IMARC Group, a leading market research company, has recently releases report titled “Essential Oils Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global essential oils market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the essential oils market?
The global essential oils market size reached US$ 11.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.8 Billion by 2028, exhibiting a growth rate (CAGR) of 8.7% during 2023-2028.
What is essential oils?
Essential oils represent aromatic liquids that are generally obtained from the fruits, seeds, roots, stems, leaves, wood, barks, and flowers of a single plant species by using the expression, steam distillation, and carbon dioxide extraction. They have characteristic fragrances and are widely utilized in the manufacturing of soaps, perfumes, shampoos, cleaning gels, etc. Essential oils also exhibit several therapeutic properties. Consequently, they are commonly used in medications for aromatherapy or as carriers for drug delivery. In line with this, essential oils find extensive applications to improve the sensory properties of agricultural items, including animal feeds and food commodities
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What are the growth prospects and trends in the essential oils industry?
The growing number of individuals who are diagnosed with respiratory, dermatological, and dental disorders is primarily driving the essential oils market. Additionally, the widespread adoption of these liquids in various forms, such as decongestants, expectorants, carminative and antibacterial agents, etc., to treat bronchitis and cough is further catalyzing the market growth. Besides this, the inflating popularity of essential oils as natural additives in the conservation and preservation of food products, such as confections, candies, meat, pickles, soft drinks, etc., is acting as another significant growth-inducing factor. Moreover, they include the synthesis of repellents and edible film coatings and as odorants in detergents and paints, which is positively influencing the global market. Apart from this, the rising utilization of essential oils for promoting the safety and quality of seafood, cereal-based items, minimally processed fruit and vegetables, etc., is also propelling the market growth. Furthermore, the introduction of active packaging systems to protect food products from microbial contamination and the escalating demand for extended shelf-life and minimal addition of preservatives are anticipated to fuel the essential oils market over the forecasted period.
What is included in market 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 and Home
- Kitchen Cleaners
- Floor Cleaners
- Bathroom Cleaner
- Others
- Others
Breakup by Sales Channel:
- Offline Stores
- Online Stores
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Biolandes
- doTerra
- Essential Oils of New Zealand Ltd.
- Falcon Essential Oils
- Farotti S.R.L.
- FLAVEX Naturextrakte GmbH
- 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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