Essential Oil Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Essential Oil Market grew at a CAGR of 7.6% between 2017-2021 and is estimated to be US$ 11645.7 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.1% and is expected to reach a valuation of US$ 23,123.9 Mn by 2032 end.
Growing consumer interest in natural and organic food, drink, and personal care goods have compelled producers to switch their attention from synthetic to natural products, significantly impacting the global essential oil market. Essential oils are expected to be in high demand for pharmaceutical and medical applications due to several health benefits.
ChemView Consulting has analyzed that global interest in aromatherapy is growing, and this development is due to the expanding hospitality industry and consumer preferences for natural aromatherapy products and high-end scents. Globally, stress and anxiety levels have increased due to the sedentary lifestyle. Aromatherapy is in higher demand since it has been scientifically shown to treat diseases like these by improving mood, performance, and cognitive function.
Over the forecast period, the food and beverage segment is anticipated to experience the highest CAGR. This is due to the food and beverage industry’s rising emphasis on improving product shelf life without sacrificing quality. Food and beverage producers now offer healthful essential oils due to changing consumer preferences toward natural products over synthetic ones and rising demand for high-quality food items. Due to their suitability for internal use, basil, fennel, lemon, cassia, and peppermint emerged as the most popular essential oils for food and beverage applications.
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Segments Covered in Report
By Type:
- Citrus
- Eucalyptus
- Lavender
- Rosemary
- Tea Tree
- Others
By Distribution Channel:
- Direct Distribution
- Others
By Application:
- Food & Beverages
- Personal Care & Cosmetics
- Pharmaceuticals
- Others
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Essential Oil Market
- Based on the application, the food and beverage segment is anticipated to experience the highest CAGR over the forecast period. This is due to the food and beverage industry’s rising emphasis on improving product shelf life without sacrificing quality. Food and beverage producers now offer healthful essential oils due to changing consumer preferences toward natural products over synthetic ones and rising demand for high-quality food items. Due to their suitability for internal use, basil, fennel, lemon, cassia, and peppermint emerged as the most popular essential oils for food and beverage applications.
- Based on the distribution channel, the direct distribution segment accounted for a 46.2% revenue share. More individuals are becoming aware of the benefits of essential oils, which has increased retail sales, particularly through convenience stores. To expand their businesses and boost sales, prominent competitors like doTerra and Young Living Essential Oils have embraced multi-level marketing tactics.
- Based on the region, with a 43.0% revenue share, Europe controlled the majority of the market for essential oils. In the upcoming years, the area is anticipated to dominate the industry. This is linked to the existence of developed end-use businesses and growing consumer knowledge of the advantages of essential oils.
Competition Summary
Key companies covered in the market study are 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
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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