Essential Oils Market Size Worth USD 27.13 Billion by 2032

Vancouver, Nov. 14, 2023 (GLOBE NEWSWIRE) — The global essential oils market size was USD 8.80 Billion in 2022 and is expected to register a rapid revenue CAGR of 11.9% during the forecast period. The surge in demand for essential oils is attributed to their widespread adoption in the aromatherapy industry and the increasing preference for natural ingredients.

Essential oils, derived from natural plant extracts, are gaining popularity due to their safety and absence of side effects. In contrast to synthetic alternatives, these oils do not impede bodily functions or leave harmful residues. The shift towards natural and organic products, especially among health-conscious consumers, is a significant driver of market growth. The spa and relaxation sector’s growing popularity, incorporating aromatherapy treatments, is another key factor propelling market revenue.

Aromatherapy, a practice dating back thousands of years, utilizes the therapeutic properties of essential oils to enhance physical, mental, emotional, and spiritual well-being. The global trend toward natural ingredients continue to fuel the essential oils market, with applications spanning food and beverage, medicines, personal care, cosmetics, and spa and wellness.

However, the market faces challenges related to side effects due to dosage unawareness. Essential oils, being potent and flammable, can lead to allergic reactions, skin issues, and respiratory problems when misused. Lack of awareness regarding proper dosage, dilution, and application techniques contributes to these challenges. It is crucial for consumers to seek medical advice before using essential oils, particularly if they have health conditions, are pregnant, or nursing.

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Key Trends and Insights:

One notable trend is the increasing use of essential oils across various industries, driven by the rising demand for natural and organic products. These oils find applications in personal care, cosmetics, and the food and beverage sector, where their antibacterial, anti-inflammatory, and fragrant characteristics are highly valued.

Type Insights: Citrus Oil Dominates Market Share

The citrus oil segment is anticipated to hold the largest revenue share during the forecast period. This is attributed to the increasing use of citrus oil in various food and beverage products, including sauces, soft drinks, candies, cakes, and juices. Citrus oil is valued for its natural flavoring properties and immune-stimulating, antibacterial, antiseptic, and anti-inflammatory effects. Additionally, lavender oil is expected to register steady growth, driven by demand in cosmetics and increasing awareness of its health benefits.

Application Insights: F&B and Aromatherapy Lead

The Food & Beverage (F&B) segment is projected to hold a substantial revenue share, driven by the rising use of essential oils to enhance flavor and freshness in end products. Aromatherapy is expected to register fast growth, supported by the increasing number of spas and wellness centers and the growing popularity of natural remedies over manufactured medications.

Distribution Channel Insights: Direct Distribution Dominates

Direct distribution, including online shopping and e-commerce platforms, accounted for the largest revenue share in 2022. The convenience, adaptability, and personalization offered by direct distribution channels contribute to their popularity. The retail distribution segment is expected to witness the fastest growth, benefiting from increasing customer awareness and demand for natural and organic products.

Regional Insights: Europe Leads, North America Grows Fastest

Europe dominated the market in 2022, driven by the region’s long history of essential oil use in various applications. The North America market is expected to grow rapidly due to increasing demand for natural and organic products, particularly in the United States and Canada. The Asia Pacific region is also poised for significant growth, fueled by rising disposable income and changing consumer lifestyles.

The global essential oils market continues to evolve, propelled by the growing preference for natural well-being solutions and the diverse applications of these oils across industries.

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Scope of Research