Essential Oil Market Witnesses Impressive Growth with CAGR of 8.6% and Market Value of US$ 56.4 billion by 2032
COVINA, Calif., May 4, 2023 /PRNewswire/ -- According to Prophecy Market Insights" Essential Oil Market is estimated to be US$ 56.4 billion by 2032 with a CAGR of 8.6% over the forecast period (2022-2032)"
What is the Overview of Essential Oil Market?
Essential Oil is a natural oil extracted from plant or other source which has characteristic odor and are widely used in medicine and therapeutic properties. Lemon, Lavender, Peppermint, Neroli, Frankincense, Bergamot, are the most popular essential oils which are commonly used.
Rising demand in personal care and cosmetics industries in reducing wrinkles, dark spots has contributed in target market growth. Rising number of an individual in spa center for massage & aromatherapy help in rejuvenating mentally, physically, and spiritually has provided lucrative opportunities in Essential Oil market growth.
Key Highlights:
- In December 2022, Dabur launched new "Odonil Gel Pocket" air freshener infused with essential oils. The company has expanded its Odonil platform with launch of new air freshener product available in various fragrances such as Floral Valley, Citrus Bloom and Wild Forest.
- In May 2021, Bella Vista Organic launched new essential oil range such as, Basil Pure, Orange, and Lavender, Eucalyptus, Tea Tree, Neroli, Ylang Ylang, Peppermint and Lemongrass essential oil made from plant and flower extract.
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What is Prophecy's Analyst View on Essential Oil Market?
Wide benefits of essential oil such as reducing stress, anxiety & pain, improving sleep and various biological effects like antiviral, antibacterial, insecticidal, and antioxidant properties of essential oils has fruitful the demand for target market growth. Growing demand from various end-user industries such as beauty & personal care, food & beverages and aromatherapy is anticipated to increase the demand for Essential Oil market growth.
What are some challenges faced by the Essential Oil Market?
- Fluctuating prices: The prices of essential oils can be volatile due to various factors such as supply and demand, weather conditions, and geopolitical events. This makes it difficult for essential oil producers and suppliers to maintain stable prices and profitability.
- Quality control: Ensuring the purity and quality of essential oils is critical for maintaining customer trust and reputation. However, ensuring quality control can be a challenge due to the lack of standardization in the industry and the difficulty in detecting adulteration and contamination.
- Sustainability: Essential oils are extracted from plants, and the growing demand for these oils can put pressure on natural resources, leading to environmental degradation and loss of biodiversity. Sustainable practices such as organic farming, ethical sourcing, and responsible harvesting are critical to address this challenge.
- Competition from synthetic fragrances: Synthetic fragrances are often cheaper and more readily available than natural essential oils, and they can mimic the scent of essential oils. This creates competition for the essential oil market, particularly in the fragrance and personal care industries.
- Regulatory challenges: The essential oil market is subject to regulations in different countries and regions, which can create barriers to market entry and limit the availability of certain products.
- Limited availability of certain oils: Some essential oils are derived from rare and exotic plants, making them expensive and difficult to source. The limited availability of these oils can limit their use in certain applications
.What recent developments are there in the Essential Oil Market?
- Increasing demand for natural and organic products: Consumers are increasingly seeking natural and organic products, including essential oils, due to concerns about synthetic chemicals and environmental sustainability. This trend is driving the growth of the organic essential oil market.
- Growing popularity of aromatherapy: Aromatherapy, the use of essential oils for therapeutic purposes, is gaining popularity as a complementary therapy for stress, anxiety, and other health issues. This trend is driving the demand for essential oils in the personal care and wellness industries.
- Development of new extraction methods: New extraction methods for essential oils, such as supercritical fluid extraction, are being developed, which can increase efficiency and reduce environmental impact compared to traditional methods like steam distillation.
- Expansion of the essential oil market in Asia-Pacific: The Asia-Pacific region is emerging as a key market for essential oils, driven by increasing demand from countries like India, China, and Japan. This growth is attributed to rising awareness about the health benefits of essential oils and the growth of the personal care and cosmetics industries in the region.
- Growing interest in rare and exotic essential oils: Essential oils derived from rare and exotic plants, such as agarwood and sandalwood, are gaining popularity among consumers and are being used in high-end perfumes, cosmetics, and other luxury products.
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Who are the Key Manufacturers in Essential Oil Market?
- 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
- West India Spices, Inc
What are the Drivers and Restrains of Essential Oil Market?
Drivers of the Essential Oil Market include:
- Growing demand for natural and organic products: Consumers are increasingly seeking natural and organic products, including essential oils, due to concerns about synthetic chemicals and environmental sustainability. This trend is driving the growth of the organic essential oil market.
- Increasing popularity of aromatherapy: Aromatherapy, the use of essential oils for therapeutic purposes, is gaining popularity as a complementary therapy for stress, anxiety, and other health issues. This trend is driving the demand for essential oils in the personal care and wellness industries.
- Expansion of the personal care and cosmetics industry: Essential oils are used in a wide range of personal care and cosmetics products, such as perfumes, lotions, and hair care products. The growth of these industries is driving the demand for essential oils.
- Growing demand from the food and beverage industry: Essential oils are used as flavoring agents in the food and beverage industry. The growing demand for natural and organic food products is driving the demand for essential oils.
- Increasing awareness about the health benefits of essential oils: Essential oils are known for their therapeutic properties and are used to treat various health issues such as headaches, muscle pain, and respiratory problems. Growing awareness about these health benefits is driving the demand for essential oils.
Restraints:
- Fluctuating prices: The prices of essential oils can be volatile due to various factors such as supply and demand, weather conditions, and geopolitical events. This makes it difficult for essential oil producers and suppliers to maintain stable prices and profitability.
- Quality control: Ensuring the purity and quality of essential oils is critical for maintaining customer trust and reputation. However, ensuring quality control can be a challenge due to the lack of standardization in the industry and the difficulty in detecting adulteration and contamination.
- Sustainability: Essential oils are extracted from plants, and the growing demand for these oils can put pressure on natural resources, leading to environmental degradation and loss of biodiversity. Sustainable practices such as organic farming, ethical sourcing, and responsible harvesting are critical to address this challenge.
- Competition from synthetic fragrances: Synthetic fragrances are often cheaper and more readily available than natural essential oils, and they can mimic the scent of essential oils. This creates competition for the essential oil market, particularly in the fragrance and personal care industries.
- Regulatory challenges: The essential oil market is subject to regulations in different countries and regions, which can create barriers to market entry and limit the availability of certain products.
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Geographical insights on Essential Oil Market:
- North America: North America is one of the largest markets for essential oils, driven by the growing demand for natural and organic products, as well as the increasing popularity of aromatherapy. The United States is the largest market in this region, followed by Canada.
- Europe: Europe is another significant market for essential oils, driven by the growing demand for natural and organic products in the personal care, cosmetics, and food and beverage industries. France, Germany, and the United Kingdom are the largest markets in this region.
- Asia-Pacific: The Asia-Pacific region is emerging as a key market for essential oils, driven by increasing demand from countries like India, China, and Japan. The growth is attributed to rising awareness about the health benefits of essential oils and the growth of the personal care and cosmetics industries in the region.
- Latin America: The essential oil market in Latin America is driven by the growing demand for natural and organic products in the region. Brazil and Mexico are the largest markets in this region.
- Middle East and Africa: The essential oil market in the Middle East and Africa is growing, driven by increasing demand for natural and organic products, as well as the growing popularity of aromatherapy. The United Arab Emirates, South Africa, and Egypt are the largest markets in this region.
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