Essential Oils Market Overview and Analysis by 2027

The global essential oils market size is estimated to be valued at USD 8.8 billion in 2022 and is projected to reach USD 15.3 billion by 2027, recording a CAGR of 11.8% in terms of value.

The market is growing due to its wide application and increased awareness among consumers globally. Essential oils are being used in new domains as they have various health benefits and less known side effects. The North American region dominates the global essential market, owing to the growing trends of having a healthy lifestyle and consumers being more aware of the ingredients being used in their products. Furthermore, growing applications of essential oils have increased the RD and new product innovations which are expected to drive the global market in the forecasted period.

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The North American Essential Oils Market is Primarily Driven by Growth in the US and Canadian Markets

The US market dominated the North American essential oils market in 2021. It is the largest country in terms of the import and export of essential oils globally. The consumption of essential oil products in the US is considerably high. Products with all-natural ingredients are increasing in popularity because of increasing awareness about health, wellness, and sustainable lifestyle. Consumers are ready to spend extra on products that claim to be natural, and organic. This is leading manufacturers of food and beverage and other industries like cosmetics to introduce essential oil in their formulations to satisfy consumer demand and capitalize on the trend since essential oil due to their natural origin helps manufacturers claim their products to be natural and free from artificial chemicals.

Essential oils such as peppermint, spearmint, and orange are in high demand in Canada. With the growing prevalence of health issues and other lifestyle diseases, consumers have realized the importance of essential oil products. Essential oils of herbs and spices origin are rising in demand. This demand is rising because of globalization as consumers demand new, innovative, and international flavors.

Moreover, a busy lifestyle and less time for cooking have increased the demand for processed foods as they are convenient which further opens new possibilities for essential oil use. The increasing awareness about health hygiene drives the demand for convenience food and consumer products manufactured using natural ingredients in the country. Similarly, the demand for premium consumer products among the high-income population is expected to drive the essential oils market.

Which essential oil is in high demand?

Lavender oil is in high demand for its multipurpose role. Lavender oil can benefit the skin in numerous ways.

Read more: globenewswire.com/news-release/2022/11/24/2562305/0/en/Essential-Oils-Market-is-Predicted-to-Progress-at-a-CAGR-of-11-8-to-Reach-15-3-billion-by-2027-Globally-Exclusive-Report-by-MarketsandMarkets.html

key players in this market include Cargill, Incorporated (US), DSM (Netherlands), Givaudan (Switzerland), International Flavors Fragrances Inc. (US), Sensient Technologies Corporation (US), Symrise (Germany), Robertet SA (France), MANE (France), doTERRA (US), NOW Foods (US), Lebermuth, Inc. (US), BIOLANDES (France), Norex Flavours Private Limited (India) and India Essential Oils (India).

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