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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 essential oil market is highly fragmented, with a large number of small and medium-sized players operating in the market. However, there are several key players that dominate the market. These companies have a strong presence in the market and are known for offering a wide range of high-quality essential oils. In addition, they invest heavily in R&D and product development to stay ahead of the competition. Overall, the market is highly competitive, with new players entering the market regularly. As the market continues to grow, companies will need to differentiate themselves through product innovation, quality, and branding to maintain their competitive edge. 'doTERRA International LLC', 'Young Living Essential Oils', 'Robertet SA', 'Givaudan SA', 'Symrise AG', 'Firmenich SA', 'International Flavors & Fragrances Inc.', 'Takasago International Corporation', 'Mane SA', 'Sensient Technologies Corporation', 'Mountain Rose Herbs', 'NOW Foods', 'Biolandes', 'Ungerer & Company', 'Citrus and Allied Essences Ltd.', 'Frutarom Industries Ltd.', 'Edens Garden', 'Rocky Mountain Oils', 'Plant Therapy', 'Floracopeia'

Natural oils and plant extracts are used in aromatherapy, a therapeutic procedure, to support health and well-being. In aromatherapy, essential oils are used to boost physical and emotional well-being by enhancing the health of the body, spirit, and mind. Aromatic plant extracts in the form of balms, oils, and resins have been utilized for therapeutic and religious purposes for ages in nations like India, Egypt, and China. Demand for aromatherapy has increased due to a number of variables, including how well it manages pain, enhances sleep, and lowers tension, anxiety, and agitation. Additionally, an increase in wealth has caused customers' preferences for high-end products to change, which is expected to drive market expansion over the forecast period. Additionally, there is a growing market to restore mental, physical, and emotional health as a result of the popularity of massage and aromatherapy.

Growing demand for natural and organic products: Consumers are increasingly seeking natural and organic products, and essential oils are seen as a viable alternative to synthetic fragrances and flavors.

In 2021, Europe had the largest revenue share (43.3%) in the market. This is due to the region's large population and several undiscovered markets, which are anticipated to draw the attention of major players that will grow and create operations and distribution centers there. The expansion of the sector in Europe has benefited from the existence of groups like the European Federation of Essential Oils (EFEO). EFEO was established to advance and defend the interests of all parties involved in the market value chain. To change or create legislation pertaining to essential oils, the group is in dialogue with both the EU Parliament and the European Commission. Such factors have helped the region's market to grow. The dominant market position held by Europe in this sector is mostly due to the ease of obtaining feedstock and the presence of numerous industry players. Key end-user sectors are developing as a result of numerous reasons, including early developed economies and the increased level of living.

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Global Essential Oils Market

Product ID: SQMIG30L2140