Essential Oils Market Share, Size, Trends, Industry Analysis Report, By Application (Medical, Food & Beverage, Spa & Relaxation, Fragrances, Cleaning & Home); By Sales Channel (Offline Stores, Online Platforms); By Product; By Region; Segment Forecast, 2023 - 2032
- Published Date:Dec-2022
- Pages: 117
- Format: PDF
- Report ID: PM1048
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global essential oils market was valued at USD 20.84 billion in 2022 and is expected to grow at a CAGR of 7.2% during the forecast period. Shifting focus toward the health benefits of plant-based organic products, rising in the demand for aromatherapy and increasing demand for pure natural ingredients drives the overall essential oils market.
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Essential oils are compounds obtained in the process of distillation or mechanical methods from plants. Aromatherapy, reducing anxiety and stress, improving sleeping disorders like Insomnia, and type 2 diabetes is some of the most important applications of these oils. It is majorly used in industries like pharmaceuticals, cosmetics, wellness, personal care services, food, and beverage, etc.
For instance, according to the research paper “Essential oils for complementary treatment of surgical patients: state of the art”, there is a piece of positive evidence for the study of lavender or orange and peppermint essential oils to treat anxiety and nausea. Other medical researchers are also providing substantial evidence for the usefulness of the oils in diseases like - Alzheimer, cancer, cardiovascular and labor pain in pregnancy, etc. Due to their high concentration, they work on pressure points and rejuvenate the inflammations. Hence, all such factors are expected to drive the demand for the targeted market during the forecast period
These oils are extracted from different parts of plants such as flowers and inflorescences, leaves, peels, fruits, berries, barks, seeds, wood, resins, roots, and rhizomes. Some of the essential oils used in the fragrance segment include Lavender, tea tree, citrus, eucalyptus, linalool, citronellol, frankincense oil, peppermint oil, lemongrass oil, and rosemary oil.
The research report offers a quantitative and qualitative analysis of the Essential Oils Market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
Some of the other applications of these oils comprise personal beauty products, disinfectants, room fresheners, Mosquito repellants, soaps, shampoos, etc. Higher pricing of oils and the unavailability of abundant plants for extraction are some restraining factors for the growth of this market.
Due to the onset of widespread COVID-19, the pandemic had a moderate impact on the worldwide essential oils market due to increased awareness of mental health using aromatherapy and rising demand for healthy plant-based products. In addition, new product developments due to increasing advancement in research & development of the applications of these oils further drive this market.
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Industry Dynamics
Growth Drivers
The rising need for mental health after the pandemic continues to be a prime factor for boosting market growth. By inhaling certain oils, it stimulates certain areas of our limbic system which plays a significant role in changing moods, behavior, and emotions. It also plays a role in controlling some psychological functions including heart rate, blood pressure, and breathing.
Consumer demand for pharmaceuticals and nutraceuticals has been fueled by increased consumer awareness and the adoption of a healthy lifestyle. Rising consumer focus on personal care due to rising disposable income, which is projected to boost product demand in the personal care and cosmetics end-use markets. Hence, driving the targeted market during the forecast period.
Report Segmentation
The market is primarily segmented based on product, application, sales channel, and region.
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By Product |
By Application |
By Sales Channel |
By Region |
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Orange Oil Segment Accounted for the Largest Market Share in 2022
Orange oil contributed the highest share in terms of volume for the year 2022. Antioxidant property along with the high content of Vitamin C in oranges helps in reducing dark spots and wrinkles and has been highly used in personal beauty care products. It’s the high aroma and flavoring essence that are also been used in many foods and beverage products.
Medical Segment is Expected to Emerge as a Prominent Segments
The pharmaceutical industry is expected to emerge as one of the prominent segments due to the increasing demand for essential oils for making pharmaceutical agents and therapeutic drugs. Various compounds like terpenes, phenols, and Carvacrol are used to diagnose diseases improve gut systems, reduce inflammatory pains and lower cholesterol levels. These oils are also widely used in capsules and tablets.
The food and beverage industry is also anticipated to witness the highest growth rate in the forecast period due to the characteristics of some oils like lemon, basil, and fennel to preserve the shelf life of packaged foods. Since the last few years, consumer preference has shifted towards natural organic preservatives over synthetic ones.
The Demand in Asia-Pacific is Expected to Witness Significant Growth
Asia-Pacific is anticipated to grow the market during the forecast period due to the increasing per capita income and increasing expenditure on wellness products by middle-class sections. Moreover, this region countries like China, India, and Japan have been receiving financial and regulatory support from Government also boosts this market further in this region.
During the forecast period, Europe is expected to hold the largest market share in the market in the year 2022 attributed to the rising awareness of the benefits of essential oils and the presence of large market players along with the easy availability of feedstock. The industrial growth in the region is safeguarded by the presence of the European Federation of Essential Oils owing to potential growth opportunities over the forecast period.
Competitive Insight
Key players in the essential oils market include Biolandes SAS, Sydney Essential Oil Co. (SEOC), India Essential Oils, DoTerra, Essential Oils of New Zealand, Young Living Essential Oils, Flavex Naturextrakte GmbH, West India Spices Inc., Ungerer Limited, H. Reynaud & Fils (HRF), Farotti S. R. L., Rocky Mountain Essential Oils, Falcon, The Lebermuth Company, Moksha Lifestyle Products. The market is highly competitive and expected to create profit rivalry with the integration of raw material outsourcing providers in the essential oil industry.
Recent Developments
- October 2022: doTERRA launched the MetaPWR Metabolic System meta for "metabolic health" and PWR for "personal wellness realized” to promote a healthy metabolism. This system’s products when used with healthy lifestyle choices, help to fortify metabolic health.
Essential Oil Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 22.31 billion |
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Revenue forecast in 2032 |
USD 41.83 billion |
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CAGR |
7.2% from 2023- 2032 |
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Base year |
2022 |
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Historical data |
2019 - 2022 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments covered |
By Component Analysis, By Product, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Biolandes SAS, Sydney Essential Oil Co. (SEOC), India Essential Oils, DoTerra, Essential Oils of New Zealand, Young Living Essential Oils, Flavex Naturextrakte GmbH, West India Spices Inc., Ungerer Limited, H. Reynaud & Fils (HRF), Farotti S. R. L., Rocky Mountain Essential Oils, Falcon,The Lebermuth Company, Moksha Lifestyle Products |
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