Pune, India, June 13, 2023 (GLOBE NEWSWIRE) -- The global essential oils market size is a rapidly growing industry that involves the production and sale of concentrated plant extracts that are used for a variety of purposes, including aromatherapy, personal care, and natural health remedies. Essential oils are highly valued for their therapeutic properties and are used in a wide range of products, including perfumes, cosmetics, cleaning products, and food and beverage flavorings. The market for essential oils is driven by increasing consumer demand for natural and organic products, as well as growing awareness of the health benefits associated with essential oils.
The global essential oils market size is set to gain traction by reaching USD 18.25 billion by 2028 while exhibiting a CAGR of 9.57% in the forecast period. This information is given by Fortune Business Insights™ in its report, titled, “Essential Oils Market, 2023-2028.” The report further observes that the market stood at USD 8.74 billion in 2020. The rising trend of green consumerism and natural inputs for food preservation and sensory-related aspects are expected to boost the product’s demand. Companies are further focusing on launching new products. For instance, in June 2019, Robertet, a natural ingredient producer, launched encapsulated powdered essential oil. This oil can be used as a carrier for prebiotic insulin and transporting aetheroleum oils into powder form for improved absorption. Thus this technology will allow the use of these oils in the nutraceutical industry.
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List of Key Players Profiled in the Essential Oils Market Report:
- Biolandes SAS (France)
- Givaudan International SA (Vernier, Switzerland)
- International Flavors and Fragrances Inc. (New York, United States)
- Symrise AG (Holzminden, Germany)
- Enio Bonchev Production Ltd. (Bulgaria)
- The Lebermuth Company, Inc. (Indiana, United States)
- Essential Oils of New Zealand (New Zealand)
- Phoenix Aromas & Essential Oils LLC (United States)
- Sydney Essential Oil Co. (Australia)
- Young Living Essential Oils (Utah, United States)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2023-2028 |
| Forecast CAGR | 9.57% |
| 2028 Value Projection | USD 18.25 Billion |
| Essential Oils Market Size in 2021 | USD 9.62 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Essential Oils Market Drivers | Rising Inclination towards Aromatherapy to Drive Essential Oils Market Growth |
| Increasing Demand for Natural Ingredients to Spur Market Growths |
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Segments-
By type, the market is divided into citrus, eucalyptus, lavender, rosemary, tea tree, and others.
- Based on type, the citrus segment held a market share of 41.48% in 2020. This is attributable to its superior functional and organoleptic characteristics.
On the basis of its application, it is divided into food & beverages, personal care & cosmetics, pharmaceuticals, and others. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Report Coverage-
The research report focuses on analyzing the essential oils by considering contributions, prospects, and growth trends. It presents detailed profiles of key players present in the market to determine their competencies in each segment. Besides, it ensures to help our clients better understand the competitive landscape, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers and Restraints
Increasing Inclination towards Aromatherapy to Fuel Market Growth
The increasing inclination of people toward their personal wellness is expected to contribute towards essential oils market growth. Consumers prefer high-quality products at reasonable prices to satisfy their needs. Therefore, manufacturers are increasing their expenditure on research and development to come up with premium quality ethereal oils. Additionally, the robust hospitality and tourism sector is offering aromatherapy within reach of common consumers, and this trend is further expected to boost the ethereal oils market.
On the other hand, the manufacturing of ethereal oils is a very concentrated product. For example, one pound of lavender oil requires around 250 pounds of lavender flowers. Therefore, excessive demand for raw materials is creating constrained supply, which ultimately makes the prices hike. Therefore, acting as the major market constraint.
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COVID-19 Impact-
The outbreak of the COVID-19 pandemic has had a positive impact on aviation headsets. For instance, as per major companies operating in the market, the demand for these volatile oils increased amid the pandemic. They help boost immunity, which is a requirement of the hour. Apart from boosting immunity, it also helps in the relaxation of the mind. Therefore, companies such as doTERRA and Young Living Essential Oils are experiencing an increase in product sales of these oils. We are providing in-depth research reports to help you better understand the current scenario of this market amid the pandemic.
Regional Insights
Europe to Remain at Forefront; Backed by Use of these Oils in Food Preservation
Europe is expected to hold the largest essential oils market share during the forecast period. This is attributable to the growing demand for aromatherapy and the use of these volatile oils in food preservation in major European countries such as Germany, France, and the U.K. Thus, such factors are expected to promote the sales of plant-based volatile oils in the region. The region stood at USD 3.85 billion in 2020.
North America is expected to showcase significant market share during the forecast period owing to the increasing usage of natural ingredients containing cosmetic products. Moreover, high disposable income in the region supports people in joining various aromatherapy programs promoting the regional market.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Analysis on Global Demand of Dfferent Types of Essential Oils
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Mergers & Acquisitions, and New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Essential Oils Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Citrus
- Eucalyptus
- Lavender
- Rosemary
- Tea Tree
- Others
- By Application (Value)
- Food & Beverages
- Personal Care & Cosmetics
- Pharmaceuticals
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
- North America Essential Oils Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Citrus
- Eucalyptus
- Lavender
- Rosemary
- Tea Tree
- Others
- By Application (Value)
- Food & Beverages
- Personal Care & Cosmetics
- Pharmaceuticals
- Others
- By Country (Value)
- The U.S.
- By Application (Value)
- Food & Beverages
- Personal Care & Cosmetics
- Pharmaceuticals
- Others
- By Application (Value)
- Canada
- By Application (Value)
- Food & Beverages
- Personal Care & Cosmetics
- Pharmaceuticals
- Others
- By Application (Value)
- The U.S.
- By Type (Value)
TOC Continued...!
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