Essential Oil Market Projected To Expand Over $59 Billion by 2034

The essential oil market is predicted to reach over $59 billion by 2034, according to Fact.MR, a market research and competitive intelligence provider. According to the research platform, the global essential oil market is projected at a value of $ 24.94 billion in 2024; worldwide revenue from the sales of essential oils has been forecasted to increase at a CAGR of 9% from 2024 to 2034.

Report Highlights

• North America is projected to hold a market share of 24.3% by 2034-end.
• The market in South Korea is forecasted to expand at a CAGR of 9.8% from 2024 to 2034.
• The personal care & cosmetics segment is analyzed to account for a 45.6% share of the global market by the end of 2034.
• Sales of essential oils in Japan are evaluated to rise at 9.5% CAGR through 2034.
• Worldwide demand for conventional essential oils is forecasted to increase at a CAGR of 8.9% and reach a market valuation of US$ 31.46 billion by the end of 2034.
• Worldwide demand for essential oils for use in the personal care & cosmetic industry is evaluated to increase at a CAGR of 9.5% and reach a value of US$ 26.92 billion by the end of 2034. These oils are used in spa and relaxation centers for their stress-relieving properties. In addition, the growing use of essential oils in makeup, color cosmetics, and hair and skin care is driving their global consumption.

“Market players should invest in R&D activities to offer essential oils with improved functionalities and focus on offering clean-label products to stay ahead of the game,” reports a Fact.MR analyst.