According to a recent report by Reports and Data, the global market for essential oils is expected to reach a size of USD 44.37 Billion by 2032, with a projected revenue CAGR of 12% over the forecast period. The demand for essential oils in various products, such as soaps, detergents, body wash, and others, is driving the growth of the market.
The market is also being propelled by the increasing demand for essential oils in the cosmetics and personal care industry, especially in the fragrance sector. Essential oils are crucial to this industry because they not only provide a pleasant fragrance but also act as an active agent to preserve various products and provide various benefits to the skin. The rising awareness among consumers regarding the harmful effects of synthetic products and the growing demand for natural ingredients in beauty and wellness products have led manufacturers to minimize the use of artificial ingredients and promote natural fragrances.
Some of the essential oils that are widely used in the fragrance industry include lavender, rose, tea tree, eucalyptus, and other floral oils, while citronellol, limonene, and linalool essential oils are popular fragrances in different cosmetics.
The report also highlights some key highlights, including Givaudan's acquisition of Myrissi, which uses patented technology to translate fragrances into color, patterns, and images. The lavender oil segment is expected to show steady growth during the forecast period, owing to its various benefits, such as promoting relaxation and treating anxiety, depression, insomnia, and menstrual cramps. The food and beverage segment is expected to account for a significant revenue share, owing to the growing focus of manufacturers on the shelf life of products without compromising taste and quality, as well as shifting consumer preferences towards natural products.
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The report segments the essential oils market based on type, method of extraction, application, and region.
Companies profiled in the report include:
· Cargill
· Incorporated
· DSM
· doTERRA International LLC
· Givaudan, Lebermuth, Inc.
· Symrise AG
· Sensient Technologies Corporation
· Firmenich SA
· International Flavors & Fragrances Inc.
· Rocky Mountain Oils, LLC
Europe accounted for the largest revenue share in 2021, owing to significant investments in research for the development of advanced and innovative essential products, as well as the increasing application of essential oils in various end-use industries such as homecare, aromatherapy, healthcare, and others.
Essential Oils Market: Drive Factors
The essential oils market is being driven by several factors. Firstly, the rising demand for essential oils in various products such as soaps, body wash, detergents, and others is driving the growth of the market. Additionally, the increased demand for essential oils in the cosmetics and personal care industry, particularly in the fragrance sector, is another significant factor driving the market growth. Consumers are becoming more aware of the harmful effects of synthetic products, and as a result, they are looking for natural alternatives in their beauty and wellness products, leading to a growing demand for natural ingredients. The use of essential oils in cosmetics and personal care products is crucial as they impart a pleasant fragrance, act as an active agent in preserving various products, and offer various benefits to the skin. Moreover, the acquisition of companies with expertise in AI and technology by market players is expected to drive innovation and further growth in the essential oils market.
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