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Essential Oils Market Global Demand, Size, Share, Trend, Top Key Players, Gross Margin and Forecast to 2024
Essential Oils Market
Essential oils are concentrated hydrophobic liquids that are extracted from various plant sources using a distillation method. There are various types of essential oils available in the market including orange, lemon, peppermint, corn mint, citronella, spearmint, clove leaf, and eucalyptus. They are used in various food and beverages to add aroma to the products. Essential oils are also used in personal care and cosmetics as due to its beneficial properties such as antibacterial, antifungal, antiseptic, healing, and anti-inflammatory properties.
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The Global Essential Oils Market is expected to grow at a significant rate of 7.5% from 2019 to 2024 to reach a market value of USD 12.74 billion by the end of 2024. Growing demand for essential oils in cosmetics, food and beverages, pharmaceuticals, air care, and other end-use industries is boosting the market growth of essential oils globally. The growing customer inclination towards aromatized cosmetics and air care products is further catalyzing the market growth.
Segmentation
The global essential oils market has been segmented based type, application, and region.
The global market has been classified, based on type, into orange oil, lemon oil, peppermint oil, corn mint oil, citronella oil, spearmint oil, clove leaf oil, eucalyptus oil, and others.
Based on application, the global market has been segmented into food & beverages, personal care, aromatherapy, air care, and others.
The global essential oils industry has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
Key Players
G Baldwin & Co (UK)
doTerra (US)
Rocky Mountains Oil (US)
Young Living Essential Oils (US)
Mountain Rose Herbs (US)
Ryohin Keikaku Co., Ltd. (Japan)
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Regional Market
Europe is expected to dominate the essential oils market during the forecast period. Presence of a number of cosmetic production companies in this region is expected to drive regional growth of the essential oil market. Moreover, consumer inclination towards natural ingredients in cosmetic and personal care products is boosting the market growth of essential oils.
Asia-Pacific is expected to register the highest CAGR in the market during the forecast period. Presence of various essential oils processors is fulling the growth of essential oil market in the region. Essential oils are used as an ingredient in many food products and beverages by food processing industries.
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