Essential Oils Market Size, Share, Growth Analysis, By Sales Channel(Direct selling and others), By Application(Medical, food & beverages, spa & relaxation), By Region - Industry Forecast 2024-2031

Essential Oils Market size was valued at USD 20.19 billion in 2019 and is poised to grow from USD 21.79 billion in 2023 to USD 40.12 billion by 2031, growing at a CAGR of 7.9% in the forecast period (2024-2031).

The demand for essential oils is rising in the food and beverage, aromatherapy, fragrance, cosmetic, and personal care industries. These play a significant role in the flavoring and fragrance industries in addition to being used in the food processing and industrial seasoning industries. Orange and lemon essential oils are the most often used in the cosmeceutical industry because they give skin elasticity and firmness and heal stretch marks, acne, and scars. The antibacterial qualities of orange and lemon oils also make them excellent substances for hair and skin. Additionally, as customers become more aware of their health, they are drawn to organic foods and beverages that contain plant-based essential oils. The market is expected to grow over the duration of the forecast period as a result of rising demand for natural and organic products in the cosmetics, fragrance, thermal, and relaxation sectors due to a variety of health benefits.

Due to their antibacterial properties, essential oils play a vital part in the natural preservation of foods such as fish, meat, sweets, pickles, and dairy. The market for ethereal oils as a food processor has expanded due to rising customer preferences for natural products. Ethereal oils are essential components in the pharmaceutical industry for the manufacture of capsules and tablets because of their useful qualities. Additionally, the market is expanding due to the rising use of these oils in the pharmaceutical business. Terpenes, phenols, and terpenoids are among the molecules found in plant-based essential oils that are used to aid with health. These substances are crucial components of therapeutic medications. Additionally, a rise in the prevalence of dermatological, respiratory, and dental problems is expected to drive the potential market over the course of the research period. In the form of decongestants, expectorants, carminatives, and antibacterial agents, these are employed in the treatment of cough, bronchitis, and other respiratory illnesses. Additionally, these have been utilized as chemical preservatives, repellents, and odorants in paintings.

US Essential Oils Market is poised to grow at a sustainable CAGR for the next forecast year.