Essential Oil Market Expected to Hit USD 31.3 billion by 2031, Growing at a 7.6% CAGR: Report by Transparency Market Research, Inc.

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The essential oils market is witnessing a surge in demand, driven by increased utilization of aromatherapy and heightened interest from the cosmetics and fragrance sectors.

Wilmington, Delaware, United States, Feb. 28, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global essential oil market is projected to rise at a CAGR of 7.6% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 31.3 billion is anticipated for the market in 2031. As of 2023, the demand for essential oil is expected to close at US$ 17.5 billion.

Increasing application of essential oils in aromatherapy, personal care products, food and beverage, pharmaceutical, and household cleaning industries, driving market growth. Increasing disposable income levels, particularly in emerging economies, enable consumers to spend more on premium and natural products like essential oils. This rising purchasing power fuels market expansion, especially in regions with a growing middle class.

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The rise in consumer preference for natural and organic options in skincare, haircare, and fragrances is propelling the demand for essential oils, sourced from plants and viewed as eco-friendly substitutes for synthetic components. This trend is fueling substantial growth within the essential oils industry, particularly in the cosmetics and fragrance sectors.

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The proliferation of e-commerce platforms has made essential oils more accessible to consumers worldwide. Online retailers offer a wide range of essential oil products, allowing consumers to conveniently purchase them from the comfort of their homes, thus driving market growth.

An essential oils market trend revolves around the escalating consumer inclination towards “clean” beauty products, which eschew potentially harmful substances such as parabens, phthalates, and synthetic fragrances. This preference is propelled by the natural fragrance and skincare benefits inherent in essential oils, positioning them as favored choices among consumers in search of safer, more natural options for cosmetics and fragrances, thereby stimulating market expansion.

Key Takeaways from the Market Study

  • As of 2022, the essential oil market was valued at US$ 16.3 billion
  • Based on application, the aromatherapy segment is expected to dominate the global market during the forecast period.
  • Based on product, the citrus oil segment is expected to account for high revenue in the market.

Essential Oil Market: Key Trends and Opportunistic Frontiers

  • Essential oils are finding new applications beyond traditional uses in aromatherapy and personal care, including in food and beverages, household cleaning products, and pharmaceuticals.
  • The trend towards holistic health and wellness is driving the demand for essential oils for relaxation, stress relief, and mood enhancement.
  • Companies are innovating with new formulations and delivery systems, such as encapsulation and microencapsulation, to enhance the stability, efficacy, and usability of essential oils in various products.
  • Emerging markets in Asia Pacific, Latin America, and Africa present significant growth opportunities due to rising disposable incomes, urbanization, and increasing consumer awareness of natural products.

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Essential Oil Market – Regional Analysis

  • The essential oil market in North America is driven by increasing consumer awareness of natural products, wellness trends, and the popularity of aromatherapy. The United States dominates the region’s market, with a thriving demand for essential oils in personal care, food and beverages, and pharmaceutical industries. Canada also contributes to the market growth, particularly in organic and sustainable product segments.
  • The Asia Pacific region is witnessing rapid growth in the essential oils market due to increasing disposable incomes, urbanization, and a burgeoning middle class. The region also benefits from a rich biodiversity, leading to the production of diverse essential oil varieties. Rising demand for natural and herbal products in beauty, personal care, and traditional medicine further boosts market growth in Asia Pacific.

Competitive Landscape

Companies in the essential oil market are investing in research and development to create innovative products, such as new essential oil blends, unique formulations, or novel applications in different industries. By offering distinct and high-quality products, companies can attract and retain customers.

Market players expand their product portfolios to cater to a broader range of consumer preferences and market segments. This may involve introducing new essential oil varieties, organic or sustainable options, or complementary products like diffusers and accessories.

  • Givaudan SA
  • Young Living Essential Oils
  • Biolandes SAS
  • Robertet SA
  • Sensient Essential Oils
  • Essential Oils of New Zealand
  • doTerra
  • Veda Oils
  • AG Industries
  • Bo International
  • Others

Product Portfolio

  • Givaudan SA is a Swiss manufacturer of flavors, fragrances, and active cosmetic ingredients, offering a wide range of essential oils for various applications.
  • Young Living Essential Oils is a leading multi-level marketing company specializing in the production and distribution of essential oils and related products for wellness and personal care.
  • Biolandes SAS is a French company specializing in the production and distribution of natural aromatic raw materials, including essential oils, for the fragrance, cosmetics, and pharmaceutical industries.

Essential Oils Market – Key Segments

Product

  • Citrus Oil
  • Eucalyptus Oil
  • Clove Oil
  • Peppermint Oil
  • Basil Oil
  • Cornmint Oil
  • Spearmint Oil
  • Tea Tree Oil
  • Others

Application

  • Food & Beverages
  • Pharmaceuticals
  • Cosmetics & Toiletries
  • Aromatherapy
  • Homecare Products
  • Fragrances
  • Others

Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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