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Essential Oils Market to Exhibit 9.57% CAGR by 2028; Increasing Application in Pharmaceutical Products to Augment Market Growth

July 22, 2021 | Food & Beverages

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/essential-oils-market-101063


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.


Industry Development



  • June 2020: Wow Skin Science, an Indian brand, announced the launch of its range of essential oils – Peppermint, Jasmine, Frankincense Nse, Lemon, and Eucalyptus, to meet beauty and wellness needs.


List of Key Players Profiled in Report:



  • Biolandes SAS (France)

  • Givaudan International SA (Vernier, Switzerland)

  • International Flavors and Fragrances Inc. (New York, United States)

  • Symrise AG (Holzminden, Germany)

  • Enio Bonchev Production Ltd. (Bulgaria)

  • The Lebermuth Company, Inc. (Indiana, United States)

  • Essential Oils of New Zealand (New Zealand)

  • Phoenix Aromas & Essential Oils LLC (United States)

  • Sydney Essential Oil Co. (Australia)

  • Young Living Essential Oils (Utah, United States)


Further Report Findings



  • Europe is expected to hold the largest essential oils market share during the forecast period. This is attributable to the stable market of volatile oils such as carvacrol, carvone, cinnamaldehyde, and citral, p-cymene owing to their high demand in the European region. The region stood at USD 3.85 billion in 2020.

  • In the Middle East countries, the market is expected to showcase a significant rise owing to their increasing distribution network.

  • Based on product type, the market is divided into citrus, eucalyptus, lavender, rosemary, tea tree, and others. Out of these, the citrus segment held a market share of 41.48% in 2020. This is attributable to their easy availability, superior quality, and strong demand dynamics.


Table of Segmentation










































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



By Type




  • Citrus

  • Eucalyptus

  • Lavender

  • Rosemary

  • Tea Tree

  • Others



By Application




  • Food & Beverages

  • Personal Care & Cosmetics

  • Pharmaceuticals

  • Others



By Region




  • North America (By Type, Application, and By Country)

    • The U.S. (By Application)

    • Canada (By Application)

    • Mexico (By Application)



  • Europe (By Type, Application, and By Country)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • U.K. (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Type, Application, and By Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Australia (By Application)

    • Rest of Asia Pacific (By Application)



  • South America (By Type, Application, and By Country)

    • Brazil (By Application)

    • Argentina (By Application)

    • Rest of South America (By Application)



  • The Middle East and Africa (By Type, Application, and By Country)

    • South Africa (By Application)

    • UAE (By Application)

    • Rest of ME&A (By Application)




Essential Oils Market
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  • 2017-2019
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