Geographically, the Asia-Pacific region is expected to witness the fastest growth in the forecast period owing to the increase in the availably and affordability of essential oils.
A number of factors such as the booming demand for aromatherapy, surging customer preference for natural products, and increasing consumption of essential oils in the cosmetics and food and beverage industries are expected to drive the essential oils market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated a revenue of ~$11 billion in 2020. In recent years, the escalating use of essential oils at spas has become a prominent market trend, owing to the rising public awareness of skincare treatments.
The burgeoning demand for aromatherapy is one of the primary growth drivers for the market. Aromatherapy refers to an alternative treatment process that utilizes naturally harvested essences to support, harmonize, and balance the mental and physical health of patients. This treatment process uses essential oils as they activate the smell receptors in the nose, which convey information to the brain through the nervous system. The oil is also used to treat anxiety or chronic stress, fatigue, skin problems, depression, and respiratory infections.
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At present, the essential oils market is fragmented in nature, due to the presence of few companies such as Frontier Co-op, dōTERRA International LLC, PublicGoods, Plant Therapy Inc., Organic Aromas, Rocky Mountain Oils LLC, REVIVE Essential Oils LLC, Young Living Essential Oils, NOW Health Group Inc., Edens Garden, Majestic Pure Cosmeceuticals, and Vitruvi. These market players are mostly focusing on product launches to gain a competitive edge. For instance, in August 2020, Young Living Essential Oils announced a series of new products, such as Ecuadorian oregano oil and cassia oil.
Categories under the essential oils market are orange, eucalyptus, cornmint, peppermint, citronella, lemon, lime, clove, spearmint, rosemary, lavender, and others. Among these, the orange category generated the highest revenue in 2020, as the consumption of orange oil helps in improving the skin, hair, nail, and hair quality. The oil is used to treat stretch marks and acne, improve skin blood flow, rejuvenate skin, and loosen up nearby tissues. Moreover, the vast availability of oranges in India, Mexico, and China will also support the growth of this category in the foreseeable future.
Geographically, the European region is expected to hold the largest share in the essential oils market during the forecast period. This can be primarily attributed to the growing public awareness of the health benefits of such oils in the region. Moreover, the increasing preference for natural products in Europe will lead to the high-volume consumption of essential oils in the cosmetics and food and beverage industries in the region. Both these industries are using such oils in innovative ways to develop better products for their customers.
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Whereas, the Asia-Pacific (APAC) essential oils market is expected to showcase the fastest growth during the forecast period. This will be due to the surging availability and rising affordability of essential oils in the region. Additionally, the improving lifestyles of people and mounting awareness about such oils will facilitate the market growth in the region in the foreseeable future. Besides, the escalating awareness about the outcomes of aromatherapy and the booming number of patients suffering from chronic diseases will also augment the demand for essential oils in the region in the coming years.
The major players operating in the global essential oils market are 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.
Market Size Breakdown by Segments
By Method of Extraction
- Carbon Dioxide Extraction
- Cold Press Extraction
- Solvent Extraction
- Food & Beverages
- Cosmetics & Toiletries
- Home Care
- Health Care
- North America
- Asia-Pacific (APAC)
- South Korea
- Latin America (LATAM)
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
Market Segment Analysis of Countries
- Further breakdown of 16 listed countries will be provided as per below segmentation:
- By type
- By method of extraction
- By application
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Aromatherapy Market Report – In the near future, the Asia-Pacific aromatherapy market will exhibit rapid expansion, as per the estimates of the market research firm, P&S Intelligence. This is ascribed to the growing awareness amongst the masses about the various benefits offered by aromatherapy in the treatment of different ailments and health conditions and the large-scale production of essential oils in several APAC countries.
Cosmetic Chemicals Market Report – Currently, Asia-Pacific is the largest cosmetic chemicals market, as it is the most-populous region in the world. This creates a huge demand for cosmetic products and, in turn, of the chemicals that go into them. Moreover, loads of regional and Western chemical companies have manufacturing plants here. These companies are undertaking research studies for better ingredients and focusing on low-cost raw material procurement.
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