Essential oils market expected to reach $31.3 billion by 2025

WILMINGTON, Del., Feb. 28, 2024 (GLOBE NEWSWIRE) — Transparency Market Research, Inc. – global Essential oils market It is predicted to rise CAGR from 2023 to 2031 is 7.6%According to a report released by TMR: US$31.3 billion The market size is expected to reach $1.2 trillion in 2031. As of 2023, the demand for essential oils is expected to reach $17.5 billion.

Increasing applications of essential oils in aromatherapy, personal care products, food & beverages, pharmaceuticals, and household cleaning industries are driving the market growth. Rising disposable income levels, especially in emerging economies, allow consumers to spend more on premium natural products such as essential oils. This rise in purchasing power will drive market expansion, especially in regions with a growing middle class.

Increasing consumer preference for natural and organic products in skincare, haircare and fragrances is driving the demand for essential oils, which are derived from plants and are seen as environmentally friendly alternatives to synthetic ingredients. This trend is driving significant growth in the essential oils industry, particularly in the cosmetics and fragrance sectors.

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The rise of e-commerce platforms has made it easier for consumers across the globe to purchase essential oils. Online retailers offer a wide range of essential oil products, allowing consumers to purchase from the convenience of their homes, thus fuelling the market growth.

Trends in the essential oils market revolve around growing consumer inclination towards “clean” beauty products that avoid potentially harmful substances such as parabens, phthalates, synthetic fragrances, etc. This preference is driven by the natural scents and skin care benefits inherent in essential oils, positioning essential oils as the preferred choice among consumers seeking safer, more natural options in cosmetics and fragrances, stimulating market expansion.

Key findings from market research

• As of 2022, the essential oils market is valued at US$16.3 billion.
• Based on application, the aromatherapy segment is expected to dominate the global market during the forecast period.
• Based on product, the citrus oil segment is expected to account for the highest revenue in the market.

Essential Oil MarketKey trends and frontiers of opportunity

• Beyond their traditional uses in aromatherapy and personal care, essential oils are finding new applications in foods and beverages, household cleaning products and medicines.
• The trend towards holistic health and wellness is driving demand for essential oils for relaxation, stress relief and mood enhancement.
• Companies continue to innovate with 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.
• Rising disposable incomes, urbanization, and growing consumer awareness towards natural products are creating significant growth opportunities in emerging markets in Asia Pacific, Latin America, and Africa.

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Essential Oils Market – Regional Analysis

• The North American essential oils market is driven by growing consumer awareness towards natural products, health and wellness trends, and the popularity of aromatherapy. The region’s market is dominated by the United States, with an increasing 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 product segments.
• The essential oils market is booming in Asia Pacific due to rising disposable incomes, urbanization, and a booming middle class. The region is rich in biodiversity, leading to the production of a wide variety of essential oils. The growing demand for natural and herbal products in beauty, personal care, and traditional medicine is further fueling the market growth in Asia Pacific.

Competitive Environment

Companies in the essential oils market are investing in research and development to create innovative products such as new essential oil blends, unique formulations, and novel applications across various industries. Offering unique and high-quality products helps companies attract and retain customers.

Market players are expanding their product portfolios to cater to a wider range of consumer preferences and market segments. This might involve the introduction of new essential oil varieties, organic or sustainable options, or complementary products such as diffusers and accessories.

• Givaudan SA
• Young Living Essential Oils
• Biolandes SAS
• Robert SA
• Sensient Essential Oils
• New Zealand essential oils
• DoTERRA
• Vedic Oil
• AG Industries
• Bo International
• others

Product Portfolio

• 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.
• Young Living Essential Oils is a leading multi-level marketing company specializing in the manufacture and distribution of essential oils and related products for health and personal care.
• Biolandes SAS is a French company specializing in the production and sale of natural fragrance ingredients, such as essential oils, for the perfume, cosmetics and pharmaceutical industries.

Essential Oils Market – Key Segments

product

• Citrus Oil
• Eucalyptus oil
• Clove oil
• Peppermint oil
• Basil Oil
• Corn Mint Oil
• Spearmint Oil
• Tea tree oil
• others

application

• Food and beverage
• Pharmaceuticals
• Cosmetics and toiletries
• Aromatherapy
• Home Care Products
• Fragrance
• others

region

• North America
• latin america
• Europe
• Asia Pacific
• Middle East and Africa

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