by 2032, up from its current size of US$ 4 billion in 2022.
Global spearmint oil market is estimated at US$ 497.8 million in 2024 and is projected to climb to a value of US$ 818.7 million by 2034. Global demand for spearmint oil has been forecasted to rise at a CAGR of 5.1% from 2024 to 2034.
Global grapefruit oil market is estimated to expand at a CAGR of 5% from 2023 to 2033. The market is valued at US$ 400 million in 2023 and is thus forecasted to reach US$ 650 million by 2033-end.
Global citronella oil market is currently valued at US$ 110 million and is thus expected to reach a market size of US$ 180 million by the end of 2033.
Global peppermint oil market is calculated to increase from a valuation of US$ 230.3 million in 2024 to US$ 444.6 million by 2034. Worldwide sales of peppermint oil are foreseen to increase at a CAGR of 6.8% By 2034.
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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