Scent-sational Growth: Essential Oils Market Expected to Reach New Heights with Increasing Popularity

SkyQuest's Essential Oils market report is excellent information for individuals interested in gaining insight into the valuable data, trends, and opportunities in a rapidly growing industry. Additionally, the report is written clearly and concisely, making it accessible to various audiences, from industry experts to market readers. Finally, one can gain an in-depth understanding of the primary and secondary market drivers, providing them with a comprehensive outlook of the current market situation and future projections.

Westford USA, April 04, 2023 (GLOBE NEWSWIRE) -- The forecast period (2022-2030) is expected to see the Essential Oils market reach a value of USD 39.5 billion, with a compound annual growth rate (CAGR) of 7.8%. Several factors, including the increasing popularity of aromatherapy, growing demand for natural and organic products, rising awareness of health and wellness benefits, increasing use in the food and beverage industry, and growing popularity of DIY personal care products, are fueling the market growth. SkyQuest reports that 70% of consumers are willing to pay a premium for products that promote health and wellness, which has translated to the essential oil market, with consumers willing to pay more for high-quality, pure essential oils. Moreover, 60% of consumers consider health and wellness a top priority, supporting the rising demand for essential oils.

According to SkyQuest's latest global research findings, consumers prefer natural flavorings in their food and beverages, with 63% expressing this choice. This trend has driven the growing demand for natural and organic food products and the increasing popularity of using essential oils with ethnic and exotic flavors in the food industry. Moreover, consumers are becoming more aware of the harmful effects of chemicals used in conventional personal care products, leading to a rise in demand for natural and organic alternatives. As a result, 49% of consumers prefer personal care products made with natural ingredients such as essential oils over conventional products.

Browse in-depth TOC on "Essential Oils Market"

  • Pages - 157
  • Tables - 61
  • Figures - 75

In today's era, the demand for natural and organic products has surged across various industries, including personal care, food and beverage, and healthcare, resulting in the essential oil market becoming crucial. Essential oils offer health and wellness benefits and align with the need for clean label products, thereby propelling the market growth in the upcoming years.

Prominent Players in Essential Oils Market

  • doTERRA International LLC
  • Young Living Essential Oils LC
  • The Lebermuth Company
  • Biolandes SAS
  • Symrise AG
  • Givaudan SA
  • Firmenich SA
  • International Flavors & Fragrances Inc.
  • The Essential Oil Company
  • Aromatics International
  • Eden Botanicals
  • Mountain Rose Herbs
  • Plant Therapy Essential Oils
  • NOW Foods
  • Aura Cacia
  • Rocky Mountain Oils
  • Plant Guru
  • Florihana Distillerie
  • Ovvio Oils
  • Hopewell Essential Oils

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Personal care and Cosmetics Application Segment to Drive Higher Sales as there is Increasing Demand For Natural and Organic Personal Care Products

A recent analysis has revealed that the Personal care and Cosmetics Application segment has played a significant role in the rapid growth of the Essential Oils market in 2021, and this trend is expected to continue from 2022 to 2030. The demand for natural and organic personal care products is increasing, and this has been driving the growth of this segment. One company, VedaOil, has responded to this trend by introducing Soap Making Kits that customers can customize according to their preferences, making them an excellent choice for unique gifts. DIY kits are particularly popular among those interested in holistic beauty as they allow for the combination of organic ingredients, creativity, and personalization.

SkyQuest projects that North America will emerge as a dominant player in the Essential Oils market from 2022 to 2030, growing at a CAGR of 7.82% during the forecast period, according to research analysis. The expansion can be attributed to the growing demand for natural fragrances, aromatherapy, personal care products, household cleaning products, and the increasing use of essential oils as natural pesticides in the region. Additionally, the American Botanical Council's Sustainable Herbs Program plays a crucial role in promoting sustainable and ethical sourcing of botanical raw materials, including essential oils, through various education and outreach programs. The program also provides certification for companies adhering to sustainable and ethical practices in their sourcing and production of botanicals, including essential oils.

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Aromatherapy Type Segment to Exhibit Strong Growth due to Several Health Benefits Such as Reducing Anxiety, Enhancing Sleep Quality

In 2021, the Aromatherapy Type segment emerged as the dominant method in the Essential Oils market and is expected to continue leading from 2022 to 2030. This trend is driven by the increasing demand for essential oils in aromatherapy, which provides several health benefits such as reducing anxiety, enhancing sleep quality, and strengthening the immune system. Many essential oil companies are launching new products and expanding their offerings in the aromatherapy segment to meet the growing demand. Young Living Essential Oils, for instance, recently introduced a new line of essential oils called "Vitality," specifically designed for therapeutic use and aromatherapy.

SkyQuest forecasts significant growth in the Essential Oils market for the Asia Pacific region with a projected CAGR of 8.97% during the forecast period, indicating the region's emergence as a significant market force that will retain its leading position by 2030. The growth can be attributed to factors such as the increasing disposable income and awareness of health and wellness benefits of essential oils among the region's growing population. Additionally, many countries in the region have introduced favorable policies and initiatives to promote essential oil production and use. For example, the Indian government launched the AYUSH program to promote traditional medicine, including essential oils.

 A comprehensive analysis of the major players in the Essential Oils market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.

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Key Developments in Essential Oils Market

  • Mensa Brands, an Indian e-commerce roll-up unicorn, has acquired a majority stake in Florona, a direct-to-consumer (D2C) start-up that specializes in aromatherapy and personal care. Florona offers 70 varieties of natural oils, including essential oils for diffusers and cold-pressed carrier oils. The start-up was founded by Aayush Gupta in 2013 to establish a global presence by offering aromatherapy products.
  • Tilley Company, Inc., a Baltimore-based specialty ingredient distributor and value-added service provider, has announced a merger with Phoenix Aromas and Essential Oils, a global distributor of flavor and fragrance ingredients and compounds for various industries. The merger combines the strengths of the two companies, creating a world-class supplier of high-quality ingredients with state-of-the-art laboratories, experienced technical and regulatory support teams, and a global sales and customer service staff. The move is aimed at better serving the needs of new and existing customers in industries such as food and beverage, personal care, pharmaceuticals, air care, and fragrances.

Key Questions Answered in Essential Oils Market Report

  • What specific growth drivers are projected to impact the market during the forecast period?
  • Can you list the top companies in the market and explain how they have achieved their positions of influence?
  • In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?

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