The global essential oil market is projected to reach USD 41.83 billion by 2032 growing at a CAGR of 7.2% from 2023 to 2032, as per a new research report published by Polaris Market Research. The report ‘Essential Oils Market Share, Size, Trends, Industry Analysis Report, By Application (Medical, Food & Beverage, Spa & Relaxation, Fragrances, Cleaning & Home); By Sales Channel (Offline Stores, Online Platforms); By Product; By Region; Segment Forecast, 2023 – 2032’ offers a wide analysis of different applications of essential oils, market size, industry scope along with insights related to current and future trends in the market.
The rising demand for plant-based preservatives, increased adoption of aromatherapy and varied uses in the pharmaceutical industry are some major drivers fuelling the growth of the essential oils market globally.
Some of the essential applications of these oils are used to reduce the levels of stress and anxiety, improve sleeping disorders, and aromatherapy, help to diagnose inflammation, and even fight against diseases like type 2 diabetes and cancer. These oils are also widely used as preservatives to increase the shelf life of foods and used in form of the essence in soaps, shampoos, mosquito repellents, etc.
Pharmaceutical industries are the major contributors to the growth of this market due to continuous breakthroughs in R&D Medical industries for their applications are expected to boost this market further.
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In the forecast period, the food and beverage industry is anticipated to witness the highest growth rate. Increasing the need for organic alternatives to preserve foods, and the rising need for different flavoring agents from bakeries and breweries are the major contributing factors to the growth of this segment.
Asia-Pacific is anticipated to grow the market during the forecast period due to the increasing per capita income and increasing expenditure on wellness products by middle-class families. Europe is expected to hold the largest market share in the market in the year 2022 attributed to the rising awareness of the benefits of essential oils and the presence of large market players along with the easy availability of feedstock.
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Polaris Market Research has segmented the global essential oils market based on product, application, sales channel, and region:
Essential oils by Product Outlook (Revenue, USD Billion, 2019 – 2032)
Essential oils by Application Outlook (Revenue, USD Billion, 2019 – 2032)
Essential oils by Sales Channel Outlook (Revenue, USD Billion, 2019 – 2032)
Essential oils by Region Outlook (Revenue, USD Billion, 2019 – 2032)