Essential Oil Market to Reach $59 Billion by 2034, Driven by Wellness and Aromatherapy Trends

The global essential oil market, as revealed in a newly published study by Fact.MR, is projected to be valued at US$ 24.94 billion in 2024. Worldwide demand for essential oils is evaluated to increase at a CAGR of 9% and reach a market value of US$ 59 billion by 2034. The main factor driving the increasing popularity of essential oils is the rising emphasis on well-being and health in several parts of the world.

The popularity of aromatherapy in today’s world is being driven by an increasingly sedentary lifestyle, which has increased the demand for essential oils in premium fragrances. The functional benefits of essential oils, such as reducing stress and enhancing attentiveness, have contributed to their rising use in aromatherapy. Beauty and skincare products are becoming mainstream within the wellness industry. Aromatherapy is emerging as a key component of beauty, wellness, and fragrance, further boosting demand for essential oils due to their functional benefits.

Demand for citrus oil is growing, attributed to its invigorating and refreshing scents that attract more consumers. In addition, the vibrant fragrances of citrus oil are used in candles, air fresheners, and perfumes to create a soothing atmosphere. Its potential therapeutic properties, such as immune support, stress reduction, and mood enhancement, are also driving its demand.

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Key Takeaways from Market Study:

• The market for essential oils is projected to increase to a value of US$ 59 billion by the end of 2034.
• North America is projected to hold a market share of 24.3% by 2034-end.
• The market in South Korea is forecasted to expand at a CAGR of 9.8% from 2024 to 2034.
• The personal care & cosmetics segment is analyzed to account for 45.6% share of the global market by the end of 2034.
• Sales of essential oils in Japan are evaluated to rise at 9.5% CAGR through 2034.
• Worldwide demand for conventional essential oils is forecasted to increase at a CAGR of 8.9% and reach a market valuation of US$ 31.46 billion by the end of 2034.

“Market players should invest in R&D activities to offer essential oils with improved functionalities and focus on offering clean-label products to stay ahead of the game,”says a Fact.MR analyst.

Surging Usage of Essential Oils in Personal Care & Cosmetics for Aromatherapy and Grooming Purposes

Worldwide demand for essential oils for use in the personal care & cosmetic industry is evaluated to increase at a CAGR of 9.5% and reach a value of US$ 26.92 billion by the end of 2034. These oils are used in spa and relaxation centers for their stress-relieving properties. In addition, the growing use of essential oils in makeup, color cosmetics, and hair and skin care is driving their global consumption.

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More Valuable Insightson Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the essential oil market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on type (citrus, nuts, herbs & spices, flowers, mint, others), nature (organic, conventional), and end use (food & beverages, personal care & cosmetics, pharmaceuticals), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

Key Companies Profiled:

Young Living Essential Oils; Now Health Group, Inc.; doTERRA; Rocky Mountain Oils, LLC; Ultra International B.V.; NHR Organic Oils; AOS Product Pvt. Ltd.; BMV Fragrances Pvt. Ltd.; Lebermuth Inc.; Van Aroma; Ugerer and Company; Flavaroma; Sensient Technologies Corporation; Givaudan SA; Falcon Essential Oils.

Industry News:

Azelis, a leading provider of food ingredients and specialty chemicals, acquired 100% of BLH SAS’s shares in October 2023. BLH SAS is a key distributor of fragrances and flavors for fine perfumery in France.

Turpaz Industries announced the acquisition of Food Base in June 2023. Food Base, based in Hungary, specializes in marketing and developing essential oils.

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