Essential Oils Market to Grow Gradually by Achieving a Valuation of USD 22.41 Billion by 2030 with a CAGR of 10.13% during the Forecast Period

The Essential Oils Market size is projected to grow from USD 11.41 billion in 2023 to USD 22.41 billion by 2030. As per a report by Fortune Business Insights™ titled, “Essential Oils Market Size, Share & COVID-19 Impact Analysis, By Type (Citrus (Orange, Lemon, Grapefruit, Lime, and Others), Eucalyptus, Lavender, Rosemary, Tea Tree, Peppermint, and Others), By Application (Food & Beverages, Personal Care & Cosmetics, Spa & Relaxation, Pharmaceuticals & Medicinal Formulations, and Others), By Distribution Channel (Direct Distribution, MLM Distribution, and Retail Distribution), and Regional Forecast, 2023-2030.” The market stood at USD 10.47 billion in 2022. It is set to exhibit a CAGR of 10.13% during 2023-2030.

COVID-19 Pandemic Increased the Demand for the Product to Propel the Market Growth

The demand for ethereal oils increases as these oils enhance health and immunity. The need for aetheroleum oils increased during the pandemic, propelling the market growth. Major companies in the market, such as Young Living Essential Oils and doTERRA, have experienced a surge in product sales.

Rising Focus toward Aromatherapy to Drive the Aetheroleum Oils Market Growth

Aromatherapy is also considered aetheroleum oil therapy. The strong demand for aromatherapy in the hospitality and tourism sector led to market growth positively. Rising expenditure on the research and development of more effective products, technologies, services, and processes is estimated to impact the market growth positively.

Bella Vita Organics Introduced New Products to Skyrocket Market Growth

In June 2021, Bella Vita Organics, an Indian Ayurveda skincare & personal care company, launched a range of luxurious aetheroleum oils in nine different types, including lavender, orange, and basil. These products will help to reduce blemishes, acne, dark spots, excess oil production, inflammation, rashes, and hair fall.

Competitive Landscape:

Industry Alliance a Priority for Prominent Companies in the Market

Prominent companies such as International Flavors, Givaudan International SA, and Fragrances Inc., and Symrise AG embark on acquisitions and mergers activities to grow their prominence in the marketplace. The market remains largely divided due to the dominance of local and private-label brands in different regions.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/essential-oils-market-101063

Notable Industry Development:

• June 2020: Wow Skin Science, an India-based company, introduced a wide range of plant-based volatile oils - Jasmine, Lemon, Peppermint, Frankincense Nse, and Eucalyptus, to meet wellness and beauty needs.

List of the Companies Profiled in the Report:

•          Biolandes SAS (France)

•          Givaudan International SA (Switzerland)

•          International Flavours and Fragrances Inc. (U.S.)

•          Symrise AG (Germany)

•          Enio Bonchev Production Ltd. (Bulgaria)

•          The Lebermuth Company, Inc. (U.S.)

•          Essential Oils of New Zealand (New Zealand)

•          Phoenix Aromas & Essential Oils LLC (U.S.)

•          Sydney Essential Oil Co. (Australia)

•          Young Living Essential Oils (U.S.)

Further Report Findings:

• Europe is anticipated to continue its dominance in terms of the essential oils market share during the projected period. Some of the plant-based volatile oils such as cinnamaldehyde, carvacrol, carvone, and citral, p-mycene have been recognized and registered as flavoring legally.


• North America is anticipated to be the second leading region in terms of market share. The demand for the product in the region is anticipated to experience promising growth during the projected period.


• South America and Asia Pacific are estimated to witness subsequent growth during the projected period.


• Increasing urbanization and emerging economies of the Middle East & Africa are expected to become global hotspots in the plant-based volatile oils market during the forecast period.