Essential Oils are compounds extracted from plants and capture the major essence of a plant’s flavor and scent. Moreover, each essential oil offers varied benefits to consumers. Thereby, products such as cumin seed will offer different functional benefits than lavender or Acorus Calamus. Changed health awareness, increased demand for aromatherapy, greater interest in organic products and a heightened knowledge of sustainability are some of the recognized drivers, aiding the market to grow at a CAGR of 9.5% over the forecast period of 2022-2027, to garner a market size equivalent of $16.6 billion in 2027.

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Essential Oils Market Drivers

The Growing Utilization of Essential Oil as a Therapeutic Agent has Aided Market Growth.

Essential oil as a therapeutic has aided the market growth and substantial presence. Moreover, after the emergence of COVID-19, consumer preference to alienate western medicines have helped in the adoption of organic and natural products such as essential oils. Moreover, essential oils help in various conditions such as sleep depravity, anxiety and others. As per Sleep Foundation 2022, almost half of all Americans feel sleepy during the day between three and seven days per week, while nearly 32.6% of working adults reported sleeping less than six hours.

The Premise of Antimicrobial Activities and Demand for Organic Products has Provided the Market Strength.

A mounting demand from the food and beverages industry to substitute essential oil with additives has given a newer sphere for future demand, critically, helping the growing trend for clean labels. By utilizing citric essential oil, food manufacturers can extend the shelf life of food and beverage. Currently, packaged food consumerism posed a real scourge of food-borne illnesses owing to synthetic additives used to maintain organoleptic and microbiological food quality. Moreover, the concept of green beauty supplanted by healthy and sustainably sourced ingredients has aided market growth.

Product Launch

In September 2022, doTERRA announced the product launch of various essential oil and products. Products that will be launched by 2022-2023 include eucalyptus, guaiacwood, Spanish sage and doTerra Hope Touch. In July 2021, Ground Wellbeing launched a new collection of well-being essential oils, claimed to be ideal for diffusion in the air or adding to a warm bath.

The Major Players in the Market Include

The Major Players in the Essential Oils Market include Norex Flavors Private Limited, doTerra, Givaudan, International Flavors and Fragrances, Robertet Group, Firmenich SA, Flavex Nature Extrakarte GmBH, MANE, Symrise and Takasago International Corporation.

Given that wellness products are often dual-purpose, cross-category offerings are the future of essential oils. Product innovators and manufacturers are targeting the multisensorial attribute of essential oil to drive market growth.

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