Essential Oils Market Expected to Expand at a Steady 2022-2030

Description

The global essential oils market size is expected to grow from USD 10.6 billion in 2021 to USD 22.3 billion by 2030, at a CAGR of 9.8% from 2022 to 2030. Consumer awareness of natural and organic personal care products and food and beverages has compelled manufacturers to shift their focus to natural products from synthetic, which has had a significant impact on the global essential oils market.

Several overall health benefits related to essential oils are projected to drive the essential oils to demand in pharmaceutical and medical applications. Unlike most conventional medicines and drugs, Essential oils have no significant side effects. Essential oil properties like these are expected to be a major driver of market growth.

Consumer disposable income is expected to rise, along with the rapid expansion of end-use industries, boosting demand for essential oil-based flavors and fragrances. Massages, aromatherapy, and other relaxation techniques all benefit from these scents.

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Global Essential Oils Market Definition

Essential oil is a hydrophobic liquid containing volatile chemical compounds from plants. Essential oils are produced from organic plant matter, and they must conform to various regulations and standards for companies to conduct trade globally.

Most companies producing essential oils are multinational corporations that initiate various Corporate Social Responsibility (CSR) activities to remain beneficial and withhold a high reputation among their stakeholders.

Global Essential Oils Market Dynamics

Drivers: Rising consumer preference for natural personal care products

Essential oils are widely utilized across numerous end-use industries, including food & beverage, cleaning agents, spa & relaxation, medical, and others as substitutes for conventional products. These oils are mostly derived from plants, fruits, flowers, and other organic matter through distillation and extrusion processes. Essential oils are extensively used as flavorings and fragrances in food & beverage applications and aromatherapy.

Major end-use industries such as cosmetics and personal care are also increasingly utilizing essential oils to improve the sensory appeal and product value. These oils are believed to firm up the skin, promote elasticity, tone up the skin, and treat acne, dermatitis, and stretch marks. They also contribute to improved hair, nails, and body care, boosting their appeal among women and female teenage consumers.

Restraints: Limited availability of raw materials

Essential oils are highly concentrated hydrophobic liquids that contain volatile aroma compounds derived from plant matter such as leaves, stems, roots, flowers, and others. Large quantities of plant matter are distilled or macerated to derive minuscule volumes of oils often.

Numerous forests have been chopped down to derive very small amounts of oil. Several arable lands have also been converted into monoculture farming lands to cultivate a single plant or crop to derive a particular oil. Large multinational firms undertake the production of these crops and plants that disregard the environment and endanger numerous ecosystems. It is thus becoming increasingly difficult to cultivate enough plants to produce one pound of oil.

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Global Essential Oils Market Research Report Segmentation

The global essential oils have been segmented based on product, extraction method, application, and region.

By Product Outlook (Revenue, USD Billion, 2017-2030)

• Orange
• Corn Mint
• Eucalyptus
• Citronella
• Peppermint
• Lemon
• Clove Leaf
• Lime
• Spearmint
• Lavender
• Others

By Method of Extraction Outlook (Revenue, USD Billion, 2017-2030)

• Distillation
• Carbon dioxide extraction
• Cold press extraction
• Solvent extraction
• Other extraction methods (resin tapping and maceration)

By Application Outlook (Revenue, USD Billion, 2017-2030)

• Medical
• Food & Beverages
• Spa & Relaxation
  • Aromatherapy
  • Massage Oils
  • Personal Care
    • Cosmetics
    • Toiletries
    • Fragrances
    • Others
• Cleaning & Home
• Others

By Region Outlook (Revenue, USD Billion, 2017-2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The orange segment, by product, accounts for the largest market share

On the basis of product type, the market has been segmented into orange, corn mint, eucalyptus, citronella peppermint, lemon, clove leaf, lime, spearmint, lavender, and others. Orange essential oil emerged as the largest market segment in 2021 and accounted for 31.1% of the market volume. Orange essential oil is widely used in herbal medicines and aromatherapy. Orange oil is comprised of two main components, namely terpineol and limonene. Orange oil is one of the most common essential oils used as a food flavoring, aroma trigger, and ingredient in cleaning products. It is the essential oil of oranges, scientifically titled Citrus sinensis. In contrast to orange juice, orange essential oil can be directly obtained from orange peels after putting it through a production process.

The orange essential oil can be employed in various ways to improve the overall health of humans. It is claimed to help prevent the onset of cognitive disorders, detoxify the body, protect the immune system, reduce the occurrence of muscle spasms, and stimulate better sleep.

Asia Pacific accounts for the highest CAGR during the forecast period

On the basis of region, the global essential oil market has been segmented into five segments, namely North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific holds the highest CAGR of 10.1% in the global essential oils market during the forecast period. The demand in this region is primarily attributed to the presence of a huge population and various untapped markets that are likely to attract key players' attention to expand and establish their operation and distribution facility in this region.

The economic growth of developing countries such as China and India leads to a rise in the urban class population, thereby driving the sales of essential oils in these countries. Increasing demand for essential oils from the flavors & fragrance industry is expected to boost the market growth over the forecast period.

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Key Market Players

Major compounding companies operating in the global market include MANE, Flavex Naturextrakte GmbH, Firmenich SA, Synthite Industries Ltd., Takasago International Corporation, Symrise, ROBERTET GROUP, International Flavors & Fragrances Inc., Givaudan, Falcon, BMV Fragrances Pvt. Ltd., VedaOils, MOKSHA LIFESTYLE PRODUCTS, Ultra International, Norex Flavours Private Limited, and VidyaHerbs.

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