Essential Oil Market Size Worth $22.8 Billion By 2030: IndustryARC

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

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Essential Oil Market Report – Key Takeaways:

• Citrus Fruits Oil is Dominating the Essential Oil Market

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.

• Dominance of Food and Beverages in Essential Oil Market

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 Size and Forecast
• Essential Oil Market Trends
• Essential Oil Market Analysis by Product Type

Essential Oil Market 2024-2030: Key Highlights

• CAGR of the market during the forecast period 2024-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Essential Oil Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Essential Oil Market

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic significantly impacted the essential oil market, initially causing disruptions in supply chains due to restrictions on transportation and workforce limitations. However, as the pandemic progressed, there was an increased demand for essential oils known for their antimicrobial and antiviral properties, such as tea tree oil and eucalyptus oil, to support hygiene and wellness practices. Consumers’ heightened focus on health and immunity bolstered sales of essential oils used in aromatherapy and home care products. Furthermore, the shift towards online shopping platforms during lockdowns facilitated broader accessibility to essential oils, sustaining market growth despite initial logistical challenges.
• The Russia-Ukraine war also affected the essential oil market by introducing geopolitical uncertainties and disruptions in raw material supply chains. Many essential oils, such as lavender and chamomile, are sourced from regions potentially impacted by the conflict, leading to volatility in prices and availability. Geopolitical tensions have prompted manufacturers to diversify supply chains and seek alternative sourcing strategies to mitigate risks. Moreover, global economic uncertainties stemming from the conflict have influenced consumer purchasing behavior, impacting the demand for luxury and discretionary products, including essential oils used in premium skincare and wellness applications. These factors collectively highlight the complex interplay between geopolitical events and market dynamics within the essential oil industry.

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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:

• Young Living Essential Oil
• doTERRA International
• Biolandes
• Farotti Essenze Srl
• Sensient Technologies Corporation
• The Lebermuth Company
• NOW Foods
• Mane Kancor Ingredients Pvt Ltd
• Robertet Group
• Norex Flavours Private Limited

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Black Cumin Seed Oil Market: Black Cumin Seed Oil Market growth is being driven by the surging application of black cumin seed oil in Indian and Middle Eastern Cuisine including food items like curries, soups, vegetables and meat dishes for a peppery flavor.

About IndustryARC:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. 

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

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