Essential Oil Market to be Worth $35.5 Billion by 2028: Million Insights

FELTON, Calif., Nov. 16, 2022 /PRNewswire/ -- The global essential oils market is projected to advance at a steady CAGR of 7.4% during the forecast period from 2021 to 2028. The continued increase in demand for these products to address various physical as well as mental health issues, the growing popularity of aromatherapy across the globe, and constant advancements and innovations on part of the manufacturers are major factors driving the industry growth.

Key Industry Insights & Findings from the report:

• Different essential oils offer different benefits, and manufacturers aim to introduce as many product ranges as possible to maximize their sales. For instance, lavender oil can address sleep issues, stress, and pain; on the other hand, tea tree oil has antimicrobial and antiseptic properties, making it useful in conditions such as acne and athlete's foot.
• Aromatherapy has been very popular among people in recent years, as it offers relief from stress and depression, and helps in improving the general quality of life. This is one of the main factors driving the demand for essential oils in spas and relaxation centers, which have seen a healthy proliferation across developed regions.
• The davana oil segment is expected to advance at the highest growth rate of 16.9% during the forecast period, as it is known for its stimulant, antiviral, antiseptic, and nervine properties. It is extensively used during the production of flavoring agents and natural perfumes.
• The medical application of essential oils is expected to generate significant market revenue in the coming years. Essential oils and floral extracts are increasingly being utilized in medical products, as their complex and volatile chemical contents are known for anti-inflammatory, antifungal, and antiviral properties.
• The sales of essential oils are generally through the direct channel, with notable companies in this space such as Young Living Essential Oils and doTERRA having taken the multi-level marketing route for increasing their sales and enhancing their business. Furthermore, the popularity of online platforms has led to wholesalers and importers launching their own websites to sell products.
• The Asia Pacific region is expected to advance with the fastest growth rate of 8.4% during the projection period, as consumers in the region have become better aware of the benefits of improving physical and mental health. China is the leading regional market, as the country has a large customer base for skincare products, where these oils are widely utilized.
• Companies are making significant investments in the R&D of products, while capacity expansions and mergers & acquisitions are also common strategies employed to generate growth. For instance, doTERRA introduced a range of products at its annual convention in September 2022, which include essential oils derived from eucalyptus, Spanish sage, and guaiac wood, as well as a reformulated doTERRA Hope Touch.

Read 150 page full market research report for more Insights, "Essential Oils Market Size, Share & Trends Analysis Report By Product, By Application, By Sales Channel, By Region And Segment Forecasts From 2021 To 2028", published by Million Insights.

Essential Oil Market Growth & Trends

Besides their benefits in the spa and relaxation space, these products are also being widely utilized as ingredients in the food and beverage industry, in bakery and confectionery products, as well as in nutritional bars, snacks, and beverages. Furthermore, they also have antimicrobial properties that make them ideal for household cleaning products such as kitchen and bathroom cleaners.

Essential oils are prepared through a distillation or extraction process from plants in order to derive highly concentrated oil or essence. The distillation process may involve either a direct water contact process or a steam contact process so that all the flavors and essence of roots, leaves, stems and flower parts of a plant can be extracted. Depending upon the oil type needed for the product, the raw materials required differ. Essential oils, unlike various conventional drugs and medicines, do not pose any extreme side effects for the user and have thus begun to be used widely in the medical and pharmaceutical sectors.

The essential oils industry has been well-fragmented with the presence of notable international companies, as well as several regional and small-scale manufacturers. Major companies are striving to integrate operations right from raw material sourcing to manufacturing of the product, as a solution to cost-cutting in procurement and operational aspects. The prices of essential oils are anticipated to grow steadily in the coming years, as growing population, climate changes, dwindling size of arable land, and supply shortfalls have increased the prices of crops and plants globally.

Essential Oils Market Segmentation

Million Insights has segmented the global essential oil market based on product, application, sales channel, and region:

Essential Oil Market - Product Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)

• Acorus Calamus
• Ajowan
• Basil
• Black pepper
• Cardamom
• Carrot Seed
• Cassia
• Cedarwood
• Celery
• Cinnamon
• Citronella
• Clove
• Cornmint
• Cumin Seed
• Curry Leaf
• Cypriol
• Davana
• Dill Seed
• Eucalyptus
• Fennel
• Frankincense
• Garlic
• Ginger
• Holy Basil
• Juniper Berry
• Lemon
• Lemongrass
• Lime
• Mace
• Mustard
• Neem
• Nutmeg
• Orange
• Palmarosa
• Pepper Mint
• DMO
• Rosemary
• Spearmint
• Turmeric
• Vetiver
• Cis-3 Hexanol
• Tea Tree
• Others

Essential Oil Market - Application Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)

• Medical
• Pharmaceutical
• Nutraceuticals
• Food & Beverages
• Bakery
• Confectionery
• Dairy
• RTE meals
• Beverages
• Meat, Poultry & Seafood
• Snacks & Nutritional Bars
• Spa & Relaxation
• Aromatherapy
• Massage Oil
• Personal Care
• Cosmetics
• Hair Care
• Skin Care
• Sun Care
• Makeup and color cosmetics
• Toiletries
• Soaps
• Shampoos
• Men's Grooming
• Oral Care
• Baby Care
• Fragrances
• Perfumes
• Body Sprays
• Air fresheners
• Cleaning & Home
• Kitchen Cleaners
• Floor Cleaners
• Bathroom Cleaner
• Fabric Care

Essential Oil Market - Sales Channel Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)

• Direct Selling
• Others

Essential Oil Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Asia Pacific
• China
• India
• Japan
• Taiwan
• South Korea
• Singapore
• Australia
• Central America
• South America
• Middle East & Africa

List of Key Players of Essential Oils Market

• Takasago International Corporation
• Symrise
• MANE
• Flavex Naturextrakte GmbH
• Firmenich SA
• Synthite Industries Ltd.
• ROBERTET GROUP
• International Flavors & Fragrances Inc.
• Givaudan
• Falcon
• Norex Flavours Private Limited
• BMV Fragrances Pvt. Ltd.
• VedaOils
• MOKSHA LIFESTYLE PRODUCTS
• Ultra International
• VidyaHerbs

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