In terms of revenue, essential oils market was valued at US$ 7394.69 Mn in 2020 growing at a CAGR of 9% over the forecast period (2021 – 2029). High demand from end use industries along with increasing scope of applications of essential oils in the cosmetics and personal care sector is fuelling the market growth. The prevalence of Covid-19 pandemic has brought about a drastic change in the lifestyle of individuals globally and restricted their physical movement. A large portion of their time is spent indoors, which according to various healthcare professionals, have contributed towards multiple mental health issues amongst individuals. Essential oils is being used as one of the mechanism to relieve stress amidst the situation, thereby enabling individuals to efficiently sustain through the situation. The changing trends and preferences amongst consumers at large showcases positive growth prospects for global essential oils market over the forecast period.
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Orange oil to hold largest market share over the Forecast Period (2021-2029)
According to Absolute Market Insights report, orange essential oil will remain the largest product segment during 2021-2029 period in the essential oils market. Increasing demand for personal care & cosmetics products coupled with rising incorporation of orange essential oil in food & beverages is projected to drive the segment growth. Moreover, according to Ultra International B.V., citrus based essential oil witnessed high demand, as consumer awareness grew regarding benefits of vitamin – C to boost immunity against COVID-19. From raw material standpoint, Brazil, U.S. and South Africa are among the largest orange fruit producers. The production in these countries is projected to steadily increase post COVID-19. However, increasing demand from end-use industries are likely to increase orange prices, which subsequently is expected to drive orange essential oil prices in future.
Numerous health benefits associated with essential oil is expected to drive their demand in medical sector. Moreover, advent of proprietary blends by essential oil manufacturers targeted toward improving digestive, nervous and respiratory system are projected to bode well for market growth. Also, comforting blends inclined towards mood enhancement are likely to further drive the product demand in the extended run.
Amidst the Covid-19 pandemic, the demand for household cleaning products observed drastic surge on account of increase consumer concerns pertaining to hygiene and health. Such factor drove the trend of DIY essential oils-based cleaning products among consumers. Also, in order to capture market share in terms of product portfolio, manufacturers introduced essential oil-based cleaning products. Growing product penetration in cleaning product segment is projected to increase essential oil demand, which subsequently is projected to drive the market growth.
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Growing Consumer Preference toward Natural Ingredients is Projected to Positively Impact Market Growth.
Growing consumer preference toward natural products is one of the major factor influencing product demand positively in the global essential oils market. International Fragrance Association (IFRA) and European Federation of Essential Oils (EFEO) regulates the guidelines associated with characterising essential oils. These government bodies also favour the use of environmentally friendly products owing to which consumers are inclined toward seeking natural products. Besides, essential oils do not have any detrimental side-effects compared to other conventional drugs. Such factors are likely to increase the demand for essential oils which are devoid of any synthetic components.
According to Centre for the Promotion of Imports from developing countries (CBI), Europe is projected to have growing market for aromatherapy products. The product demand is expected to increase, as consumers are using alternatives healing modalities alongside conventional medicines. Furthermore, prevalence of cardiovascular diseases, bronchitis, dementia, and Alzheimer among consumers is further likely to play vital role in positively influencing the demand of essential oils for aromatherapy applications. Moreover, countries like France, Spain, UK, Germany, Netherlands, and Austria offer higher opportunities for essential oil suppliers as the aforementioned countries are important processor and consumer markets in Europe.
Some of the players operating in the global essential oils market are Biolandes, doTerra, Edens Garden, FAROTTI SRL, Givaudan, Kancor Ingredient Ltd., New Directions Aromatics Inc., NOW Health Group, Inc., Robertet SA, Rocky Mountains Oil, Sydney Essential Oil Company, Synthite Industries Ltd., The Leburmuth Co. Inc., Ungerer & Company, and Young Living Essential Oils amongst other market participants.
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Global Essential Oils Market:
By Type:
- Orange Oil
- Cornmint Oil
- Eucalyptus Oil
- Lemon Oil
- Peppermint Oil
- Spearmint Oil
- Citronella Oil
- Clove Oil
- Cedarwood Oil
- Lavender Oil
- Tea Tree
- Rosemary
- Others
By Extraction Method:
- Cold Pressed
- Steam Distillation
- Supercritical CO2 Extraction
- Other
By Product Form:
- Singles & Blends
- Supplements
- Roll-ons
- Diffusers
- Others
By Application:
- Food & Beverage
- Medical
- Respiratory System
- Digestive System
- Nervous System
- Musculoskeletal System
- Others
- Personal Care & Cosmetics
- Skin Care
- Hair Care
- Color Cosmetics
- Others
- Aromatherapy
- Cleaning Products
- Perfumery
- Others (fabric care, nutraceuticals, air fresheners)
By Business Model:
- B2B
- B2C
By Distribution Channel:
- Online
- Offline
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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