CAGR of 6.9% | Global Essential Oils Market Size worth USD 41.79 billion By 2032
The Global Essential Oils Market was valued at USD 21.29 billion in 2022 and the worldwide essential oils market size is expected to reach USD 41.79 billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: BMV Fragrances Pvt. Ltd., VedaOils, MOKSHA LIFESTYLE PRODUCTS, Ultra International, VidyaHerbs, ROBERTET GROUP, International Flavors & Fragrances Inc., Givaudan, Falcon, Norex Flavours Private Limited, Takasago International Corporation, Symrise, MANE, Flavex Naturextrakte GmbH, Firmenich SA, Synthite Industries Ltd. And among others.
New York, United States , April 20, 2023 (GLOBE NEWSWIRE) — The Global Essential Oils Market Size is to grow from USD 21.29 Billion in 2022 to USD 41.79 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.9% during the projected period. The global essential oils market is expected to continue growing in the coming years, driven by the increasing demand for natural and organic products, the growing popularity of aromatherapy, and the rising use of essential oils as natural flavoring agents in the food and beverage industry.
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List of Key Companies
- BMV Fragrances Pvt. Ltd.
- MOKSHA LIFESTYLE PRODUCTS
- Ultra International
- ROBERTET GROUP
- International Flavors & Fragrances Inc.
- Norex Flavours Private Limited
- Takasago International Corporation
- Flavex Naturextrakte GmbH
- Firmenich SA
- Synthite Industries Ltd.
In September 2022, Robertette has launched a brand-new essential oil online sales platform. The platform offers a wide range of essential oils, vegetal oils, and floral waters, with absolute CO2 extracts and other products on the way in the near future.
In February 2022, Givaudan purchased Myrissi (France). Givaudan’s long-term Fragrance & Beauty strategy would be enabled by the acquisition of Myrissi; their expertise in AI would assist Givaudan in proposing new organoleptic approaches to consumers.
The global essential oils market is a rapidly expanding industry that is projected to grow further in the coming years. Essential oils are concentrated plant extracts used for therapeutic, aromatic, and flavoring purposes. These oils are derived from plant parts such as flowers, leaves, stems, roots, and fruits. The increase can be attributed to rising demand from major end-use industries such as food and beverage, personal care and cosmetics, and aromatherapy. Essential oils are composed of complex, volatile chemical compounds with antifungal, antibacterial, anti-inflammatory, and antiviral properties. These oils, unlike most conventional medicines and drugs, have no significant side effects. Such factors are expected to be the primary drivers of market growth. The global essential oils market is being driven by factors such as rising consumer demand for natural and organic products, increased awareness of essential oils’ health benefits, and the growing popularity of aromatherapy. Furthermore, the rising demand for essential oils as natural flavoring agents in the food and beverage industry is propelling the market growth. The growing demand for natural and organic personal care products is propelling this segment’s growth, which is contributing to the overall growth of the essential oils market. However, the availability of raw materials used in the production of essential oils is frequently limited because these materials are sourced from specific regions or plants. This can lead to supply shortages and price volatility, both of which have a negative impact on the market.
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Browse key industry insights spread across 200 pages with 122 market data tables and figures & charts from the report on “Global Essential Oils Market Size, Share, and COVID-19 Impact Analysis, By Application (Medical, Food and Beverages, Cleaning and Home, Spa and Relaxation, Others), By Distribution Channel (Retail Distribution, Direct Distribution, Mlm Distribution), By Type (Spearmint, Orange, Eucalyptus, Peppermint, Cornmint, Citronella, Lemon, Lime, Clove, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032″ Get Detailed Report Description Here:
Food and beverages are expected to hold the largest share of the global essential oils market over the prediction period.
Based on the application, the global essential oils market is differentiated into medical, food and beverages, cleaning and home, spa and relaxation, and others. Food and beverages are expected to hold the largest share of the global essential oils market during the forecast period. The growth is due to the use of essential oils as natural flavoring agents in the food and beverage industries.
The retail distribution segment holds the largest market share in the global essential oils market.
Based on the distribution channel, the global essential oils market is classified into retail distribution, direct distribution, and mlm distribution. The retail distribution segment accounts for the majority of the global essential oils market. The growth can be attributed to the availability of essential oils in various retail channels such as supermarkets, health food stores, pharmacies, and specialty stores. This category includes both stores and online retailers.
The orange oil segment is expected to hold the largest share of the global essential oils market over the study period.
Based on the type, the global essential oils market is classified into spearmint, orange, eucalyptus, peppermint, cornmint, citronella, lemon, lime, clove, and others. Its growth can be attributed to its sweet, citrusy fragrance, which is widely used as a flavoring agent in the food and beverage industry. Orange oil is also used in the cosmetic and cleaning industries for its fragrance and degreasing properties.
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Europe is expected to hold the largest share of the market during the projected period.
Europe is expected to hold the largest market for essential oils during the predicted period, driven by the increasing demand for natural and organic products in the region. Europe is a large market for essential oils, accounting for the majority of global demand. France, Germany, and the United Kingdom are among the region’s largest producers and consumers of essential oils. France is Europe’s largest producer and exporter of essential oils, with a long tradition of producing high-quality oils. The country is well-known for its essential oils such as lavender, rosemary, and peppermint. The Asia Pacific region is expected to have the highest growth rate in the essential oils market, owing to the region’s growing demand for natural and organic products. China and India are expected to be the region’s largest consumers of essential oils. The growing popularity of natural and organic products, as well as growing awareness of the health benefits of essential oils, are expected to drive demand for essential oils in the Asia Pacific region in the coming years.
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Essential Oils Market include BMV Fragrances Pvt. Ltd., VedaOils, MOKSHA LIFESTYLE PRODUCTS, Ultra International, VidyaHerbs, ROBERTET GROUP, International Flavors & Fragrances Inc., Givaudan, Falcon, Norex Flavours Private Limited, Takasago International Corporation, Symrise, MANE, Flavex Naturextrakte GmbH, Firmenich SA, Synthite Industries Ltd., and Others.
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