Meticulous Research® Unveils Comprehensive Analysis of the Essential Oils Market with Projected Growth to $24.80 Billion by 2031

Meticulous Research®, a premier global market research firm, has announced the release of its latest report, titled 'Essential Oils Market Size, Share, Forecast, & Trends Analysis by Source (Citrus, Lavender, Tea Tree), Type (Organic), Extraction Method, Application (Food & Beverage, Aromatherapy), Distribution Channel (Direct Selling) - Global Forecast to 2031.'

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The report projects that the essential oils market will experience substantial growth, reaching an estimated $24.80 billion by 2031, with a robust compound annual growth rate (CAGR) of 8.8% from 2024 to 2031. This growth is driven by several factors, including an escalating consumer preference for natural and organic products, increasing demand from the aromatherapy sector, growing awareness of the health benefits of essential oils, and heightened concerns about synthetic ingredients. Despite these positive trends, challenges such as limited raw material availability and potential allergic reactions may impede market expansion.

The study highlights significant growth opportunities in the personal care and cosmetics industry, particularly in emerging markets. However, the proliferation of counterfeit products remains a critical challenge. A notable trend within the market is the shift towards sustainable production practices, reflecting broader consumer and industry movements towards environmental responsibility.

Market Segmentation and Insights
The essential oils market is comprehensively segmented by source, type, extraction method, application, distribution channel, and geography:

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• Source: Citrus (orange, lemon), lavender, tea tree, cornmint, eucalyptus, geranium, clove, citronella, spearmint, lemongrass, peppermint, rosemary, cedarwood, among others. In 2024, the citrus segment is expected to dominate the market with a 43.2% share, driven by its extensive use in the food & beverage industry and its growing application in aromatherapy and personal care.

• Type: The market is categorized into non-organic and organic essential oils. The organic segment is anticipated to register a higher CAGR during the forecast period, attributed to the growing consumer preference for health-conscious, sustainable, and clean beauty products.

• Extraction Method: Segments include distillation, cold press extraction, carbon dioxide extraction, among others. Distillation is projected to hold the largest market share in 2024, owing to its efficiency and the ability to produce high-quality essential oils, particularly through steam distillation.

• Application: Essential oils find applications in food & beverage, personal care & cosmetics, aromatherapy, pharmaceuticals, home care, among others. The personal care & cosmetics segment is expected to record the highest CAGR, driven by the rising demand for natural skincare solutions and clean-label beauty products.

• Distribution Channel: The market is segmented into direct selling and other channels. Direct selling is expected to account for the largest share in 2024, due to the personalized customer experiences and tailored product recommendations it offers.

• Geography: the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is expected to exhibit the highest CAGR of 9.5% during the forecast period, driven by population growth, increased disposable incomes, urbanization, and heightened awareness of essential oils' benefits.

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Key Market Players
The essential oils market is characterized by the presence of several leading players, including dōTERRA International, LLC (U.S.), ROBERTET SA (France), The Lebermuth Company, Inc. (U.S.), Young Living Essential Oils LC. (U.S.), Biolandes SAS (France), Phoenix Aromas & Essential Oils, LLC (U.S.), Sensient Technologies Corporation (U.S.), Givaudan SA (Switzerland), International Flavors & Fragrances Inc. (U.S.), DSM-Firmenich AG (Switzerland), Symrise AG (Germany), Essential Oils of New Zealand Ltd (New Zealand), Sydney Essential Oil Co. (Australia), Farotti S. R. L. (Italy), Down Under Enterprises Pty. Ltd. (Australia), Aromaaz International Private Limited (India).

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This release was published on openPR.