The latest report by IMARC Group, titled “Essential Oils Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, The global essential oils market size reached US$ 12.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 24.5 Billion by 2032, exhibiting a growth rate (CAGR) of 7.8% during 2024-2032.

Essential oils are derived from several parts of plants, such as wood, bark, fruits, roots, seeds, stems, leaves, and flowers. They are extracted with several techniques, such as steam distillation, expression, and carbon dioxide (CO2) processes. Some commonly known essential oils include basil, lemon, orange, lavender, peppermint, tea tree, lemongrass, jasmine, eucalyptus, ylang-ylang, bergamot, rosemary, chamomile, cedarwood, sandalwood, patchouli, cinnamon, and clary sage. In addition, they are popular for their unique aromas and are widely utilized to produce shampoos, soaps, perfumes, and cleaning gels. Moreover, they offer mood-enhancing and therapeutic properties, such as improving sleep quality, reducing inflammation and nausea, alleviating stress, anxiety, and pain, and providing relief from headaches. As a result, essential oils are widely adopted in the cleaning, spa, medical, relaxation, food, and beverage (F&B) industries across the globe.  

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Essential Oils Market Trends and Drivers:

The market is primarily driven by the growing prevalence of respiratory, dermatological, and dental disorders. Additionally, the increasing use of essential oils as carminatives, decongestants, expectorants, and antibacterial agents to address respiratory conditions such as bronchitis and cough is contributing to the market growth. In line with this, the changing lifestyles of consumers and the growing awareness regarding the health benefits of essential oils, such as improving sleep and attentiveness, minimizing headaches, and enhancing mood, are influencing the market growth. Moreover, the rising demand for essential oil in the food and beverage (F&B) industry as natural additives and flavor enhancers that preserve and enrich the taste of numerous food products such as meat, pickles, confections, candies, and soft drinks represents another major growth-inducing factor. Besides this, the increasing popularity of essential oil in aromatherapy medications due to its antiviral, antifungal, and anti-inflammatory properties is accelerating the product adoption rate. Along with this, the widespread product adoption in personal care items, including fragrances, perfumes, toiletries, cosmetics, body sprays, and air fresheners, is propelling the market growth. Apart from this, the essential oils market is growing at different rates in numerous regions, with Europe being one of the largest markets due to rising awareness regarding the benefits of essential oils, the increasing demand for aromatherapy, and the extensive use of essential oils in cosmetic production. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in June 2019, natural ingredient producer, Robertet introduced an innovative product to the market, which is an encapsulated powdered essential oil based on a new technology that uses the prebiotic insulin as a carrier, facilitating the transfer of aetheroleum oils into powders with improved absorption capabilities. This breakthrough technology allows the use of the product in the nutraceutical industry. Furthermore, the growing awareness regarding natural and organic products in the personal care industry and shifting consumer preference from synthetic to natural products are creating a positive market outlook.   

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Product:

• Cedarwood Oil
• Eucalyptus Oil
• Lavender Oil
• Lemongrass Oil
• Rosemary Oil
• Tea Tree Oil
• Ylang Ylang Oil
• Others

Breakup by Application:

• Medical
  • Pharmaceutical
  • Nutraceuticals
• Food and Beverages
  • Bakery and Confectionery
  • Beverages
  • Meat, Poultry and Seafood
  • Others
• Spa and Relaxation
  • Aromatherapy
  • Personal Care
  • Cosmetics
  • Toiletries
  • Others
• Cleaning
  • Kitchen Cleaners
  • Floor Cleaners
  • Bathroom Cleaner
  • Others
• Others

Breakup by Sales Channel:

• Offline Stores
• Online Stores

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Competitive Landscape with Key Player:

• Biolandes
• doTerra
• Essential Oils of New Zealand Ltd.
• Falcon Essential Oils
• Farotti S.R.L.
• FLAVEX Naturextrakte GmbH
• H. Reynaud & Fils
• India Essential Oils
• Moksha Lifestyle Products
• Rocky Mountain Oils LLC
• Sydney Essential Oil Co. (SEOC)
• The Lebermuth Company
• Ungerer Limited
• Young Living Essential Oils.

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