Essential Oils Global Market Size, Industry Trends, Analysis 2023 To 2032

The Essential Oils Global Market Report 2023 by The Business Research Company, provides essential oils market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Essential Oils Global Market Report 2023, the global essential oils market size grew from $13.64 billion in 2022 to $15.21 billion in 2023 at a compound annual growth rate (CAGR) of 11.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global essential oils is expected to grow to $25.93 billion in 2027 at a CAGR of 14.3%.

The growing spa industry across the globe is expected to propel the growth of the essential oils market. Essential oils are used in aromatherapy, a form of alternative medicine to support health and well-being. Consumer preference is increasing for natural and organic oil products all around the globe.

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The essential oils market is segmented:

1) By Type: Orange Oil, Lemon Oil, Lime Oil, Peppermint Oil, Cornmint Oil, Citronella Oil, Spearmint Oil, Geranium Oil, Clove Leaf Oil, Eucalyptus Oil

2) By Method of Extraction: Distillation, Carbon Dioxide Extraction, Cold Press Extraction, Solvent Extraction, Other Method Of Extraction

3) By Application: Food & Beverage, Aromatherapy, Cosmetics & Toiletries, Pharmaceuticals, Cleaning & Home Care, Animal Feed, Fragrances

New product launches are a key trend gaining popularity in the essential oils market. For instance, in October 2020, doTERRA, a multi-level marketing company based in Pleasant Grove, Utah that sells essential oils and related products, announced several new essential oil products and diffusers like Helichrysum Touch, which is an ideal balance of Helichrysum oil and fractionated coconut oil used to promote a youthful complexion, glow, and reduce signs of aging.

The essential oils market report table of contents includes: