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.
At present, the essential oils market is fragmented in nature, due to the presence of few companies such as Frontier Co-op, dÅTERRA 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.
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.
Thus, the increasing public awareness of aromatherapy and surging demand for natural products will fuel the market growth in the years to come.
Read more Essential oil Industry Statistics
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