In 2023, the global essential oil market was valued at USD 11.41 billion and is projected to grow at a compound annual growth rate (CAGR) of 10.55%, reaching USD 12.47 billion in 2024 and USD 27.82 billion by 2032.
Essential oils, also known as aetheroleum oils, are non-water-soluble liquids derived from plants that contain volatile fragrance compounds. The market's growth is driven by the rising trend of green consumerism and the growing preference for natural alternatives in food preservation and sensory applications. Comprising complex and volatile compounds, essential oils are recognized for their efficacy against infections, inflammation, fungi, and viruses, without the significant side effects often associated with prescription medications.
As a result, essential oils are increasingly being utilized as substitutes for chemicals, pharmaceuticals, and drugs due to their health benefits and lower risk of adverse reactions. Additionally, their aromatic properties are widely used in conventional medicines and pharmaceuticals to neutralize undesirable odors in certain substances.
These factors are expected to propel market growth, as highlighted in the report "Essential Oils Market, 2024-2032" by Fortune Business Insights™.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/essential-oils-market-101063
List of Key Players Present in the Report:
Segments
Citrus Segment Dominates the Market Due to Rising Consumer Preference