Essential Oils Market size to surpass $27 Bn by 2032

Essential Oils Market size is predicted to reach USD 27 billion by 2032, according to a new research report by Global Market Insights Inc.

The report indicates that the rise in cosmetics manufacturing will promote the development of essential oils. The product acts as an excellent alternative to synthetic ingredients in skincare solutions to treat dull complexion, aging skin, and other concerns. Since acne is one of the most common skin conditions across regions including the U.S., the addition of essential oil ingredients in beauty products will surge to control sebum production. Likewise, the growing popularity of green technology will proliferate the sales of natural essential oils for skin care and other cosmetics uses.
 

Essential orange oils to gain acceptance in probiotic drinks due to anti-fungal attributes

In terms of product, the essential oils market from the orange oil segment is expected to cross USD 4 billion by 2032, owing to its anti-fungal and other beneficial properties. In addition, this oil can help increase metabolic activities, thereby resulting in its widespread adoption in probiotic drinks. The report claims that the rising prevalence of gastrointestinal and digestive conditions will accelerate the production of essential orange oils for use in functional beverages, especially in Europe.
 

Stress reduction & other health benefits to drive essential oil demand for pharmaceutical applications

With respect to the application, the essential oils market share from the pharmaceuticals segment will register over 8% CAGR between 2023 and 2032, driven by the high awareness of the therapeutic potential of this functional food. Essential oils represent a key source of biomolecules. Researchers have emphasized the extraction and identification of chemically active molecules from plants to replace pharmaceutical drugs. The report says that increasing knowledge about health benefits including stress and fungal infection reduction will propel the usage of this ingredient in pharmaceutical products.
 

Browse key industry insights spread across 275 pages with 209 market data tables and 59 figures & charts from the report, “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), By Application (Pharmaceuticals, F&B, Aromatherapy, Cosmetics & Toiletries, Animal feed, Cleaning & Homecare, Fragrances), & Forecast 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/essential-oil-market
 

High preference for antibiotic alternatives in animal feed will spur essential oil production in APAC

Asia Pacific essential oils market size will be valued at USD 7 billion by 2032, as a result of rapid urbanization and the escalating product usage in probiotics, cosmeceuticals, and foods. Due to the implementation of government regulatory measures to restrict the use of antibiotics, alternative products such as essential oils are gaining traction in the animal feed additive sector. The mounting investment in animal nutrition and the strong focus on maintaining animal health will thus fuel product consumption across the region.
 

New product launches to serve as a prominent strategy for industry expansion

Prominent participants operating across the essential oils market include Multiflora, Multiflora, 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. Product portfolio and business expansions are some of the key strategies being undertaken by these companies to boost their customer base and strengthen their market presence.
 

For instance, in December 2022, Young Living released two essential oil diffusers, the Sprout the Puppy Diffuser and the Duet Diffuser, that utilize innovative technologies for users of any age. This product range, designed to elevate the experience of aromatherapy, was intended to enable the company to increase its product offerings and cater to more consumers in the market.