The essential oil market is witnessing a surge in demand due to the increasing use of aromatherapy and growing interest from the cosmetics and fragrance sectors.
WILMINGTON, Del., February 28, 2024 (Globe Newswire) — Transparency Market Research Co., Ltd. – global essential oil market is predicted to rise in CAGR from 2023 to 2031 is 7.6%. According to a report published by TMR. USD 31.3 billion As of 2023, the demand for essential oils is expected to end at USD 17.5 billion.
Increasing applications of essential oils in aromatherapy, personal care products, food and beverages, pharmaceuticals, and household cleaning industries are driving the market growth. Rising disposable income levels, especially in emerging countries, are enabling consumers to spend more on luxury and natural products such as essential oils. This increased purchasing power is driving market expansion, especially in regions where the middle class is growing.
Increasing consumer preference for natural and organic options in skin care, hair care, and fragrances is driving demand for essential oils, which are sourced from plants and are considered environmentally friendly alternatives to synthetic ingredients. This trend is driving significant growth in the essential oil industry, especially in the cosmetics and fragrance sectors.
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The proliferation of e-commerce platforms has made essential oils more accessible to consumers around the world. Online retailers offer a wide range of essential oil products and allow consumers to easily purchase essential oil products from the comfort of their homes, thus driving market growth.
Trends in the essential oil market revolve around a growing consumer preference for “clean” beauty products that avoid potentially harmful substances such as parabens, phthalates, and synthetic fragrances. This preference is driven by the natural aroma and skin care benefits inherent in essential oils, positioning them as the preferred choice among consumers seeking safer and more natural cosmetic and fragrance options, thereby Stimulating market expansion.
Key points from market research
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As of 2022, the essential oil market is valued at USD 16.3 billion
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Based on application, the aromatherapy sector is anticipated to dominate the global market during the forecast period.
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Based on products, the citrus oil segment is expected to account for high revenue in the market.
essential oil market: Key trends and opportunistic frontiers
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Essential oils are finding new uses beyond their traditional uses in aromatherapy and personal care, including in food and beverages, household cleaners, and pharmaceuticals.
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The trend toward holistic health and wellness has increased the demand for essential oils for relaxation, stress relief, and mood enhancement.
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Companies are innovating new formulations and delivery systems, such as encapsulation and microencapsulation, to increase the stability, efficacy, and ease of use of essential oils in a variety of products.
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Emerging markets in Asia Pacific, Latin America and Africa offer significant growth opportunities due to rising disposable incomes, urbanization and increased consumer awareness of natural products.
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Essential Oil Market – Regional Analysis
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The North American essential oil market is driven by increasing consumer awareness of natural products, health trends, and popularity of aromatherapy. The United States dominates the market in the region, with strong demand for essential oils in the personal care, food and beverage, and pharmaceutical industries. Canada is also contributing to the market growth, especially in the organic and sustainable products segment.
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The essential oil market is rapidly growing in Asia Pacific due to rising disposable incomes, urbanization, and growing middle class. The region also benefits from a rich biodiversity and produces a wide variety of essential oils. Rising demand for natural and herbal products in beauty, personal care, and traditional medicine is further driving market growth in Asia Pacific.
competitive environment
Companies in the essential oil market are investing in research and development to create innovative products such as new essential oil blends, unique formulations, and new applications in various industries. By offering unique, high-quality products, businesses can attract and retain customers.
Market players are expanding their product portfolios to cater to a wider range of consumer preferences and market segments. This may include introducing new essential oil varieties, organic or sustainable options, or complementary products such as diffusers and accessories.
product portfolio
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Givaudan SA is a Swiss manufacturer of flavors, fragrances and cosmetic active ingredients, offering a wide range of essential oils for a variety of applications.
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Young Living Essential Oils is a leading multi-level marketing company specializing in the manufacturing and distribution of essential oils and related products for wellness and personal care.
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Biolandes SAS is a French company specializing in the production and sale of natural aromatic raw materials, including essential oils, for the fragrance, cosmetics and pharmaceutical industries.
Essential Oil Market – Key Segments
product
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citrus oil
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eucalyptus oil
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clove oil
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peppermint oil
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basil oil
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corn mint oil
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spearmint oil
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tea tree oil
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others
application
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food and drink
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pharmaceuticals
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cosmetics and toiletries
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aromatherapy
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home care products
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fragrance
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others
region
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North America
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latin america
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Europe
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Asia Pacific
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middle east and africa
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