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Essential Oils Market By Type, By Source, By Method of Extraction, By Application, By Distribution Channel & Forecast 2023-2032

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Increasing Application in Aromatherapy

Essential oils are liquids that are usually distilled from the stems, leaves, seeds, roots, or flowers of plants. The most commonly used essential oils are lavender, tea tree, orange, lemon, peppermint and corn mint. These oils have antibacterial, antiviral, antifungal and antibacterial properties. They bypass the digestive system easily, which makes them beneficial for those with poor digestion/assimilation. In addition, essential oils are very rich in oxygen and are suitable for infants who cannot swallow tablets or capsules.

Aromatherapy is also called essential oil therapy. Over the past decade, consumers have become more selective for the use of personal care products. Therefore, increased spending on research and development of more effective products, processes, services, and technologies is expected to have a positive impact on market growth. Strong growth stimulus in the hospitality and tourism sector has brought the significant benefits of aromatherapy within reach of the general consumer. This trend, coupled with the increasing use of natural active ingredients in pharmaceutical and cosmetic formulations, is further boosting the essential oil market.

The global essential oils market size was valued at US$ 18.8 billion in 2021 and is expected to hit US$ 30.6 billion by 2030 with a registered CAGR of 7.5% from 2022 to 2030. One of the key factors behind the growth of the global essential oil market is the increasing use of essential oils in various end-use industries. The growing trend to use organic and natural products is paving the way for the expansion of the global essential oil market. Changing consumer tastes and preferences present a lucrative opportunity to expand the global essential oils market during the forecast period. Furthermore, the increasing use of essential oils in medicine is driving the demand for essential oils in the global market to a large extent. The increasing prevalence of certain diseases has increased the demand for essential oils in the healthcare and pharmaceutical sectors. Essential oils help improve mind, body, emotional and physical well-being.

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Moreover, Asia-Pacific region is expected to develop the fastest during the forecast period. India and China dominate the essential oil market in the Asia-Pacific region. The expansion of the Asia-Pacific essential oil market is attributed to the wide availability of raw materials and low labour costs. In addition, a large number of consumers are also supporting the expansion of the essential oil market in this region.

The competitive landscape of the global essential oils market is fragmented owing to the presence of many major players operating at the global and regional level. Leading companies are involved in product development and strategic alliances to expand their respective product portfolios and gain strong positions in the global market. Major companies in the essential oils market include Firmenich SA, International Flavors & Fragrances Inc., and Rocky Mountain Oils, LLC, Cargill, Incorporated, DSM, doTERRA International LLC, Givaudan, Lebermuth, Inc., Symrise AG, Sensient Technologies Corporation.

In terms of type, the global essential oils market is bifurcated into orange, eucalyptus, cornmint, peppermint, citronella, lemon, lime, clove, spearmint, and others. In terms of source, the global essential oils market is bifurcated into fruits & vegetables, herbs & spices, and flowers. In terms of method of extraction, the global essential oils market is bifurcated into distillation, carbon dioxide extraction, cold press extraction, and others.

In terms of application, the global essential oils market is bifurcated into food and beverages, medical, cleaning and home, spa and relaxation, and others. By region, the global essential oils market is bifurcated into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.

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