According to the latest report by IMARC Group, titled “Essential Oils Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global essential oils market size reached US$ 10.3 Billion in 2021. Essential oils are aromatic liquids derived from plant materials through steam distillation. They are made of lipophilic, secondary plant metabolites, and principally mono- and sesquiterpenes. They are known to assist in reducing inflammation, treating sleep disorders like insomnia, and relieving stress, anxiety, headaches, and migraines. At present, their sales are increasing around the world on account of the growing popularity of aromatherapy.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Essential Oils Market Trends:
Essential oils are utilized in aroma pots or aroma diffusers to add natural fragrance at homes. This, along with the rising prevalence of respiratory, dermatological, and dental disorders, represents one of the key factors bolstering the growth of the market. Apart from this, they are widely used as decongestants, expectorants, carminatives, and antibacterial agents to treat cough, bronchitis, and other respiratory tract ailments. This, coupled with the growing use of essential oils as natural additives and flavoring agents in the preservation of food products, such as confections, candies, meat, pickles, and soft drinks, is positively influencing the market. Moreover, essential oils are widely used in manufacturing personal care products, such as soaps, perfumes, shampoos, and cleansing gels. Furthermore, the market is driven by the increasing product applications in improving the safety and quality of seafood, dairy products, cereal-based items, and minimally processed fruit and vegetables. Looking forward, IMARC Group expects the market to grow at a CAGR of 9.4% during 2022-2027.
- Based on the product, the market has been divided into cedarwood, eucalyptus, lavender, lemongrass, rosemary, tea tree, ylang-ylang, and other oils.
- On the basis of the application, the market has been classified into medical (pharmaceutical and nutraceuticals); food and beverages (bakery and confectionery, beverages, meat, poultry, and seafood, and others); spa and relaxation (aromatherapy, personal care, cosmetics, toiletries, and others); cleaning (kitchen cleaners, floor cleaners, bathroom cleaners, and others); and others. At present, the spa and relaxation segment holds the largest market share.
- Based on the sales channel, the market has been bifurcated into offline and online stores. Presently, offline stores account for the majority of the total market share.
- Region-wise, the market has been categorized into North America (the United States and Canada); Asia Pacific (India, Japan, China, South Korea, Australia, Indonesia, and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others); Latin America (Mexico, Brazil, and others); and Middle East and Africa. Amongst these, Europe enjoys the leading position in the market.
- The competitive landscape of the market has been examined, with some of the key players being Biolandes, SAS, doTERRA International, LLC, Essential Oils of New Zealand Ltd., Falcon Essential Oils, Farotti S.R.L., Flavex Naturextrakte GmbH, H. Reynaud & Fils, India Essential Oils, Moksha Lifestyle Products, Rocky Mountain Oils, LLC, Sydney Essential Oil Co., The Lebermuth Company, Inc., Ungerer & Company, and Young Living Essential Oils.
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