The essential oil industry is booming, and it’s no surprise why. Essential oils have been used for centuries for their healing and therapeutic properties, and today, they are more popular than ever. With the rise in popularity, the industry has seen a surge in growth, and with it, a wealth of interesting statistics.
In this article, we’ll take a look at some of the most interesting essential oil industry statistics and explore what they mean for the industry. We’ll also discuss the implications of these statistics and how they can help us better understand the essential oil industry.
Essential Oil Industry: Most Important Statistics
The citrus oils market is estimated to be valued at US$ 3.9 Billion in 2022.
The global essential oils market is expected to grow at a CAGR of 7.2% between 2023 and 2032, reaching a global revenue of USD 41.83 billion in 2032.
Essential Oil Industry: Statistics Overview
The global essential oils market was valued at $10,886.50 million in 2020, and is projected to reach $24,735.11 million by 2030, growing at a CAGR of 8% from 2021 to 2030.
The market is expected to experience a significant growth over the next decade due to the increased demand for essential oils during the pandemic.
This growth is likely to be driven by the increased awareness of the benefits of essential oils for mental health, as well as the need for natural remedies to help cope with the stress of the pandemic.
The global essential oils market size is expected to grow at a CAGR of 7.9% from 2023 to 2030 due to rising demand for convenience and ready-to-eat meals, health, and wellness foods, technological advancements, and increasing consumer disposable incomes in emerging economies.
The market is expected to grow significantly over the next few years, which means that companies in the industry should take advantage of this growth by investing in new products and technologies to capitalize on the rising demand.
This could help them stay competitive in the market and increase their profits.
Europe held the largest market share of 43.65% in 2021 and is expected to remain the leader in the Essential Oils market during the forecast period.
Europe is the leading market in the Essential Oils industry and is likely to remain the leader in the future. This indicates that Europe is a key market for Essential Oils and that the industry is likely to continue to grow in the region.
This is important for companies in the Essential Oils industry as it shows that Europe is a key market for them to focus on.
The Asia Pacific region is driving up demand for essential oils due to an expanding middle class and higher expenditure in the wellness and leisure sectors.
This is important for the Essential Oil Industry Statistics because it indicates a growing market for essential oils in the region.
The citrus oils market is estimated to be valued at US$ 3.9 Billion in 2022.
The citrus oils market is expected to grow significantly over the next decade, with a CAGR of 4%. This growth is largely driven by the orange oil category, which had the biggest market share in 2021.
This suggests that the citrus oils market is a lucrative and growing industry, which could be beneficial for businesses in the Essential Oil Industry.
Lime oil is projected to grow at a CAGR of 9.1% in terms of volume from 2022-2030, with Europe being the largest consumer of citrus essential oils at 40.1%.
This statistic matters in the context of Essential Oil Industry Statistics because it provides a forecast of the expected growth of lime oil in terms of volume, as well as the current largest consumer of citrus essential oils.
This information can be used to inform business decisions, such as where to focus marketing efforts and which regions to target for sales.
An exploratory study found that essential oils have inhibitory properties against SARS-CoV-2 main and papain-like proteases and could provide a therapeutic strategy for subsidiary inhalation in the long term.
This provides evidence that essential oils can be used as a potential therapeutic strategy for treating SARS-CoV-2.
This could lead to increased demand for essential oils and increased profits for the industry.
Essential oils have potential antiviral activity against SARS-CoV-2, which could be promising drugs for COVID-19 eradication.
Essential oils have the potential to be used as antiviral drugs, which could be beneficial for the industry in terms of increased demand and potential new products.
Essential oils have potential to be used as food preservative for cereals, grains, pulses, fruits, and vegetables.
There is a potential of essential oils to be used in a variety of industries, including food, perfume, and cosmetics.
It also highlights the potential of essential oils to be used as antimicrobials and food preservatives, which could help reduce the use of synthetic oils and their associated side effects.
Essential oils have been proven to have antimicrobial activity in meat and meat products, and advanced technologies can be used to improve their microbial stability and sensory quality.
This matters in the context of Essential Oil Industry Statistics because it shows the potential of essential oils as a preservative for meat products, and provides an alternative to consumer demand for healthy foods with a more natural appeal.
The global essential oils market is expected to grow at a CAGR of 7.2% between 2023 and 2032, reaching a global revenue of USD 41.83 billion in 2032.
This growth is driven by increasing consumer focus on health benefits of natural and plant-based products, as well as increased awareness of the positive effects of aromatherapy on mental health.
This shows the potential for growth in the market and highlights the importance of consumer focus on health benefits and aromatherapy.
This information can be used to inform strategies for marketing and product development to capitalize on the growing demand for essential oils.
The global essential oils market size is estimated to be valued at USD 8.8 billion in 2022 and is projected to reach USD 15.3 billion by 2027, with Europe and North America being the biggest markets by region.
This statistic is important because it gives insight into the current and projected size of the essential oils market. It also provides insight into the regional breakdown of the market, which can be used to inform strategic decisions for companies in the industry.
This information can help companies to identify potential opportunities for growth and expansion in different regions.
The European essential oils market is expected to grow at a CAGR of 5.32% over the next five years, driven by the increasing popularity of aromatherapy in France and Germany.
The European essential oils industry is growing and that the top companies in the sector are well-positioned to benefit from this growth.
This information can be used by investors and industry analysts to make informed decisions about the European essential oils industry.
The European region is projected to be worth US$ 13.43 billion in 2032, with essential oils accounting for 15-20% of the global plant-based oils market.
Why it Matters: This statistic is important for the essential oil industry as it provides an indication of the potential growth and value of the European market.
It also provides an indication of the potential market share of essential oils in the global plant-based oils market, which can be used to inform strategic decisions.
Orange essential oils dominated the global essential oil market in 2022 with a revenue share of 23%, followed by Peppermint, Eucalyptus, and Rose.
This statistic matters in the context of Essential Oil Industry Statistics because it provides insight into the current market trends and consumer preferences.
It also helps companies in the industry to understand which essential oils are most popular and profitable, and to adjust their strategies accordingly.
Tea Tree oil is the most popular essential oil globally, comprising 36% of the market, and is expected to grow to 8 kilotons by 2024.
Tea Tree oil is the most popular essential oil globally and that demand is expected to increase in the future. This indicates that the Essential Oil Industry is growing and that Tea Tree oil is a key player in the industry.
The Food & Beverage segment holds the highest revenue share of 40.17% in 2022 and is expected to have a significant growth in the future.
The Food & Beverage segment is the most profitable and is expected to grow significantly in the future. This is important for companies in the industry to understand so that they can focus their efforts and resources on the Food & Beverage segment in order to maximize their profits.
The spa industry is driving the growth of the essential oils market, with 8.7% annual growth prior to 2020 and 1.6 million spas earning $68 billion in revenue globally.
The spa industry is a major contributor to the growth of the essential oils market, and that the industry was already growing at a significant rate prior to 2020.
This indicates that the essential oils market is likely to continue to grow in the future, which is beneficial for businesses in the industry.
The global aromatherapy market size was estimated at USD 1.6 billion in 2020 and is expected to expand at a CAGR of 11.6% from 2021 to 2028, with the consumables segment making up 78.2% of the global revenue share.
The global aromatherapy market is growing rapidly and that the consumables segment is the largest contributor to the market’s revenue.
This indicates that consumers are increasingly using essential oils for stress and anxiety relief, especially during the COVID-19 pandemic, which is a positive sign for the industry.
The aromatherapy market is expected to reach USD 9.57 billion by 2026, driving the production of essential oils and increasing the market share of key competitors.
The aromatherapy market is growing and that the essential oil industry is becoming more competitive.
This growth in the market is likely to lead to increased production of essential oils and greater market share for the key competitors.
Conclusion
In conclusion, the essential oil industry is a rapidly growing industry with a bright future. With the increasing demand for natural products, the essential oil industry is projected to continue to grow in the coming years.
The industry is also becoming more competitive, with new companies entering the market and established companies expanding their product lines. With the right strategies and a commitment to quality, essential oil companies can capitalize on the industry’s growth and become successful in the long run.
References
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