The latest report by IMARC Group, titled “Essential Oils Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“ offers a comprehensive analysis of the industry, which comprises insights on the global essential oils market growth. The global market size reached US$ 11.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.8 Billion by 2028, exhibiting a growth rate (CAGR) of 8.7% during 2023-2028.
Essential oils are highly concentrated, volatile plant extracts that capture the natural fragrance and beneficial properties of their botanical sources. They are obtained primarily through steam distillation or cold pressing and are commonly used for their aromatic qualities and potential health and wellness benefits. They are extensively used in various industries, such as aromatherapy, cosmetics, personal care, and healthcare. Essential oils also have extensive applications in the food and beverage sector as flavoring agents and in cleaning products owing to their antimicrobial properties. In industrial settings, they serve as natural, biodegradable alternatives to synthetic chemicals, aligning with sustainable manufacturing practices. As a result, essential oils are integral to numerous products, making them highly versatile and indispensable in various industrial applications.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/essential-oils-market/requestsample
Essential Oils Market Trends and Drivers:
The global essential oils market is primarily driven by the rising consumer preference for natural products and the increasing regulatory support for environmentally friendly ingredients. Moreover, the heightened focus of the wellness industry on holistic health is propelling the demand for essential oils in aromatherapy and alternative medicine. Additionally, the trend toward clean beauty and skincare products has accelerated the adoption of essential oils as consumers increasingly seek products devoid of synthetic chemicals. Furthermore, there is a noticeable surge in product demand from the food and beverage sector, which values essential oils for their natural flavors and preservative qualities. In line with this, continuous advances in extraction technology and the entry of eco-friendly, sustainably sourced products are contributing to the market growth.