London, June 08, 2022 (GLOBE NEWSWIRE) -- The global essential oils market valued at around US$ 19.7 billion in 2021. Essential oils are in high demand in the global market due to their increasing use in pharmaceuticals. Essential oils are in high demand in the healthcare and pharmaceutical industries because of the increased occurrence of certain disorders. Aromatherapy, often known as essential oils, is a therapeutic and cosmetic treatment involving the use of essential oils. Essential oils can improve mental, physical, and emotional well-being. Growing research and development efforts are another factor propelling the global essential oil market forward.
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The key market players continue to spend in such operations in order to introduce new goods into the global market. In addition, the government is aiding market participants in developing ecologically friendly products. Thus, this factor is contributing towards the growth of global essential oils market.
Report Highlights
- On the basis of product, orange oil segment holds the largest market share in the global essential oils market. The orange oil’s high vitamin C concentration combined with its antioxidant properties, helps to reduce dark spots and wrinkles, which is one of the main reasons for its popularity in the personal care business.
- On the basis of application, spa and relaxation segment holds the largest market share in the global essential oils market. This is due to an increase in the number of people attending spas for aromatherapy and massage to revive themselves emotionally, physically, spiritually, and cognitively.
- On the basis of sales channel, direct selling segment holds the largest market share in the global essential oils market. People’s growing awareness of essential oils has resulted in an increase in retail stores particularly through convenience stores.
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Regional Snapshot
Europe is the largest segment for essential oils market in terms of region. The UK is dominating the essential oils market in the Europe region. The presence of enterprises in the region is driving the growth of the essential oils market in Europe. Furthermore, increased awareness of the benefits of essential oils is propelling the European essential oils market forward. Furthermore, the growing population in Europe is contributing to the expansion of the essential oils market.
Asia-Pacific region is the fastest growing region in the essential oils market. India, China, and Japan hold the highest market share in the Asia-Pacific essential oils market. The Asia-Pacific region's essential oils market is growing due to a large supply of raw materials and low labor costs. Furthermore, the growing demand for essential oils in the region is being aided by a huge number of consumers.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 19.7 Billion |
| Revenue Forecast by 2030 | USD 34.6 Billion |
| CAGR | 7.2% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Takasago International Corporation, Flavex Naturextrakte GmbH, Firmenich SA, Synthite Industries Ltd., ROBERTET GROUP, International Flavors & Fragrances Inc. |
Market Dynamics
Drivers
Surge in demand for natural products
The people nowadays are demanding for products made with natural and organic ingredients. In addition, due to rising health consciousness, the consumers are adopting essential oils on a large scale. Therefore, government is imposing regulations on market players for manufacturing products with natural ingredients. Thus, surge in demand for natural products are driving the growth of global essential oils market.
Restraints
Growing prevalence of adulterated products
For saving extra cost on manufacturing of essential oils, several market players are adopting adulteration process. This results into hazardous effects on the health and well being of consumers. This can also lead to various infections. As a result, growing prevalence of adulterated products is restricting the essential oils market growth.
Opportunities
Surge in demand for aromatherapy
The spa visits have been steadily increasing, as per the International Spa Association. In addition, the spa business saw an increase in key performance measures across the board, as per the 2019 U.S. Spa Industry Study. In 2018, the spa industry set new milestones in terms of total revenue, spa locations, spa visits, total staff, and revenue per visit. As a result, surge in demand for aromatherapy is creating lucrative opportunities for the growth of global essential oils market.
Challenges
Exhaustion of natural resources
Up to 28,000 species could go extinct in the next quarter century owing to deforestation, as per the World Counts. 13 million hectares of forest have been deforested or destroyed due to natural disasters. The essential oils are being extracted from various types of trees and plants. Therefore, exhaustion of natural resources is a major challenge for expansion of global essential oils market.
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Recent Developments
- Young Living Essential Oils opened its first office in South Africa, in November 2019. This would assist the corporation in expanding its market share in South Africa.
- The Essence by Isagenix Essential Oil collection was introduced in August 2018 by Gilbert, an Arizona based corporation. The new product is intended to assist clients with a variety of health and wellness concerns, ranging from stress relief to weight management.
- In November 2017, Lebermuth Inc., a prominent player in the U.S. essential oil industry, claimed that the price for Geranium Egyptian Oil climbed in September 2017, but then fell by few dollars per kg due to poor demand.
Market Segmentation
By Product
- Acorus Calamus
- Ajowan
- Basil
- Black pepper
- Cardamom
- Carrot Seed
- Cassia
- Cedarwood
- Celery
- Cinnamon
- Citronella
- Clove
- Cornmint
- Cumin Seed
- Curry Leaf
- Cypriol
- Davana
- Dill Seed
- Eucalyptus
- Fennel
- Frankincense
- Garlic
- Ginger
- Holy Basil
- Juniper Berry
- Lemon
- Lemongrass
- Lime
- Mace
- Mustard
- Neem
- Nutmeg
- Orange
- Palmarosa
- Pepper Mint
- DMO
- Rosemary
- Spearmint
- Turmeric
- Vetiver
- Ciz-3 Hexanol
- Tea Tree
- Others
By Application
- Medical
- Pharmaceutical
- Nutraceuticals
- Food & Beverages
- Bakery
- Confectionery
- Dairy
- RTE meals
- Beverages
- Meat, Poultry & Seafood
- Snacks & Nutritional Bars
- Spa & Relaxation
- Aromatherapy
- Massage Oil
- Personal Care
- Cleaning & Home
- Kitchen Cleaners
- Floor Cleaners
- Bathroom Cleaner
- Fabric Care
By Sales Channel
- Direct Selling
- Online Sales
- Others
By Method of Extraction
- Distillation
- Carbon dioxide extraction
- Cold press extraction
- Solvent extraction
- Other extraction methods (resin tapping and maceration)
By Type
- Singles
- Blends
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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