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The global essential oils market size was USD 16 Billion in 2022 and is expected to reach USD 44.37 Billion in 2032.

NEW YORK CITY, NEW YORK, UNITED STATES, May 5, 2023 /EINPresswire.com/ -- Essential Oils Market Overview:

The essential oils market is projected to experience significant growth over the forecast period, with the global market size increasing from USD 16 billion in 2022 to an expected USD 44.37 billion in 2032, at a rapid revenue CAGR of 12%. This growth can be attributed to several factors, including the rising demand for natural and organic products, increasing awareness of the health and wellness benefits of essential oils, and the growing preference of consumers for personal care and cosmetic products containing essential oils. Essential oils are extracted from natural sources, such as plants, herbs, and flowers, and are used in a variety of applications, including aromatherapy, skincare, and hair care products.
Furthermore, the market is being driven by the increasing demand for natural and organic goods as consumers become more conscious of the harmful chemicals present in traditional beauty and personal care products. As a result, consumers are opting for safe, natural, and organic alternatives, with essential oils being a popular choice as a healthy and natural substitute for artificial scents and additives.

Essential Oils Market Segments:

The report coverage includes a revenue forecast, company ranking, competitive landscape, growth factors, and trends, providing a comprehensive overview of the essential oils market. The market is segmented by product type outlook, application outlook, and regional outlook, offering a detailed analysis of the market across various parameters.
The rising demand for natural and organic products, increasing awareness of the health and wellness benefits of essential oils, and the growing preference for personal care and cosmetic products containing essential oils are the major factors driving the growth of the essential oils market. Essential oils, extracted from natural sources such as plants, herbs, and flowers, are widely used in aromatherapy, skincare, and hair care products for their therapeutic effects.
As consumers become more conscious of the harmful chemicals present in traditional beauty and personal care products, there is a rising demand for natural and organic goods. Essential oils are a popular choice as a healthy and natural substitute for artificial scents and additives, further driving the growth of the market.
Overall, the essential oils market is expected to experience significant growth during the forecast period, driven by the factors mentioned above, and the market segmentation provided in the report offers a comprehensive understanding of the market across various parameters.

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Essential Oils Market: Strategic Developments

In 2021, doTERRA International LLC acquired AgroSciences, an essential oil distillery and processing company, and merged it with its subsidiary, Esseterre Bulgaria EOOD. The aim of this acquisition was to strengthen doTERRA's position in the global essential oils market and expand its essential oil portfolio.
In 2020, Young Living Essential Oils acquired Nature's Ultra, a CBD company, with the intention of expanding its market reach and enhancing its essential oils product portfolio.
In the same year, Rocky Mountain Oils LLC formed a strategic partnership with Avrio Health, a consumer health products company, to extend the distribution of its essential oils and related products in North America.
In 2019, Edens Garden Inc. collaborated with One Tree Planted, a non-profit organization, to plant one tree for each order placed on its website. This initiative was aimed at promoting sustainable practices and environmental conservation.
Also in 2019, Plant Therapy Essential Oils launched its "PT Perqs" loyalty program, which offers rewards and discounts to customers for their loyalty and repeat purchases.

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Essential Oils Market: Competitive landscape

The global essential oils market is highly competitive and consists of a large number of small, medium-sized, and large players. These players account for a majority of market revenue and are constantly striving to increase their market share. To achieve this, major players are deploying various strategies such as mergers and acquisitions, strategic agreements and contracts, and introducing innovative products.
Among the major companies in the global essential oils market are doTERRA International LLC, Young Living Essential Oils, Sydney Essential Oil Co. (SEOC), Florihana Distillery, Radha Beauty Products LLC, Plant Therapy Essential Oils, Rocky Mountain Oils LLC, Aura Cacia, Edens Garden Inc., Falcon Essential Oils, and Fragrant Earth International.
These companies have a strong presence in the global essential oils market and are constantly innovating to improve their product offerings and expand their market reach. They are also investing in research and development activities to enhance the therapeutic benefits of their products. In addition, they are implementing sustainable practices to ensure the responsible sourcing of raw materials and promote environmental conservation.

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