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Essential Oils Market Size

Report ID: GMI2391
Published Date: Mar 2023
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2022
Essential Oils Market Size in 2022:	USD 10.5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	9.5%
2032 Value Projection:	USD 27.5 Billion
Historical Data for:	2018 to 2022
No. of Pages:	275
Tables, Charts & Figures:	269
Segments covered:	Product and Application
Growth Drivers:	North America: Expanding aromatherapy market which is likely to have positive influence on essential oil demand Europe: Growing cosmetics manufacturing owing to rise in exports is likely to promote essential oil application in this sector Asia Pacific: Growing health sector in the region leading to increasing usage of new ingredients in medicines which may favor essential oil demand
Pitfalls & Challenges:	Presence of cheap low-quality faucets in the market Specified storage and transportation conditions leading to procurement issues and additional cost

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Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of essential oils reached USD 10.5 billion in 2022 and is set to witness over 9% CAGR during 2023 to 2032, as a result of the growing incidence of eczema and other skin conditions.

The foods and beverages application segment is anticipated to grow at 11% CAGR through 2032, considering the product

The industry size for essential oils in Europe will surpass USD 9 billion by 2032, given the growth trajectory of the cosmeceutical sector.

Key players functioning in the market include Multiflora, Synthite, Lebermuth Company, Flacon Essential Oil, Frutarom Industries Ltd., doTERRA, Biolandes SA, Flavex Naturextrakte, and Firmenich International SA.