The global essential oil market is projected to reach $21.54 billion by 2031, growing at a CAGR of 8.1% from 2023-2031.
The market size was valued at $10.69 billion in 2022.
Oils that are known to support physical, mental, emotional and spiritual well-being as well as sound sleep, are contributing to the market growth.
Over the course of the forecast period, the market will also grow due to the emerging applications of essential oils in the pharmaceutical sector.
Growth by Region
- North America essential oil market share is expected to grow at a CAGR of 8.23% during the forecast period.
- Europe is expected to grow at a CAGR of 8.7% in the essential oil market during the forecast period.
- Europe is home to the seven largest essential oil processing businesses in the world.
Growth by Segment
Based on the product, the orange oil segment is the highest contributor to the market and is expected to grow at a CAGR of 9.1% during the forecast period.
Based on the application, the food and beverages segment is the highest contributor to the market and is expected to grow at a CAGR of 8.24% during the forecast period.
