Essential Oils Market at a CAGR of 9.8% during the forecast period

The Market Statsville Group (MSG) publishes the new report on the "Essential Oils Market by Product (Orange, Corn Mint, Eucalyptus, Citronella, Peppermint, Lemon, Clove Leaf, Lime, Spearmint, Lavender, and Others), by Method of Extraction (Distillation, Carbon dioxide extraction, Cold press extraction, Solvent extraction, and Other extraction methods (resin tapping and maceration)), by Application (Medical, Food & Beverages, Spa & Relaxation, Cleaning & Home, and Others), by Region - Global Share and Forecast to 2030". The global essential oils market size is expected to grow from USD 10.6 billion in 2021 to USD 22.3 billion by 2030, at a CAGR of 9.8% during the forecast period. When subtly applied via food, beverage, medical products, and other substances, flavors and fragrances provide long-lasting sensory impressions, often determined by taste and smell chemicals. These products enhance consumer goods' overall appeal and aesthetic value. Flavors and fragrances are typically made with volatile chemicals and essential oils to deliver a specific flavor or enhance existing flavors. Natural and synthetic food flavors can be distinguished. The exponential growth of this segment is due to rising consumer demand for fresh and natural products.

Global Essential Oils Market Segmentation
The overall essential oils market has been segmented into the product, extraction method, application, and region.

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By Product Outlook (Revenue, USD Billion, 2017-2030)

Orange
Corn Mint
Eucalyptus
Citronella
Peppermint
Lemon
Clove Leaf
Lime
Spearmint
Lavender
Others
By Method of Extraction Outlook (Revenue, USD Billion, 2017-2030)

Distillation
Carbon dioxide extraction
Cold press extraction
Solvent extraction
Other extraction methods (resin tapping and maceration)
By Application Outlook (Revenue, USD Billion, 2017-2030)

Medical
Food & Beverages
Spa & Relaxation
Aromatherapy
Massage Oils
Personal Care
Cosmetics
Toiletries
Fragrances
Others
Cleaning & Home
Others
By Region Outlook (Revenue, USD Billion, 2017-2030)

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North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Food & Beverages, by application, is estimated to hold the largest market share during the forecast period

On the basis of application, the market has been segmented into medical, food & beverages, spa & relaxation, cleaning & home, and others. Food & beverage accounted for the largest application segment in 2021, which accounted for 33.2% of the market share. Essential oils act as concentrated sources of medicinal and aromatic compounds for adding therapeutic benefits and flavors in food & beverages. Essential oils are naturally produced volatile compound mixtures with varying chemical properties. They primarily impart smell and taste to the food and induce therapeutic benefits into the food. These oils are preferred in the food industry mainly because of their biological activity and properties, such as antioxidant, antifungal, and notably antibacterial.

Each of the essential oils has unique flavors and health benefits, owing to which they are popular in cooking. For instance, using ginger oil in food promotes stomach acid production and keeps the gastrointestinal tract healthier Moreover, it also has anti-inflammatory properties that provide antioxidant benefits.

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Europe accounts for the largest market share in the essential oils market in 2021

Based on the regions, the global essential oils market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 42.8% in the global essential oils market and was anticipated to maintain its dominance throughout the forecast period. The presence of organizations such as the EFEO (European Federation of Essential Oils) has benefitted the essential oils industry growth in Europe. EFEO was formed to promote and safeguard stakeholders' interests across the essential oils market value chain. The organization is involved in discussions with the EU Commission and the EU Parliament to introduce or amend legislation about essential oils. Such trends have benefitted the market growth in the region.

The widening application of essential oils in novel applications favors the market's growth in Germany. Several companies are changing their product lines to match changing customer preferences. Essential oils are being marketed as substitutes for OTC remedies for various ailments such as sleeplessness, depression, and itching. This is likely to drive demand for essential oils in the coming years in Germany.

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This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the essential oils market. It also consists of the profiles of leading companies such as Takasago International Corporation, Symrise, MANE, Flavex Naturextrakte GmbH, Firmenich SA, Synthite Industries Ltd., ROBERTET GROUP, International Flavors & Fragrances Inc., Givaudan, Falcon, Norex Flavours Private Limited, BMV Fragrances Pvt. Ltd., VedaOils, MOKSHA LIFESTYLE PRODUCTS, Ultra International, and VidyaHerbs.

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