LONDON, March 30, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the essential oil market, the growing spa industry across the globe is expected to propel the growth of the essential oils market. Essential oils are used in aromatherapy, a form of alternative medicine to support health and well-being. Consumer preference is increasing for natural and organic oil products all around the globe. For instance, according to the Global Wellness Institute, in 2020 there were over 1,60,000 spas, earning $68 billion in revenue globally. Spa revenue was growing by 8.7% annually prior to 2020. Therefore, the increasing spa industry across the globe is driving the essential oils market growth.
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The global essential oils market size is expected to grow from $12.36 billion in 2021 to $13.58 billion in 2022 at a compound annual growth rate (CAGR) of 9.90%. The global essential oils market share is expected to grow to $21.85 billion in 2026 at a CAGR of 12.62%.
New product launches are a key trend gaining popularity in the essential oils market. For instance, in October 2020, doTERRA, a multi-level marketing company based in Pleasant Grove, Utah that sells essential oils and related products, announced several new essential oil products and diffusers like Helichrysum Touch, which is an ideal balance of Helichrysum oil and fractionated coconut oil used to promote a youthful complexion, glow, and reduce signs of aging.
Major players in the essential oils market are Givaudan SA, Young Living Essential Oils, The Lebermuth Company Inc., Symrise, Essential oils of New Zealand, International Flavors & Fragrances Inc, Robertet SA, BIOLANDES SAS, Cargill Inc, DuPont, Koninklijke DSM N.V., dôTERRA International LLC, Sensient Technologies Corporation, Firmenich SA, Mane, Rocky Mountain Oils LLC, Falcon, Farroti, Indian Essential Oils, and Ungerer Limited.
The global essential oils market is segmented by type into orange oil, lemon oil, lime oil, peppermint oil, corn mint oil, citronella oil, spearmint oil, geranium oil, clove leaf oil, eucalyptus oil; by method of extraction into distillation, carbon dioxide extraction, cold press extraction, solvent extraction, others; by application into food and beverage, aromatherapy, cosmetics and toiletries, pharmaceuticals, cleaning and home care, animal feed, fragrances.
In 2021, North America was the largest region in the essential oils market. Asia-Pacific is expected to be the fastest-growing region in the global essential oils market during the forecast period. The regions covered in the global essential oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Essential Oils Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide essential oils market overviews, essential oils market analyze and forecast market size and growth for the whole market, essential oils market segments and geographies, essential oils market trends, essential oils market drivers, essential oils market restraints, essential oils market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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