Surging Essential Oils and Oleoresins Market to Exceed US$ 23.4 Billion by 2032, Shaping Global Consumer Trends in Europe, USA, and Beyond

The Essential Oil and Oleoresins market is experiencing remarkable growth in the food industry. With increasing consumer demand for natural and healthy ingredients, these products are gaining popularity as flavor enhancers and natural preservatives. Their versatility and potential health benefits have led to wider adoption by food manufacturers, driving the market’s expansion.

The market for essential oils and oleoresins is expected to reach US$ 12,567 million in 2022 and grow at a 6.5% CAGR to US$ 23,479 million by 2032. Growth is credited to the growing application in personal care and consumer goods. A CAGR of 5.7% was recorded for the market for essential oils and oleoresins from 2016 to 2021.

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Essential oils, which are unprocessed plant materials used in food and beverage production, are primarily used to enhance the flavour and aroma of food products. They are derived from oleoresins, one of the best sources of essential oil. Oleoresins and essential oils can both be created using solvent extraction or distillation. Essential oils and synthetic chemicals are fiercely competitive with one another in the fragrance industry since both can be used to improve or enhance the flavour and aroma of food.

The growing acceptance of aromatherapy, which combines both essential oils and other aromatic compounds for its curative properties, is what is driving the increase in demand for high-quality oils. Over the course of the forecast period, the demand for natural perfumes and cosmetics is expected to grow, which will likely have an impact on the global market for essential oils and oleoresins.

The market is expected to increase as a result of the rising demand for essential oils in a variety of end-user industries, including curry powder, soup, bakery and confectionery, and drinks. Another factor promoting the expansion of the world market for essential oils and oleoresins oils is consumers’ rising demand for savoury cuisine.

Essential Oils and Oleoresins Market Driven by Consumers’ Demand for Natural Food Products

Since customers are shifting to consuming food products made from natural sources, demand for essential oils and oleoresins has increased across a number of end-user industries, including drinks, bakery and confectionery, soup, and curry powder. Solvent extraction is a method used to extract essential oils from botanical sources. They are used in the food and beverage industries because of their distinctive scent. Additionally, they are employed in the production of cosmetics and natural perfumes in the fragrance and flavour sector. These features are expected to cause the market for essential oils and oleoresins to develop significantly during the next years.

Increasing Application in Various Household Items

There is diversity in the application of essential oils and oleoresins. They are often used in the pharmaceutical industry for the production of mouthwash and toothpaste. Essential oils and oleoresins also find application in the cosmetic industry where they are used to produce the aromatic scent gotten from body lotion, cream, and many more. Consumers’ demand for these items is a significant factor fueling the surge in demand for essential oils from the pharmaceutical industry, cosmetic industry, perfumery industry, and others. The rise in demand will also facilitate the growth of the global essential oils and oleoresins market.

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Essential Oils and Oleoresins Market Restraint

The growth of the global essential oils and oleoresins market is threatened by the surge in the price of high-quality products that essential oils are used to produce. Consumers are often discouraged when the cost of items is high in the global market. A rise in the price of a product will foster consumers to switch towards the consumption of items with similar quality but a low price. And this will hamper the growth of the essential oils and oleoresins market globally.

Essential Oils and Oleoresins Market: Region-wise Analysis

The Asia Pacific is slated to experience rapid growth during the forecast period due to the rising preference of consumers and manufacturers for food items such as black pepper, cloves, and others. North America is the next region expected to witness significant growth over the forecast period. Countries like India and China are in high demand for essential oils and oleoresins. For this reason, the Asia Pacific is expected to register a healthy CAGR over the forecast period.

Essential Oils and Oleoresins: Competitive Landscape

• doTERRA International LLC
• Mountain Rose Herbs, Inc.
• Synthite Industries Ltd.
• Clarion Casein Ltd.
• Universal Oleoresins Private Limited
• Young Living Essential Oils LC

Region-wise Analysis

• North America (U.S., Canada)
• Latin America (Mexico, Brazil)
• Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
• East Asia (China, Japan, South Korea)
• South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
• Oceania (Australia, New Zealand)
• Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)