Essential Oils Market Size By Product (Orange Oil, Lemon Oil, Eucalyptus Oil, Clove Oil, Peppermint Oil, Jasmine Oil, Rosemary Oil, Corn Mint Oil, Citronella Oil, Geranium Oil, Spearmint Oil, Lavender Oil, Tea Tree Oil), Application & Forecast 2023 - 2032
Report ID: GMI2391
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Published Date: March 2023
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Report Format: PDF
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Base Year: 2022
Companies covered: 16
Tables & Figures: 269
Countries covered: 21
Pages: 275
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Essential Oils Market
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Essential Oils Market Size
Essential Oils Market size crossed USD 10.5 billion in 2022 and is anticipated to exhibit over 9% CAGR between 2023 and 2032, as a result of the growing incidence of eczema and other skin conditions.
Essential oils are deemed effective in improving health and wellness since the practice of using these oils in aromatherapy can help treat skin conditions including rashes, acne, and even burn. The number of individuals who develop eczema during their lifetime has risen, with the prevalence rate peaking in early childhood. Factors such as these will escalate the use of essential oils for skin treatment. Additionally, people are opting for aromatherapy and conventional therapeutics for chronic pain management.
Due to their therapeutic properties, essential oils are also utilized in stress reduction and fungal infection treatments, creating lucrative growth opportunities for manufacturers. However, the product is volatile and environmental heat can cause citral, high monoterpenes, citronellal and other volatile compounds to evaporate quickly. These factors, alongside the requirement for proper storage conditions and the instances of irritation and allergic reactions among users, may hinder the industry outlook.
Essential Oils Market Analysis
The essential oils market size from the lemon oil segment is anticipated to be worth USD 4 billion by 2032, owing to its emergence as a versatile aromatherapy botanical. Lemon oil is known to provide a range of benefits such as skin-soothing properties and mood-boosting scent. Moreover, studies have revealed its effectiveness in warding off harmful bacteria including Staphylococcus aureus. In addition, its robust application scope in foods & beverages and pharmaceuticals for flavoring will further proliferate lemon oil demand.
Essential Oils Market Share
The foods and beverages application segment is predicted to register more than 11% CAGR through 2032. The adoption of essential oils as a natural preservative in the nourishment industry to guard food against harmful microorganisms is one of the major growth drivers. These oils are also employed in nutriment drinks due to their aromatic properties and taste. Moreover, its ability to exhibit antimicrobial activity is likely to amplify product usage in foods to prolong the shelf life, contributing to industry growth.
The Europe essential oils market size is projected to reach over USD 9 billion by 2032, given the growth trajectory of the cosmeceutical sector. Considering the ability to regulate dermatological diseases, the product continues to gain traction as a reliable cosmetic oil. In countries including Germany and France, the demand for cosmetics and personal care products is witnessing an upsurge. Furthermore, the rising health awareness among consumers will boost organic essential oil usage in aromatherapy and other treatments across the region.
Essential Oils Market Share
The competitive landscape of the market comprises companies such as Multiflora, Synthite, Vögele Ingredients, Rocky Mountain Oils, Florihana, Moksha Lifestyle, Lebermuth Company, Flacon Essential Oil, Frutarom Industries Ltd., doTERRA, Biolandes SA, Flavex Naturextrakte, Young Living, International Flavours & Fragrances Inc., and Firmenich International SA. These companies are incorporating strategies including product range expansions to solidify their presence in the global market.
For instance, in September 2022, doTERRA announced eucalyptus oil and other products to be added to its collection of sustainable essential oils to help consumers to maintain a healthy and grounded life. Such an initiative will allow the company to propel its customer base and gain a competitive edge over rivals in the global market.
Impact of the COVID-19 pandemic
Anosmia or loss of smell was a common symptom observed in multiple patients infected with the coronavirus disease. However, studies have shown that patients can recover their ability to perceive odors with the help of solutions such as smell training. For example, researchers at St. Louis University revealed that people with COVID-19-related smell loss may benefit from visual-olfactory training through the use of patient-preferred essential oils.
This essential oils market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2018 to 2032 for the following segments:
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Market, By Product
Market, By Application
The above information has been provided for the following regions and countries: