The Essential Oils Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Essential Oils Global Market Report 2024, The essential oils market size has grown rapidly in recent years. It will grow from $15.46 billion in 2023 to $17.57 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to traditional and alternative medicine, aromatherapy trends, natural and organic products demand, cosmetic and personal care industry growth, food and beverage flavoring, rising awareness of health benefits.
The essential oils market size is expected to see rapid growth in the next few years. It will grow to $31.25 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. The growth in the forecast period can be attributed to wellness and self-care trends, natural fragrance in home products, expanding beauty and personal care markets, sustainable and ethical practices, global exploration of unique flora. Major trends in the forecast period include expansion in emerging markets, innovative blending and formulations, focus on sustainability and ethical sourcing, rising popularity of aromatherapy, increasing demand for organic and natural products.
The growing spa industry across the globe is expected to propel the growth of the essential oils market. Essential oils are used in aromatherapy, a form of alternative medicine to support health and well-being. Consumer preference is increasing for natural and organic oil products all around the globe. For instance, according to The Global Wellness Institute, a US-based nonprofit organization, in the year 2022, the spa industry comprised more than 181,000 establishments, generating revenues totaling $105 billion. Additionally, spa revenues are anticipated to surpass their pre-pandemic levels by 2023, with a projected growth to $156 billion by 2027. Therefore, the increasing spa industry across the globe is driving the growth of the essential oils market.
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The essential oils market covered in this report is segmented –
1) By Type: Orange Oil, Lemon Oil, Lime Oil, Peppermint Oil, Cornmint Oil, Citronella Oil, Spearmint Oil, Geranium Oil, Clove Leaf Oil, Eucalyptus Oil
2) By Method of Extraction: Distillation, Carbon Dioxide Extraction, Cold Press Extraction, Solvent Extraction, Other Method Of Extraction
3) By Application: Food & Beverage, Aromatherapy, Cosmetics & Toiletries, Pharmaceuticals, Cleaning & Home Care, Animal Feed, Fragrances
Major companies operating in the essential oils market are focused on developing innovative solutions such as microencapsulated essential oils. Microencapsulated essential oils refer to a technology where tiny particles, often on a microscale, encapsulate individual essential oil molecules. For instance, in August 2023, Botanical Innovations, an Australia-based Flavors fragrances and aroma supplier launched the ‘Botanical’s Breath Microencapsulated Essential Oils’. The design of microencapsulation technology enables a controlled and prolonged release of essential oil compounds over time. The array of microencapsulated essential oil powders is transforming sensory experiences and enhancing product effectiveness.
The essential oils market report table of contents includes:
1. Executive Summary
2. Essential Oils Market Characteristics
3. Essential Oils Market Trends And Strategies
4. Essential Oils Market – Macro Economic Scenario
5. Global Essential Oils Market Size and Growth
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26. South America Essential Oils Market
27. Brazil Essential Oils Market
28. Middle East Essential Oils Market
29. Africa Essential Oils Market
30. Essential Oils Market Competitive Landscape And Company Profiles
Top Major Players:
- Cargill Incorporated
- Koninklijke DSM N.V
- DuPont de Nemours Inc
- International Flavors & Fragrances Inc
- Essential Oils New Zealand Limited
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