Global essential oil market expected to reach $59 billion by 2034, driven by demand in various sectors.

From GlobeNewswire: 2024-09-26 05:20:00

The global essential oil market is projected at US$ 24.94 billion in 2024 with a 9% CAGR from 2024 to 2034. Aromatherapy’s popularity rises due to stress reduction and focus enhancement. Beauty and skincare products integrate essential oils, boosting their demand in wellness and fragrance sectors. Market players should focus on R&D and offer clean-label products for a competitive edge.

Demand for citrus oil is growing due to its refreshing scents and potential therapeutic properties. Global essential oil market expected to reach US$ 59 billion by 2034. North America predicted to hold 24.3% market share by 2034. Personal care & cosmetics segment projected to account for 45.6% of the market by the end of 2034. Sales of essential oils in Japan forecasted to rise at 9.5% CAGR through 2034.

Essential oil industry trends include joint ventures, acquisitions, and new product introductions. Leading market players include Young Living Essential Oils, doTERRA, and Givaudan SA. Personal care & cosmetics industry driving demand for essential oils for aromatherapy and grooming purposes. Global essential oil market predicted to reach US$ 26.92 billion in this sector by 2034.

Market analysis reveals essential insights into the essential oil market across different regions and types. Global citrus essential oil market projected to expand at a CAGR of 4.1% to reach US$ 6 billion by 2032. Grapefruit oil market estimated to reach US$ 650 million by 2033. Peppermint oil market expected to grow at a 6.8% CAGR by 2034. Citronella oil market to reach US$ 180 million by 2033.



Read more at GlobeNewswire: Essential Oil Market Estimated To Expand Over US$ 59