NEW
YORK, May 29, 2024 /PRNewswire/ -- The
global essential oil market size is estimated to grow
by USD 10.30 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of almost 11.43% during the forecast period.
For more insights on the forecast market size and
historic data (2018 - 2022) - Download Free sample
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Food and
beverages, Recreation, and Perfumes and others), Distribution
Channel (Online and Offline), and Geography (Europe, North America,
APAC, South America, and Middle East and Africa)
|
Region
Covered
|
Europe, North America,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Aliver Beauty, Avi
Naturals, Biolandes SAS, BMV Fragrances Pvt. Ltd., doTERRA
International LLC, Eden Botanicals, Elysce, Essential Oils Co,
Falcon, Natural Sourcing LLC, NHR Organic Oils, Norex Flavours Pvt.
Ltd., Organic Infusions, Phoenix Aromas and Essential Oils LLC,
Plant Therapy Inc., Sydney Essential Oil Co. Pty Ltd., Takasago
International Corp., The Lebermuth Co. Inc., Ultra International
Ltd., VedaOils, Vidya Herbs Pvt. Ltd., Young Living Essential Oils
LC, Enio Bonchev Production Ltd., and Essential Oils of New Zealand
Ltd.
|
Key Market Trends Fueling Growth
The essential oil market has experienced notable growth due to
the introduction of ultrasonic diffusers. These innovative devices
use ultrasonic vibrations to disperse essential oils as a fine
mist, preserving their therapeutic properties and providing a
longer-lasting fragrance.
Ultrasonic diffusers are easy to use, require minimal
maintenance, and many models function as humidifiers. Muji's Aroma
Om Ultrasonic Diffuser is a popular example. The market's expansion
is driven by increasing consumer interest in essential oils'
benefits and the convenience and efficiency of ultrasonic
diffusers.
The essential oil market is experiencing significant growth,
with key players focusing on innovation and expansion. Oils like
Niaouli, Palmarosa, and Spikenard are trending, while Valerenian
and Ylang-Ylang are also gaining popularity. The market is driven
by increasing demand for natural health and wellness products.
Europe and Asia-Pacific are major markets, with the US
not far behind.
Companies are investing in research and development to create
new products and improve existing ones. The market is competitive,
with players like Olive Oil, Black Pepper, and Cinnamon also making
a mark. The trend towards organic and sustainable production is
also influencing the market. Overall, the essential oil market is
poised for continued growth in the coming years.
Market Challenges
- Counterfeit essential oils, produced using cheap seed oils and
synthetics, pose a significant threat to market growth. For
instance, lavender oil, a commonly adulterated essential oil, may
be sold as lavandin oil, which has distinct chemical
properties and is often used in perfumery. The prevalence of such
counterfeit products can harm leading essential oil brands'
reputations, thereby hindering market expansion during the forecast
period.
- The Essential Oil market faces several challenges. Oil
production requires careful extraction processes, making cost and
supply a concern. Oils like Lavender, Eucalyptus, and Peppermint
are in high demand for their therapeutic uses. However, the
industry faces regulatory challenges, particularly in the European
Union and other regions.
- Clarity on regulations is crucial for businesses to operate
effectively. Additionally, the market is competitive, with many
players vying for market share. Companies must differentiate
themselves through quality and innovation to succeed.
- The market also requires transparency and sustainability, as
consumers demand ethical and eco-friendly practices. Overall, the
Essential Oil market presents opportunities but also requires
businesses to navigate complexities.
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Segment Overview
- Application
- 1.1 Food and beverages
- 1.2 Recreation
- 1.3 Perfumes and others
- Distribution Channel
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Food and beverages- The essential oil market in
the food and beverages sector is expanding due to consumers'
preference for natural ingredients and health-conscious choices.
Basil, garlic, thyme, rosemary, oregano, and basil oils are
commonly used for flavoring and preserving food, while lavender and
lime oils control bacterial and fungal growth. However, changing
taste preferences, particularly towards ethnic and spicy flavors,
may impact market growth positively. New product launches featuring
spicy flavors, such as gochujang, adobo, and Piri Piri, are on the rise.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The essential oil market encompasses a diverse range of
naturally extracted aromatic compounds, including Lavender Oil,
Peppermint Oil, Tea Tree Oil, Eucalyptus Oil, Lemon Oil, Rosemary
Oil, Chamomile Oil, Bergamot Oil, Ylang Ylang Oil, Frankincense
Oil, Geranium Oil, Clary Sage Oil, Patchouli Oil, Sandalwood Oil,
Citronella Oil, Clove Oil, Basil Oil, Cinnamon Oil, Oregano Oil,
Lemongrass Oil, Juniper Berry Oil, Grapefruit Oil, Orange Oil,
Jasmine Oil, Thyme Oil, Rose Oil, Neroli Oil, Cedarwood Oil, and
Fennel Oil.
These essential oils are widely used in various industries such
as perfumes, cosmetics, pharmaceuticals, and food and beverages for
their distinct aromas and therapeutic properties. The global
essential oils market is projected to grow significantly due to
increasing consumer awareness and demand for natural and organic
products.
Market Research Overview
The Essential Oil Market encompasses a wide range of naturally
extracted aromatic compounds from various plants. These oils are
used extensively in industries such as perfumery, cosmetics, food
and beverage, and pharmaceuticals. The global Essential Oil Market
is driven by factors like increasing awareness of natural
ingredients, rising demand for organic products, and growing
applications in various end-use sectors.
The market is segmented based on type, application, and region.
Types include citrus, herbal, spice, and others. Applications
include food and beverage, cosmetics and personal care,
pharmaceuticals, and others. The Essential Oil Market is expected
to grow significantly due to its versatile uses and health
benefits.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Food And Beverages
- Recreation
- Perfumes And Others
- Distribution Channel
-
- Geography
-
- Europe
- North America
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio