IMARC Group, a leading market research company, has recently released report titled “Essential Oils Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global essential oils market growth, share, size, trends and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the essential oils market?

The global essential oils market size reached US$ 11.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.8 Billion by 2028, exhibiting a growth rate (CAGR) of 8.7% during 2023-2028.

What are essential oils?

Essential oils are concentrated extracts from numerous plants, capturing the aromatic compounds that give these plants unique scents. These oils are obtained through steam distillation or cold pressing, which separates the aromatic components from the plant material.  It is widely employed in aromatherapy that uses the ability of scent to promote physical and emotional well-being. Different essential oils are believed to have various effects on mood and health. For instance, lemongrass oil is frequently used in aromatherapy for its uplifting scent that helps reduce stress, anxiety, and mental fatigue while promoting relaxation. Additionally, individuals use them to address common ailments, including headaches, muscle aches, or respiratory issues. As a result, essential oil is gaining immense traction across the globe.

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What are the growth prospects and trends in the essential oils industry?

The essential oils market is driven by the growing textile industry. In addition, an increasing demand for essential oils in textiles to add fragrance to fabrics, such as scented sachets or aromatherapy-infused textiles, is influencing the market growth. Moreover, the widespread adoption of essential oils in cosmetics and personal care products for perfumes, lotions, shampoos, and skincare products for their fragrance and potential skin benefits represents another major growth-inducing factor. For instance, lavender, tea tree, and rosemary oils are commonly used in this industry. Along with this, the rising demand for essential oil in the floral and fragrance industry to produce natural fragrances, perfumes, and colognes is propelling the market growth. Besides this, the ongoing research into the therapeutic properties of essential oils and their potential applications led to the development of new products and formulations to meet evolving consumer needs, further accelerating the market growth. Furthermore, the growing e-commerce and online retail sector made essential oils more accessible and provided a suitable way for consumers to explore and purchase several essential oils, contributing to market expansion. Apart from this, the extensive product use in the pharmaceuticals due to its medicinal properties, such as peppermint oil, is employed for digestive issues, and eucalyptus oil can be found in over-the-counter cold and cough remedies, thus creating a positive market outlook.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Product:

  • Cedarwood Oil
  • Eucalyptus Oil
  • Lavender Oil
  • Lemongrass Oil
  • Rosemary Oil
  • Tea Tree Oil
  • Ylang Ylang Oil
  • Others

Breakup by Application:

  • Medical
    • Pharmaceutical
    • Nutraceuticals
  • Food and Beverages
    • Bakery and Confectionery
    • Beverages
    • Meat, Poultry and Seafood
    • Others
  • Spa and Relaxation
    • Aromatherapy
    • Personal Care
    • Cosmetics
    • Toiletries
    • Others
  • Cleaning
    • Kitchen Cleaners
    • Floor Cleaners
    • Bathroom Cleaner
    • Others
  • Others

Breakup by Sales Channel:

  • Offline Stores
  • Online Stores

Breakup by Region:

  • North America (U.S. & Canada)
  • Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
  • Latin America (Brazil, Mexico)
  • Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Biolandes
  • doTerra
  • Essential Oils of New Zealand Ltd.
  • Falcon Essential Oils
  • Farotti S.R.L.
  • FLAVEX Naturextrakte GmbH
  • Reynaud & Fils
  • India Essential Oils
  • Moksha Lifestyle Products
  • Rocky Mountain Oils LLC
  • Sydney Essential Oil Co. (SEOC)
  • The Lebermuth Company
  • Ungerer Limited
  • Young Living Essential Oils, etc.

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