Scent-sational Growth: Health and Wellness Trends Propel the Essential Oil Industry to New Heights

The Essential Oils Market Report by SkyQuest provides a comprehensive overview of the current market scenario and forecasts for the future. The report is for the forecast period of 2022 to 2030. A compound annual growth rate (CAGR) of 7.8% is forecast for the Essential Oil Market, with USD 39.5 billion reaching USD 39.50 billion by 2022. The forecast is based on various facts and events such as an increasing interest in the health and wellness domain, which has fueled the growth of the essential oil industry throughout the world. The essential oils that are derived from plants have been considered the natural remedy for a large number of health conditions since they possess antimicrobial, anti-inflammatory, and antioxidant properties. Their increased use in Aromatherapy, a holistic healing therapy, further increases the demand for these oils.

SkyQuest’s Essential Oils Market Report also mentions that nearly 70% of consumers are ready to pay for premium organic products that promote health and wellness. It means that people are willing to pay a high amount for essential oils that are high quality, pure, & natural. Another important finding of this report is that 60% of consumers give priority to health and wellness which directly enhances the demand for essential oils.

Two More Important Findings of SkyQuest’s Latest Global Research

• 63% of consumers are giving preference to natural flavorings in their food and beverages. It will lead to a higher demand for organic food items and hence elevated use of essential oils as flavor sources in the food industry.
• In the segment of personal care products, there is an increased awareness of the harmful effects of chemicals. Hence, the demand for its natural and organic alternatives has risen. Because of this, 49% of consumers choose natural ingredients like essential oils for their personal care products.

The latest assessment has proven the significant role of Personal Care and Cosmetics Applications in the rapid acceleration of the Essential Oil Industry in the year 2022. This acceleration is expected to persist from 2023 to 2030. One company, India Aroma Oils And Company, is capitalizing on the increased health and wellness trend and reaching new levels of success in the essential oil industry. The company is based in India from where it is serving the international markets of Switzerland, Thailand, the U.S.A, China, South Africa, France, Canada, & Australia. The prominent products of this company are Floral Absolutes Oils, Organic Essential Oils, Therapeutic Grade Essential Oils, CO2 Extracts Oils, Natural Food Colors, Wildcrafted Essential Oils, and Body Spa & Massage Oils, to name a few.

SkyQuest’s Essential Oils Market Report states that North America will be the major contributor to the essential oil industry from 2022 to 2030, with a growth of 7.82% CAGR. Increasing demands for natural fragrances and aromatherapy as well as personal care products, household cleaning products, and essential oils for natural pesticides are among the reasons for the expansion in this area. In North America, the implementation of the American Botanical Council’s Sustainable Herbs Program has given high dividends via the promotion of ethical & sustainable sourcing of essential oils and other botanical raw materials. In addition to providing certification to companies that source and produce botanicals responsibly, the program also recognizes ethical sourcing and production practices.

Top 3 Parameters of Essential Oil Industry w.r.t. Health and Wellness Trends.

1. Health Benefits: The essential oils are acknowledged for their antimicrobial, anti-inflammatory, and antioxidant properties. Because of these features, the organic and natural oils are ideal for mental as well as physical well-being. For instance, Lavender oil, which is one of the most common essential oils, is used for its calming and stress-relieving effects, whereas tea tree oil is known for its antimicrobial properties. Further, peppermint oil is demanded because of its digestive advantages, and eucalyptus oil is used for its benefits in assorted respiratory issues. With persistent scientific research in this domain, the credibility of all essential oils as natural remedies are growing, which is further driving the market’s expansion.
2. Aromatherapy: This is a Holistic healing practice in which aromatic compounds of essential oils are predominantly used for promoting physical as well as psychological well-being. In aromatherapy, essential oils can be used via massages, diffusers, and many other therapeutic applications. With every passing year, aromatherapy is preferred in various settings such as spas, wellness centers, and even hospitals, where a soothing and healing environment is created by using Essential oils. Such types of Health and Wellness trends are propelling the Essential oil industry throughout the globe.
3. E-Commerce: The introduction of new technologies in e-commerce has resulted in quick and simple access to the widest possible range of essential oils. It is true in all countries, where it is also possible to compare prices and find out assorted options of natural oils in terms of cost, quantity, packaging, and delivery. Because of this reason, more people are inclined to purchase these oils, resulting in the growth and progress of the essential oil market.

Final Words

Based on the findings of SkyQuest’s Essential Oils Market Report, the future of the global essential oil market looks scent-sational with its promising trajectory. The propulsion witnessed in the present market and the one expected in the coming years is particularly because of the growing awareness of people regarding Health and Wellness. These trends are the primary fuel that propels the global essential oil market.