Global essential oil market: Europe is the largest market, and food and beverage applications are growing rapidly...

According to the latest report of Research Dive, a market research company in New York, the global essential oil market will receive a total revenue of 20.497 billion U.S. dollars by 2028. Based on the 10.35 billion U.S. dollars in 2020, the compound annual growth rate will be 9.20%.

Highlights of the report

During the epidemic, the global essential oil market has flourished because of people’s perception that essential oils have health benefits.

From a geographical perspective, the European essential oil market is expected to receive a total revenue of US$8.855 billion in 2020-2028, ranking first in the world.

In terms of category, during the forecast period, citrus essential oils are expected to receive a total revenue of up to 4.907 billion US dollars. Citrus essential oils have antiseptic properties and are widely used in home care products. The entire sub-sector is expected to continue to grow.

According to the downstream application industry, the food and beverage sub-sector in the essential oil market will receive a total of US$3.745 billion in revenue in 2020, and the total revenue is expected to expand to US$7.461 billion by the end of 2028. Essential oils used in food can prevent synthetic preservatives from causing viral infections in food, which is also the main growth driver of this sub-sector.

The driving force for the growth of the global essential oil market, in addition to the popularity of aromatherapy, also includes the favor of essential oils in the food and beverage industry.

Restrictions on the global essential oil market include that the production cost of essential oils is higher than that of ordinary oils. During the forecast period, this will become one of the major factors hindering market growth.

Big market player

1. Cargill

2. DuPont

3. DSM

4. Dotery International (Utah, USA)

5. Givaudan

6. Young Living essential oils (Utah, USA)

7. Liebermus (Indiana, USA)

8. Dezhixin

9. Senxin Technology

10. Essential Oils of New Zealand