Essential Oil Market size is set to grow by USD 10.30 billion from 2024-2028, Health benefits of essential oils to boost the market growth, Technavio

NEW YORK, May 29, 2024 /PRNewswire/ — The global essential oil market size is estimated to grow by USD 10.30 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 11.43% during the forecast period.

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Key Market Trends Fueling Growth

The essential oil market has experienced notable growth due to the introduction of ultrasonic diffusers. These innovative devices use ultrasonic vibrations to disperse essential oils as a fine mist, preserving their therapeutic properties and providing a longer-lasting fragrance.

Ultrasonic diffusers are easy to use, require minimal maintenance, and many models function as humidifiers. Muji’s Aroma Om Ultrasonic Diffuser is a popular example. The market’s expansion is driven by increasing consumer interest in essential oils’ benefits and the convenience and efficiency of ultrasonic diffusers.

The essential oil market is experiencing significant growth, with key players focusing on innovation and expansion. Oils like Niaouli, Palmarosa, and Spikenard are trending, while Valerenian and Ylang-Ylang are also gaining popularity. The market is driven by increasing demand for natural health and wellness products. Europe and Asia-Pacific are major markets, with the US not far behind.

Companies are investing in research and development to create new products and improve existing ones. The market is competitive, with players like Olive Oil, Black Pepper, and Cinnamon also making a mark. The trend towards organic and sustainable production is also influencing the market. Overall, the essential oil market is poised for continued growth in the coming years.

Market Challenges

Counterfeit essential oils, produced using cheap seed oils and synthetics, pose a significant threat to market growth. For instance, lavender oil, a commonly adulterated essential oil, may be sold as lavandin oil, which has distinct chemical properties and is often used in perfumery. The prevalence of such counterfeit products can harm leading essential oil brands’ reputations, thereby hindering market expansion during the forecast period.The Essential Oil market faces several challenges. Oil production requires careful extraction processes, making cost and supply a concern. Oils like Lavender, Eucalyptus, and Peppermint are in high demand for their therapeutic uses. However, the industry faces regulatory challenges, particularly in the European Union and other regions.Clarity on regulations is crucial for businesses to operate effectively. Additionally, the market is competitive, with many players vying for market share. Companies must differentiate themselves through quality and innovation to succeed.The market also requires transparency and sustainability, as consumers demand ethical and eco-friendly practices. Overall, the Essential Oil market presents opportunities but also requires businesses to navigate complexities.

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Segment Overview

Application1.1 Food and beverages1.2 Recreation1.3 Perfumes and othersDistribution Channel2.1 Online2.2 OfflineGeography3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Food and beverages- The essential oil market in the food and beverages sector is expanding due to consumers’ preference for natural ingredients and health-conscious choices. Basil, garlic, thyme, rosemary, oregano, and basil oils are commonly used for flavoring and preserving food, while lavender and lime oils control bacterial and fungal growth. However, changing taste preferences, particularly towards ethnic and spicy flavors, may impact market growth positively. New product launches featuring spicy flavors, such as gochujang, adobo, and Piri Piri, are on the rise.

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Research Analysis

The essential oil market encompasses a diverse range of naturally extracted aromatic compounds, including Lavender Oil, Peppermint Oil, Tea Tree Oil, Eucalyptus Oil, Lemon Oil, Rosemary Oil, Chamomile Oil, Bergamot Oil, Ylang Ylang Oil, Frankincense Oil, Geranium Oil, Clary Sage Oil, Patchouli Oil, Sandalwood Oil, Citronella Oil, Clove Oil, Basil Oil, Cinnamon Oil, Oregano Oil, Lemongrass Oil, Juniper Berry Oil, Grapefruit Oil, Orange Oil, Jasmine Oil, Thyme Oil, Rose Oil, Neroli Oil, Cedarwood Oil, and Fennel Oil.

These essential oils are widely used in various industries such as perfumes, cosmetics, pharmaceuticals, and food and beverages for their distinct aromas and therapeutic properties. The global essential oils market is projected to grow significantly due to increasing consumer awareness and demand for natural and organic products.

Market Research Overview

The Essential Oil Market encompasses a wide range of naturally extracted aromatic compounds from various plants. These oils are used extensively in industries such as perfumery, cosmetics, food and beverage, and pharmaceuticals. The global Essential Oil Market is driven by factors like increasing awareness of natural ingredients, rising demand for organic products, and growing applications in various end-use sectors.

The market is segmented based on type, application, and region. Types include citrus, herbal, spice, and others. Applications include food and beverage, cosmetics and personal care, pharmaceuticals, and others. The Essential Oil Market is expected to grow significantly due to its versatile uses and health benefits.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationFood And BeveragesRecreationPerfumes And OthersDistribution ChannelOnlineOfflineGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Website: www.technavio.com/

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SOURCE Technavio