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The global essential oils market size is expected to gain momentum by reaching USD 18.25 billion by 2028. This is due to the extensive usage of these oils in aromatherapy for immunity boosting and calming the body and mind. This information is provided by Fortune Business Insights in its report titled “Essential Oils Market Size, Share & COVID-19 Impact Analysis, By Type (Citrus, Eucalyptus, Lavender, Rosemary, Tea Tree, and Others), By Application (Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, and Others), and Regional Forecast, 2021-2028”, mentions that the market stood at USD 8.74 billion in 2020 and is projected to exhibit a CAGR of 9.57% during the forecast period.
doTERRA Introduces Several Essential Oil Products Along with Wellness Program to Widen its Business Horizon
doTERRA announced the launch of various new essential oil products and diffusers. It also launched wellness programs for its consumers to focus on their specific health goals. This announcement was made by the company in September 2020, at Pursue 2020 doTERRA Global Connection. It is the company’s largest annual global convention, with around 80,000 virtual attendees. Through this program, the company emphasized mainly its subscription-based wellness programs. This program will offer customers month-to-month packaged kits of volatile oil to keep their bodies and minds healthy. These oils have been carefully selected by doctors, scientists, and researchers. It will help achieve health goals such as Immunity, Relief, and Mind and Mood in a 30 days program.
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Increasing Demand for Natural Ingredients to Spur Market Growth
Increasing demand for aetheroleum oils in food preservation is expected to drive the essential oils market growth. These are free from any harmful synthetic materials, which are known to cause long-term detrimental effects. Therefore, scientists are researching these oils in a concentration range of 0.5–20 microliters per gram. The results are beneficial as it has shown antibacterial activity in the foods items such as meat products, milk, and cooked rice. Thus, the greater push for research and development in ethereal oils incorporation as a food additive is anticipated to provide further impetus to the ethereal oils market.
Key Players Focus on Product Launch to Brighten Their Market Prospects
The market is experiencing healthy competition among key players focusing on developing and launching new variants of this type of oil and several wellness programs to widen their product portfolio and further foster sales revenues. Additionally, the other players are trying to maintain their position in the market by adopting strategies such as merger and acquisition, partnership, and collaboration that will contribute to the growth of the market in upcoming years.
List of Key Players Profiled in Report:
Further Report Findings
Table of Segmentation
Value (USD Billion)