According to a report by Market Data Centre, the global essential oils market is forecast to reach $37.29 billion by 2030.
The market is projected to grow at a CAGR of 7.8% during the forecast period, from 2022-2030.
The report cites that the advancement of digital transformation initiatives across multiple industries is expected to be a main driver of the market.
The growing number of players, as well as increasing investments by prominent vendors, is expected to also play a role in market growth. Many market players are finding lucrative opportunities in emerging economies like China and India, where the large populations are coupled with new innovations in numerous industries.
The global essential oils market is segmented into North America, Asia Pacific, Europe, The Middle East & Africa and Latin America. North America is expected to continue to hold a considerable share in the global essential oils market, while the Asia-Pacific is expected to grow at a faster pace during the forecasted period.