Overview and Scope
The essential oil refers to the oils as concentrated plant extracts that retain the natural flavor, essence, and smell of their source. These types of oils are mainly used in aromatherapy.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the essential oils market in 2023. Asia-Pacific is expected to be the fastest-growing region in the essential oils market during the forecast period. The regions covered in the essential oils market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the essential oils market report are Cargill Incorporated, Koninklijke DSM N.V., DuPont de Nemours Inc., International Flavors & Fragrances Inc., Essential Oils New Zealand Limited, Givaudan SA, Symrise AG, Mane SA, doTERRA International LLC, Sensient Technologies Corporation, Robertet SA, Firmenich International SA, Ungerer Limited, Aromatics International LLC, Young Living Essential Oils LC, Mountain Rose Herbs, Falcon Essential Oils, The Lebermuth Company Inc., BIOLANDES SAS, Rocky Mountain Oils LLC, Edens Garden, Plant Therapy LLC, Florihana, Aromaaz International, Stillpoint Aromatics LLC, Wyndmere Naturals Inc., Aromatherapy Associates Limited, Farroti Essential Oils Pvt. Ltd., Indian Essential Oils, Oshadhi Ltd., Floracopeia Inc.
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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32. Global Essential Oils Market Competitive Benchmarking
33. Global Essential Oils Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Essential Oils Market
35. Essential Oils Market Future Outlook and Potential Analysis
36. Appendix
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