NEW YORK, March 9, 2022 /PRNewswire/ -- As per detailed analysis by Persistence Market Research, the global essential oils market is estimated to expand at 7.7% CAGR and reach US$ 39.14 Bn by the end of 2032.
Eastern culture has a huge influence in the beauty and fashion sector. Essential oils are used in a wide range of cosmetic products due to their outstanding properties that result in more clear and smooth skin. Owing to the antioxidant activity, essential oils are gaining traction in the cosmetics sector.
These oils are an important ingredient in many cosmetic products, including bath care products, lip balms, facial care products, body care, herbal oils, body balms, etc., to get rid of fungal infections, hair loss, dandruff, scalp infections, moles, acne, and facilitate anti-aging.
Furthermore, prevalence of various diseases such as throat infections, respiratory diseases, depression, fatigue, and others is encouraging customers to use health-beneficial products. The medicinal properties of essential oils provide a wide range of health benefits when applied in combination with base oils. These products serve as a primary substitute for chemically-infused medications.
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Essential oils have been shown to be an effective way to treat stress, anxiety, headaches and migraines, sleep and insomnia, inflammatory conditions, and a variety of other health issues.
- For instance, Alps Goodness provides essential oils with powerful healing compounds, which can be ideally used for skin radiance, anti-ageing, hair growth, baldness, and much more.
Key Takeaways from Market Study
- South Asia, East Asia, and Latin America are markets expected to record significant growth over the forecast period (2022-2032)
- Together, North America and Europe account for more than 60% value share in the global market for essential oils.
- The market in China and Indonesia is anticipated to surge at value CAGRs of 9.9% and 10.4%, respectively.
- Essential oils are derived from various sources such as citrus, herbs & spices, mints, flowers, nuts, and others, out of which, citrus type of essential oils holds the largest value share of 36.5% in 2022.
- On the basis of end use, the food & beverage sector is currently valued at US$ 4.63 Bn.
- Global consumption of essential oils is projected to reach 963,369 tons by the end of 2032.
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"Due to increasing demand for essential oils in therapeutic, food preservation, anti-aging products, and other applications, market stakeholders could gain substantial profits by focusing the usage of essential oils in food & beverage, cosmetics, and aromatherapy industries," says a Persistence Market Research analyst.
Competitive Landscape
Manufacturers of essential oils are striving to strengthen their positions across the globe by establishing offices, production facilities, and strong distribution networks. This will enable them to cater to increasing consumer demand for essential oils across geographies.
- In 2019, Doterra International, LLC set up its new corporate office in Bogota, Columbia, and locally registered its products in the Columbian market.
- In 2017, Now Health Group, Inc. opened a new distribution facility to support long-term growth and expansion. This facility is located in Illinois, and is equipped with a state-of-the-art pick-to-voice order fulfilment system.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global essential oils market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on type (citrus, herbs & spices, mints, flowers, nuts, and others), nature (organic and conventional), end use (food & beverage industry, cosmetics & personal care, home care & toiletries, aromatherapy, animal feed, foodservice industry, and retail/households), and distribution channel (business to business and business to consumers), across seven major regions of the world.
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