Key Drivers of the 2024 Essential Oils Market: Rising Consumer Preference for Natural Products
Essential Oils Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The essential oils market has experienced significant growth in recent years. It is expected to increase from $15.46 billion in 2023 to $17.57 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.7%. This growth in the past period can be attributed to factors such as the popularity of traditional and alternative medicine, trends in aromatherapy, rising demand for natural and organic products, expansion of the cosmetic and personal care industry, use of essential oils in food and beverage flavoring, and growing awareness of their health benefits.
What Is the Expected Size of the Global Essential Oils Market2, and How Fast Will It Grow?
The essential oils market is projected to experience rapid growth in the coming years, reaching $31.25 billion by 2028, with a compound annual growth rate (CAGR) of 15.5%. This growth during the forecast period is driven by trends in wellness and self-care, the increasing use of natural fragrances in home products, the expansion of the beauty and personal care markets, a focus on sustainable and ethical practices, and the global exploration of unique plant species.
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What Is Accelerating Growth in the Essential Oils Market?
The rising consumer preference for natural products is anticipated to drive the growth of the essential oils market. Natural products are substances sourced from living organisms, such as plants, animals, and microorganisms, as opposed to synthetic or artificially produced compounds. As awareness and demand for natural and organic products grow, essential oils—derived from plant sources—are seeing increased consumer interest.
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Who Are the Major Players Influencing the Essential Oils Market's Growth?
Key players in the essential oils market include Cargill Incorporated, Koninklijke DSM N.V., DuPont de Nemours Inc., International Flavors & Fragrances Inc., Essential Oils New Zealand Limited, Givaudan SA, Symrise AG, Mane SA, doTERRA International LLC, Sensient Technologies Corporation, Robertet SA, Firmenich International SA, Ungerer Limited, Aromatics International LLC, Young Living Essential Oils LC, Mountain Rose Herbs, Falcon Essential Oils, The Lebermuth Company Inc., BIOLANDES SAS, Rocky Mountain Oils LLC,
What Are the Latest Trends Influencing Essential Oils Market Size?
Leading companies in the essential oils market are focusing on developing innovative solutions, including essential oil diffusers. An essential oil diffuser is a device designed to release essential oils into the air, creating a soothing and fragrant environment.
How Is The Global Essential Oils Market 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
Geographical Insights: North America Leading The Essential Oils Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Essential Oils Market?
Essential oils are concentrated plant extracts that capture the natural flavor, essence, and aroma of their source. These oils are primarily used in aromatherapy.
The Essential Oils Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Essential Oils Market3 Report: Trends, Opportunities, Strategies, and More
The Essential Oils Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into essential oils market size, essential oils market drivers and trends, essential oils competitors' revenues, and essential oils market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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