The global essential oils market size was USD 16 Billion in 2023 and is expected to register a revenue CAGR of 12% over the forecast period, according to the latest report by Reports and Data.
Essential oils are utilized therapeutically in aromatherapy, skincare, and hair care products. These come from natural sources such as plants, herbs, and flowers.
Also, increased demand for natural and organic goods is a significant element driving market revenue growth. Consumers are becoming more aware of the potentially hazardous substances used in traditional beauty and personal care products. As a result, people are increasingly preferring safe, natural, and organic items. Essential oils are becoming increasingly popular as a healthy and natural alternative to artificial fragrances and chemicals.
Additionally, increased public awareness of the benefits of essential oils for health and wellbeing is likely to fuel market revenue growth. Because of their well-known therapeutic effects for encouraging relaxation, decreasing stress levels, and improving mental clarity, essential oils are commonly used in aromatherapy. The growing frequency of stress-related ailments and mental health issues is driving the demand for essential oils as a natural treatment. Essential oils' antibacterial and anti-inflammatory properties make them effective for treating a number of skin and health issues.
Another factor driving market revenue growth is the growing demand for essential oil-infused personal care and cosmetic products. Essential oils are commonly used in skincare and hair care products due to their smell and medical properties. Consumers looking for all-natural and efficient cures for their beauty and wellbeing requirements are growing more interested in essential oil-containing products such as face serums, body oils, and hair treatments.
The U.S. Food Drug Administration (FDA) upholds the regulation of dietary supplements, including essential oils, under the Dietary Supplement Health and Education Act of 1994 (DSHEA).
The European Commission has developed particular criteria that govern the labeling and marketing of essential oils. The aim is to safeguard consumers against misinformation or deceitful practices relating to the use of essential oils as food ingredients or additives.
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Some of the prominent players profiled in the global essential oils market include doTERRA International LLC, Young Living Essential Oils, Sydney Essential Oil Co. (SEOC), Florihana Distillery, Radha Beauty Products LLC, Plant Therapy Essential Oils, Rocky Mountain Oils LLC, Aura Cacia, Edens Garden Inc., Falcon Essential Oils, and Fragrant Earth International.
Some Key Highlights from the Report
- In the year 2021, lavender essential oil held a significant portion of sales in the market due to its numerous benefits, which include promoting relaxation, reducing stress, improving sleep, and aiding in the treatment of anxiety and depression. Its versatility makes it a popular choice for consumers seeking skincare, massage therapy, and aromatherapy products.
- The food and beverage segment is expected to have a substantial market share for essential oils throughout the forecast period. Essential oils are frequently used as flavoring and scent additions in the food and beverage industries. The use of essential oils as natural flavorings has expanded dramatically as the popularity of natural and clean label products has grown. Essential oils are considered a safer alternative to manufactured flavorings since they are derived from natural sources and do not include any hazardous ingredients. Furthermore, essential oils are thought to improve digestion, enhance metabolism, and reduce inflammation, among other health benefits. These factors are expected to drive the growth of the essential oil market's food and beverage segment.
- North America is expected to dominate the essential oil market in terms of revenue share throughout the projected period. The region's market is developing as a consequence of rising consumer demand for natural and organic items, as well as increased understanding of essential oils' therapeutic advantages. Furthermore, the demand for essential oils in cosmetic and personal care products is increasing, which is fueling market growth in North America. The United States is the region's major producer and consumer of essential oils, and the country's industry is expected to grow as a consequence of increased demand from the food and beverage sectors.
- In the year 2021, doTERRA International LLC successfully completed the acquisition of AgroSciences, an essential oil distillery and processing company. This strategic move involved merging AgroSciences with doTERRA's subsidiary, Esseterre Bulgaria EOOD. The primary objective behind this acquisition was to augment doTERRA's existing essential oil portfolio and bolster its position in the global market for essential oils.
- In 2020, Young Living Essential Oils ventured into the acquisition of Nature's Ultra, a notable CBD company. The rationale behind this acquisition was to enrich Young Living's range of essential oil products and extend its market presence to new horizons.
- doTERRA International LLC: In 2021, doTERRA introduced a new essential oil line named "Adaptiv." This collection comprises essential oil blends and pills meant to aid with stress management and mental clarity.
- Sydney Essential Oil Co. (SEOC): In 2020, SEOC will debut a new line of certified organic essential oils dubbed the "Organic Native Collection." This line contains essential oils taken from native Australian plants and is advertised as a high-end product for aromatherapy and therapeutic usage.
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For the purpose of this report, Reports and Data has segmented the global essential oils market on the basis of Product Type Outlook, Application Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2023 - 2032)
- Lavender
- Tea Tree
- Eucalyptus
- Lemon
- Peppermint
- Others
Application Outlook (Revenue, USD Billion; 2023 - 2032)
- Food Beverages
- Cosmetics Toiletries
- Aromatherapy
- Pharmaceuticals
- Others
Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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