Publishing: August 2021 | Report Code: CP12204 | Available Format: PDF
The global essential oils market stood at $10.8 billion in 2020. The increasing demand for aromatherapy, growing consumer preference for natural products, and increasing demand for essential oils in the food & beverages and cosmetics industries are expected to propel the growth of the essential oils market in the forecast period.
The COVID-19 pandemic forced governments all over the world to impose multiple lockdowns, which resulted in partially or fully closed factories. Due to the pandemic, trading and manufacturing entities were forced to halt their operations to some extent. China and India are the major producers of essential oils due to the availability of raw material, such as orange derivatives, cornmint, and eucalyptus. Hence, the supply chain disruptions have negatively impacted the essential oils market.
Based on type, the orange oil category dominated the market, in 2020. Orange oil provides multiple benefits, such as an improved quality of the skin, hair, and nail. The oil also provides benefits against stretch marks and acne and improved Skin blood flow, loose nearby tissues, and rejuvenation. Furthermore, due to the vast availability of oranges in major essential-oil-producing countries, such as China, India, and Mexico, this category is set to grow at an exponential rate during the forecast period.
In terms of application, the aromatherapy industry is expected to have the highest CAGR, during the forecast period. Aromatherapy uses naturally harvested aromatic essences to support physical and mental health. It uses essential oils as a supplemental medicine for the treatment of chronic stress or anxiety, depression, skin problems, fatigue, respiratory infections, digestion issues, and other issues. The growing demand for such relaxing procedures will drive the popularity of aromatherapy in the forecast period.
The consumption of essential oils is dependent on the awareness about their benefits. Therefore, Europe is the largest consumer of essential oils due to the growing awareness among people on their health. People are now using natural products more often, which has led to innovative applications of essential oils in the food & beverages and cosmetics industries.
In recent times, there has been an increase in the footfall at spas, as people are receiving quality skincare treatments at such places and becoming rapidly aware about the treatments provided here. According to the Global Wellness Institute (GWI), number of spas around the world increased from 121,595 in 2015 to 149,000 in 2017. Moreover, spas are becoming popular as they offer treatments for skin problems, anxiety, and stress. Therefore, the preference for spas is a major trend being observed in the essential oils market.
Aromatherapy is an alternative treatment process that uses naturally harvested aromatic essences to harmonize, balance, and support patients' physical and mental health. Since it uses essential oils, aromatherapy, according to experts, activates smell receptors in the nose, which convey information to the brain via the nervous system. Furthermore, it is also used in the treatment of chronic stress or anxiety, depression, skin problems, fatigue, respiratory infections, and others. An increasing number of people nowadays are living busy and hectic lifestyles, which is leading to the increasing cases of stress, anxiety, and depression. This is creating a need for an alternative way to relieve the stress and relax the body.
|Base Year (2020) Market Size||$10.8 Billion|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Regional and Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis; Company Profiling|
|Market Size by Segments||By type; By Method of Extraction; By Application; By Region|
|Market Size of Geographies||U.S., Canada, Germany, France, Italy, U.K., Spain, Netherlands, Switzerland, Japan, China, India, Australia, South Korea, Singapore, Brazil, Mexico, Saudi Arabia, South Africa|
|Secondary Sources and References (Partial List)||Anxiety and Depression Association of America; International Federation of Essential Oils and Aroma Trades; International Aromatherapy and Aromatic Medicine Association; United States Department of Agriculture; United States Food and Drug Administration; World Health Organization|
The global essential oils market is fragmented in nature, with the presence of market players such as dōTERRA International LLC, Plant Therapy Inc., Rocky Mountain Oils LLC, Young Living Essential Oils, Edens Garden, Vitruvi, Frontier Co-op, PublicGoods, Organic Aromas, REVIVE Essential Oils LLC, NOW Health Group Inc., and Majestic Pure Cosmeceuticals.
The essential oils market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Type
Based on Method of Extraction
Based on Application
Market Segment Analysis of Countries
The market for essential oils has four segments: type, application, method of extraction, and region.
Under the type segment, the orange category dominates the essential oils industry.
The best investment opportunities for the players in the market for essential oils are available in APAC.
The key drivers for the essential oils industry are the growing popularity of aromatherapy and surging application of such oils in the cosmetics and food & beverages sector.
The market for essential oils is fragmented.
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