Essential Oils Market Supply-Demand, Investment Feasibility and Forecast 2032

The global essential oils market size was valued at US$ 18.8 billion in 2021 and is expected to hit US$ 30.6 billion by 2030 with a registered CAGR of 7.5% from 2022 to 2030.

Essential oils are liquids that are usually distilled from the stems, leaves, seeds, roots, or flowers of plants. The most commonly used essential oils are lavender, tea tree, orange, lemon, peppermint and corn mint. These oils have antibacterial, antiviral, antifungal and antibacterial properties. They bypass the digestive system easily, which makes them beneficial for those with poor digestion/assimilation. In addition, essential oils are very rich in oxygen and are suitable for infants who cannot swallow tablets or capsules.

Essential oils play an important role in naturally preserving food due to growing concern over synthetic food additives and their long-term adverse effects. Several clinical studies using essential oils at concentrations ranging from 0.5 to 20 microliters per gram have shown antimicrobial effects in foods such as meat products, fish, raw meat, milk, dairy products, and cooked rice. Important synergistic effects have been established by using preservation methods together with such oils. Therefore, further promotion of research and development on the absorption of essential oils as food additives is expected to further boost the essential oils market.

The global food and beverage industry is undergoing a gradual but significant change in ingredient formulation. Due to the increasing consumer preference for natural and organic products, essential oils have become an important choice for food processors. Customer understanding of the adverse health effects of synthetic chemicals added to flavour applications is steadily increasing. Manufacturers are therefore encouraged to use natural inputs to enhance the aesthetic appeal of their foods while enhancing their nutritional and functional properties.

Furthermore, aromatherapy as an essential oil therapy that promotes demand for essential oils. Consumers are becoming more selective in their personal care products and their perceived quality. Therefore, increased spending on research and development of more effective products, processes, services, and technologies is expected to have a positive impact on market growth. Strong growth stimulus in the hospitality and tourism sector has brought the significant benefits of aromatherapy within reach of the general consumer.

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Type Insights

The orange oil segment dominated the market for essential oils and accounted for a revenue percentage of 10.5% in 2020. This is attributed to its utilization for enhancing, decreasing PMS-associated fitness problems, and combating high blood pressure as a result of its blood-dialing properties. The high vitamin C content combined with orange oil's antioxidant properties help reduce dark spots and wrinkles, which are major drivers of demand in the personal care industry. Moreover, lemon oil is predicted to witness considerable growth during the forecast period due to its utilization in detergents, perfumes, and soaps and also can be combined in DIY household cleaners. It is also used as a detoxifying agent and disinfectant for treating sore throats and flu.

Application Insights

The food and beverage segment is expected to hold the largest essential oil market share in the coming years. Food and beverages continue to be preferred matrices for incorporating volatile vegetable oils. The addition of essential oils to foods improves the shelf life, shelf stability, and organoleptic properties of various foods. Moreover, growing consumer preference for natural products over synthetic products and increasing demand for high-quality foods are factors driving food and beverage manufacturers to include healthy essential oils in their products. Basil, fennel, lemon, cassia, and peppermint have emerged as the most popular essential oils for food and beverage applications due to their suitability for internal use.

Distribution Channel Insights

The direct sales segment accounted for 48.0% of 2020 sales. The growing public awareness of essential oils has led to an increase in retail sales, especially through convenience stores. However, top companies such as doTerra and Young Living Essential Oils employ multi-level marketing strategies to grow their businesses and boost sales. Furthermore, the online sales segment is expected to experience strong growth during the forecast period. Online sales channels or e-commerce platforms are gaining momentum in the global market. The reason for the growth of online segment is the spread of smartphones and the spread of the Internet. Additionally, benefits such as discounts and free home delivery support the growth of essential oil sales through online sales channels or e-commerce platforms.

Regional Insights

Europe dominated the essential oil market, with the largest sales share in 2020 at 45.2%. The growing demand for essential oils in Europe is due to the existence of developed end-use industries and growing consumer awareness of the benefits of essential oils. The presence of organizations such as the European Essential Oil Federation (EFEO) has spurred the growth of the industry in Europe. EFEO was established to promote and protect the interests of stakeholders across the market value chain. The organization also participates in consultations with the European Commission and Parliament to introduce or amend essential oil legislation. Such trends are favouring the growth of the market in this region.

Asia-Pacific is expected to register the highest CAGR of 8.4% in the essential oil market in the forecast year. This is due to favourable weather conditions for agriculture, cheap labour and sufficient availability of raw materials. Moreover, changing consumer preferences for healthy, nutritious foods and beverages and other foods in China and India are expected to bring lucrative growth opportunities to the global market players in the Asia-Pacific market. Moreover, huge demand for Chinese fragrances, coupled with the presence of a large consumer base in the skincare market, is expected to boost demand for essential oils in Asia Pacific.

Key Companies Insights

Companies focus on modernizing production technology to minimize resource consumption and maximize output. Improving profitability by optimizing the value chain and restructuring business processes are key strategies opted by the manufacturers. Companies are experimenting with crops that have never before been grown in the field to obtain innovative raw materials for developing new solutions. Players such as Taksago International and Robertet Group are observing increased production capacity to meet increased demand from multiple end-use industries. Players are also focused on developing environmentally friendly production processes and investing heavily in research and development activities to reduce pressure on the natural resources from which key ingredients are extracted. Some of the key players operating in the global essential oils market include:

· 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

· VidyaHerbs

· Other Players

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Segments

By Type

· Orange

· Eucalyptus

· Cornmint

· Peppermint

· Citronella

· Lemon

· Lime

· Clove

· Spearmint

· Others

By Source

· Fruits & Vegetables

· Herbs & Spices

· Flowers

By Method of Extraction

· Distillation

· Carbon dioxide extraction

· Cold press extraction

· Solvent extraction

· Others

By Application

· Food & Beverage Industry

· Cosmetics & Personal Care

· Home Care & Toiletries

· Aromatherapy

· Animal Feed

· Retail/Households

· Others

By Distribution Channel

· Direct Selling

· Online Sales

· Others

Global Essential Oils Market: Regional Analysis
The countries covered in the regional analysis of the Global Essential Oils market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter's Five Force Model and SWOT analysis are used to study the global Essential Oils market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Essential Oils would help in identifying future applications in this market.

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Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Objectives of the Study:
• To provide with an exhaustive analysis on the Essential Oils Market by Product, By Application, By End User and by Region.
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions- North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
• To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions

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