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Essential Oil Market is Generating Revenue of USD 12.74 billion by 2024, at CAGR 7.5% Growth Rate

Jan 12, 2021 (Heraldkeepers) --

Market Overview

Global Essential Oils Market is expected to grow at a significant rate of 7.5% from 2019 to 2024 to reach a market value of USD 12.74 billion by the end of 2024. The essential oil is used across various industries such as agriculture, food and beverage industry, fragrance, cosmetics, pharmaceuticals, and retail. Its benefits range from good sleep, stress relief, pain relief, weight loss, body detoxification, mental alertness and stretch marks healing. Globally, the application of essential oil in aromatherapy is expected to grow by 6.19%. Globally, corn mint and orange essential oil held more than 57% of market share in the year 2017 (base year).

At the time of this report being written, fragrance and flavor continue to dominate the essential oil market with more than 40% market share. Aromatherapy market is expected to grow during the forecast period. Based on ingredients, the global essential oil market has been segmented into basil, cedarwood, chamomile, citronella, citrodora, clary sage, clove, corn mint, eucalyptus, lavender, litsea cubeba, orange, peppermint, and others. In the base year 2017, corn mint and orange together held more than 57% of the market share. By 2024, the clove leaf essential oil market is projected to reach around the US $ 150 mn with CAGR of 6.09%. It is majorly produced in the Asia Pacific region. By types, the market has been segmented into pure essential oil, compound essential oil, and others.

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Key Players

The key players in the global Essential Oil Market Biolandes (France), doTerra (USA), Young Living (USA), The Lebermuth Co., Inc. (the USA), Shaanxi Guanjie Technology Co., Ltd (China), Shiv Sales Corporation (India), and Sydney Essential Oils (Australia).

Latest Industry News

An entrepreneur called Kyle LaFond and a handful of employees have created a new range of natural balms and deodorants. The ingredients they used for manufacturing their products include arrowroot powder, baking soda, beeswax, coconut oil, shea butter, and essential oils. LaFond’s home-grown product line started three years ago at American Provenance.

Loretta Paganini School of cooking, in Chester Township will now teach cooking with essential oils in a class. Stefanie Paganini will team up with Susan Conley, wellness advocate with doTerra, for a 2.5-hour demonstration class.

Regional Analysis

The regional segmentation of the Global Essential Oil Market segments this market into North America, Europe, Asia Pacific, and the rest of the world (RoW). During the forecast period, Asia Pacific is being estimated to be the largest market for essential oil with China, India, Indonesia and Japan, dominating this market and rest of Asia Pacific being significant in the business. During the forecast period, North America is expected to be the second biggest market. In this region, the biggest markets are Canada, Mexico, and the United States of America (USA).

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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