Essential Oil Market is estimated to be US$ 446.8 billion by 2034 with a CAGR of 35.80% over the forecast period (2022-2032)

Published Date: March 2024

Essential Oil is a natural oil which is obtained by distillation. Essential Oil is extracted from plant or other source which has characteristic odor. Essential Oil help in reducing stress, help to sleep, and help in treating fungal infections, etc. Essential Oil has great smell. Distillation process turns essence of plant in liquefied form for recreational & medicinal uses. Variety of essential oils are available in market. Wide applications has driven the market growth. Lemon, Lavender, Peppermint, Neroli, Frankincense, Bergamot, are the most popular essential oils. Lavender has become the most popular essential oil because it is widely used. Lavender essential oil has dominated the target market growth. Inhaling is the common use of essential oil. Essential Oil are used in humidifiers and diffusers. Essential Oil are diluted with carrier oil for application on skin. Essential Oils are widely used in medicine and therapeutic properties. Lavender Essential Oil is mostly used essential oil. Essential Oils are used primarily in natural cosmetics because of their antibacterial, anti-inflammatory, and antiviral properties. They are used as aromatherapy for skincare. Essential Oil has lots of benefits such as it boot the mood, improves sleep, help in relieving headache, kills bacteria & fungus, help in reducing nausea, anxiety & pain, stress, inflammation, etc.

Orange oil has become the major factor in driving market growth because of its rising demand in personal care and cosmetics industries. Orange oil contains high amount of vitamin C with antioxidant property that helps in reducing wrinkles, dark spot, etc. Lemon oil is used in soaps, detergents, perfumes, and other household cleaners. Lemon oil is used as detoxifying agent & disinfectant and thus, used for treating flu, sore throats, etc. Spa & relaxation has dominated the market growth. Rising number of an individual in spa center for massage & aromatherapy help in rejuvenating mentally, physically, and spiritually which has driven the market growth. However, wide applications of essential oil in various sector has fueled the market growth.

The report “Essential Oil Market, By Product Type (Orange, Eucalyptus, Corn Mint, Peppermint, Citronella, Lavender, Lemon, Clover Leaf, Spearmint, and Others), By Source (Flowers, Fruits & Vegetables, Herbs & Spices), By Method of Extraction (Cold Press Extraction, Carbon Dioxide Extraction, Distillation, and Others), By Application (Food & Beverages, Medical, Home Care, Cosmetics, Spa & Relaxation, and Others), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

Key Highlights:

  • In December 2022, Young Living has launched two new essential oil diffusers ‘Duet Diffuser’ and ‘Sprout the Puppy Diffuser’. Newly launched Duet Diffuser’ help in allowing concentrated, mess free diffusion. Sprout the Puppy Diffuser provides cute, and customizable companion for little ones by making these new addition a good fit for oil user.
  • In February 2021, Givaudan's active beauty department (Active Beauty) has uneviled Nootropics with collection of six mind boosting botanicals used for happy & healthier skin.

The 6 extracts are extracted from guarana, green tea, ginger, gotu kola, ginkgo, and green coffee. Nootropic with natural extract are well known among consumers as food supplements and cosmetic properties. It provides soothing, moisturizing, well-ageing effect. Nootropics has become the mind boosting supplements which helps in improving memory, motivation and creativity.

  • In October 2019, doTERRA has launched 14 new products which combines pure essential oils, with sustainable sourcing & evidence-based research to offer customers with best solution of nature.  The product includes four new single essential oils which are addition to kids collection & Yarrow/Pom family, with new line of calming products and with innovative supplements. Newly products are made from Lemon Eucalyptus oil to Adaptiv calming blend.

Analyst View:

The key factor driving the growth of the Essential Oil market is increasing demand for Essential Oils from various industries. Variety of essential oils are available in market. Wide applications has driven the market growth. Ongoing development in spa & relaxation, food & beverage, and medical industries has driven the market growth. Essential Oil help in lifting the mood and make feel good with its fragrance. Essential Oil help in reducing stress, anxiety & pain, and also help in improving sleep. Numerous biological effects like antiviral, antibacterial, insecticidal, and antioxidant properties of essential oils has given rise in demand from consumers. However, wide applications and rising demand from various industries is expected to boost the demand for target market growth over the forecast period. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish position in the market.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on Essential Oil Market, By Product Type (Orange, Eucalyptus, Corn Mint, Peppermint, Citronella, Lavender, Lemon, Clover Leaf, Spearmint, and Others), By Source (Flowers, Fruits & Vegetables, Herbs & Spices), By Method of Extraction (Cold Press Extraction, Carbon Dioxide Extraction, Distillation, and Others), By Application (Food & Beverages, Medical, Home Care, Cosmetics, Spa & Relaxation and Others), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

Key Market Insights from the report:

Essential Oil Market was valued at US$ 27.6 Billion in 2024 and is projected to grow at a CAGR of 35.80% to reach US$ 446.8 Billion by 2034.The Essential Oil Market is segmented based on Product Type, Source, Method of Extraction, Application, and Region.

  • Based on Product Type, Essential Oil Market is segmented into Orange, Eucalyptus, Corn Mint, Peppermint, Citronella, Lavender, Lemon, Clover Leaf, Spearmint, and others.
  • Based on Source, Essential Oil Market is segmented into Flowers, Fruits & Vegetables, Herbs & Spices.
  • Based on Method of Extraction, Essential Oil Market is segmented into Cold Press Extraction, Carbon Dioxide Extraction, Distillation, and others.
  • Based on Application, Essential Oil Market is segmented into Food & Beverages, Medical, Home Care, Cosmetics, Spa & Relaxation, and others.
  • By Region, the Essential Oil Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Competitive Landscape & their strategies of Essential Oil Market:

The prominent players operating in the Essential Oil Market includes, Givaudan, doTERRA International LLC, Biolandes SAS, Sydney Essential Oil Company, Young Living Essential Oils LC, Lebermuth Inc., Essential Oils of New Zealand Ltd., Edens Garden, Moksha Lifestyle Products, and West India Spices, Inc., and others.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional market places, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

  • Explains an overview of the product portfolio, including product development, planning, and positioning
  • Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
  • Detailed analysis of the market revenue over the forecasted period.
  • Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
  • Study on the segments that are anticipated to dominate the market.
  • Study on the regional analysis that is expected to register the highest growth over the forecast period

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