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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 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.
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.