New York, US, June 22, 2023 (GLOBE NEWSWIRE) -- Essential Oil Market Overview:
Market Research Future (MRFR) states that the global “Essential oil market value will escalate from USD 8.1 billion in 2022 to USD 15.2 billion by 2030, registering a 9.50% CAGR during the forecast period (2023-2030)”. The global essential oil market is likely to grow continually, witnessing increasing consumption and demand. The growing use of aromatherapy and wellness products would drive the market growth.
Also known as aromatherapy oils, essential oil blends are commonly utilized as carrier oils and natural remedies for some skin issues & health disorders. Over recent years, essential oils have garnered huge popularity as a skincare ingredient. In addition to their therapeutic uses, these fragrance oils find applications in essential oil diffusers.
Using essential oils during therapy and massages can help enhance wellbeing, promote a balanced lifestyle, and treat chronic health issues like dementia. Essential oil extracts have a calming effect that helps increase relaxation, enhance sleep quality, and eliminate feelings like tension, despair, and anxiety.
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Industry Trends
Improving distillation processes helps increase their production rate. Advances in essential oil extraction techniques and the rising awareness of essential oil benefits are key driving forces enhancing the market growth. Besides, growing consumption in personal care, air care, and medicinal product industries boosts the essential oil market size.
Besides, rising efforts and investments by essential oil extract producers to bring sustainable products to market and improve the raw material supply chain boost the market growth. They form strategic partnerships with raw materials suppliers to strengthen their supply chains.
Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 15.2 billion |
| CAGR | 9.50% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019- 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Market Drivers | Growing Consumer Demand for Natural Ingredients Will Drive Market Growth |
Competitive Analysis
Leading essential oil market players include,
- doTerra
- G Baldwin & Co
- Rocky Mountains Oil
- Mountain Rose Herbs
- Young Living Essential Oils
- Ryohin Keikaku Co.Ltd.
- Among others.
Highly competitive, the essential oil market appears fragmented. Industry players initiate mergers & acquisitions, expansions, and innovations/ product launches to gain a competitive advantage. They make substantial R&D investments to drive product development activities and improve their portfolio.
For instance, on June 17, 2023, Loving Essential Oils launched the Stress Relief Essential Oil Roller Blend. The recent addition to the online store's essential oil blend range is the handcrafted aromatherapy roll-ons. Stress Relief Essential Oil Roller Blend combines lavender and three more essential oils in a base of fractionated coconut oil, and it is available in a 10ml roll-on bottle. The new lavender essential oil roll-ons offer a calming and uplifting aroma, reducing anxiety and promoting relaxation.
In another instance, on June 13, 2023, ACTIZEET, a leading natural health and wellness brand, launched a revolutionary pure essential oils range in the Indian market. Actizeet is known for its commitment to quality and purity, and it aims to provide consumers with a range of essential oils that offer a natural and holistic approach to wellbeing.
The new line of Pure Essential Oils is carefully extracted from botanical sources using futuristic techniques to preserve their therapeutic properties. Each product from Actizeet's Pure Essential Oil range is meticulously tested and certified to meet the highest industry standards.
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Segments
The essential oil market report is segmented into types, applications, and regions. The type of segment is sub-segmented into orange, lemon, peppermint, corn mint, spearmint, clover leaf, and eucalyptus oil. Of these, the orange oil segment dominates the market, witnessing extensive use. Orange essential oil is a by-product of the evaporation of orange juice, which is also obtained from the citrus sinensis fruit.
Rising living standards and discretionary income are expected to boost sales of orange oil. The lemon oil segment will likely grow rapidly between 2022 and 2030 due to its refreshing, zesty aroma. The demand for lemon essential oil will likely expand in emerging markets during the study report.
The application segment is sub-segmented into food & beverages, personal care, aromatherapy, air care, and others. Of these, aromatherapy is the largest segment anticipated to increase quickly during the given timeframe. Aromatherapy enhances both physical and emotional wellbeing. By regions, the essential oil market is segmented into the Asia-Pacific, Americas, MEA, Europe, and the rest of the world.
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Regional Analysis
Europe dominates the global essential oil market due to the increasing demand from the personal care product industries in the region. The region witnesses a substantial increase in essential oil extraction plants. Besides, the increasing consumption of essential oil in perfumes and fragrances influences the regional market's growth.
Italy, a hub for high-quality perfumes and fragrances, has the largest market share. At the same time, European countries like the UK, Germany, and Spain also account for a considerable share of the essential oil market in the region.
North America stands second in the global essential oil market. Vat consumption of essential oils to meet the growing demand for cosmetic products containing natural ingredients substantiates the region's market shares. Increasing launches of new products and high disposable income, alongside the demand for the product in this region, create significant opportunities. Further, the US holds the largest, while Canada accounts for the second-largest share of the North American essential oil market.
Globally, the Asia-Pacific region is becoming the fastest-growing market for essential oils. The rising popularity of aromatic products and living standards are key driving forces pushing the essential oil market revenues.
Furthermore, the increasing popularity of naturally sourced fragrances increases sales of essential oils in the region. Also, the region attracts huge foreign investments due to the raw material advantages and cost-competitive workforce. The APAC essential oil market is anticipated to create a substantial revenue pocket over the forecast period.
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