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Global Essential Oil Market size is predicted to reach $22.8 Billion by 2030, growing at a CAGR of 10.2% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Consumer preference for natural and organic products, coupled with increasing awareness about aromatherapy’s health benefits propels market growth, finds IndustryARC in its recent report, titled “Essential Oil Market – By Type (Singles & Blends), By Product (Citrus Fruits, Lavender Oil, Frankincense, Chamomile Oil, Rosemary Tea Tree Oil, Patchouli Oil, Lavandin Oil, Lemongrass Oil, Citronella Oil, Balsam, Eucalyptus Oil, Clove Oil, Cedarwood Oil, Coriander Oil, Basil Oil, Cornmint Oil, Peppermint Oil, Spearmint Oil, Litsea Cubeba Oil, Acorus Calamus Oil and Others), By Application (Spa & Relaxation, Cleaning and Home, Food and Beverages, Pharmaceuticals and Others), By Extraction Method (Distillation, Cold Press Extraction, Carbon Dioxide Extraction, Solvent Extraction and Others), By Distribution Channel (Direct Sales (B2B) and Indirect Sales (B2C)), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”
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APAC to Register Highest Growth:
The Asia-Pacific (APAC) region registered the highest growth in the Essential Oil Market, driven by increasing consumer awareness and demand for natural and organic products. Countries like China, India, and Japan are at the forefront, with rising applications in personal care, aromatherapy, and food and beverages. The region’s expanding middle class and increasing disposable income have fueled the demand for premium and therapeutic products. Additionally, APAC’s robust agricultural base ensures a steady supply of raw materials for essential oil production. This growth underscores APAC’s potential to dominate the market, bolstered by innovative applications and expanding consumer preferences.
Essential Oil Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
10.2% |
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Market Size in 2030 |
$22.8 billion |
|
Segments Covered |
By Type, By Product, By Application, By Extraction Method, By Distribution Channel and By Region |
|
Geographies Covered |
North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa). |
|
Key Market Players |
1. Young Living Essential Oil 2. doTERRA International 3. Biolandes 4. Farotti Essenze Srl 5. Sensient Technologies Corporation 6. The Lebermuth Company 7. NOW Foods 8. Mane Kancor Ingredients Pvt Ltd 9. Robertet Group 10. Norex Flavours Private Limited |
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Essential Oil Market Report – Key Takeaways:
In 2023, Citrus Fruits Oil commanded a significant market share, driven by the widespread use of citrus fruits like lemon and orange across various industries, particularly in food and beverages. According to Citrus Industry reports, global orange production reached 47.9 million tons in 2022-23. Meanwhile, the Eucalyptus oil segment is poised for rapid growth, projected to achieve a compound annual growth rate (CAGR) of 10.4% from 2024 to 2030. This growth is fueled by increasing recognition of eucalyptus oil’s beneficial properties, which are driving demand in pharmaceuticals and dietary supplements, thereby expanding its market presence and application scope.
In 2023, the Food and Beverages sector commanded a leading market share, driven by the versatile bioactive profiles of essential oils that make them a preferred alternative to synthetic additives in various commercial food products. According to Ingredion’s ATLAS survey in 2023, 78% of consumers are willing to spend more on food and beverages labeled as ‘natural’ or ‘all-natural’. Meanwhile, the Spa and Relaxation segment is expected to experience the fastest growth, with a projected CAGR of 10.8% from 2024 to 2030. This growth is attributed to increasing concerns related to depression, anxiety, and sleep disorders, which are driving demand for products directly or indirectly promoting relaxation and well-being.
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Key Opportunity Analysis:
Expansion in the Wellness and Functional Beverages Sector
The wellness and functional beverages sector present a burgeoning opportunity for the Essential Oil Market. As consumers increasingly seek beverages that offer health benefits beyond basic nutrition, essential oils are being incorporated into drinks for their therapeutic properties. Essential oils such as ginger, peppermint, and lemon are popular for their digestive, anti-inflammatory, and detoxifying effects. With the rise of functional beverages and the demand for natural ingredients, there is a substantial market for essential oil-infused drinks. This trend allows essential oil producers to diversify their applications and collaborate with beverage manufacturers to create innovative and health-oriented products.
Increasing Demand for Natural and Organic Products
The rising consumer preference for natural and organic products presents a significant opportunity for the Essential Oil Market. As health-conscious consumers seek alternatives to synthetic ingredients, essential oils are becoming popular in cosmetics, personal care, food & beverage and household products. This trend is further fueled by growing awareness of essential oils’ therapeutic benefits, driving demand in aromatherapy and wellness sectors. The shift towards clean-label products offers manufacturers the chance to innovate and expand their portfolios, catering to the evolving consumer mindset. This opportunity underscores the market’s potential to capitalize on the global movement towards sustainable and eco-friendly solutions.
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The report also covers the following areas:
Essential Oil Market 2024-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
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List of Key Market Players in the Essential Oil Market:
The Global Essential Oil Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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