As per a new report by Persistence Market Research, the global essential oils market is set to experience an impressive value growth of around 8% CAGR over the next ten years.

Use of essential oils is increasing in the cosmetics & personal care industry, owing to rising inclination of consumers toward plant-based ingredients and natural products. Eastern culture has a huge influence on the beauty and fashion sector. Essential oils are used in a wide range of cosmetic products due to their outstanding properties to fight ageing, which results in clearer and smoother skin. Owing to their anti-oxidant activity, sales of essential oils are gaining immense traction for use in the cosmetics market.

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Key Takeaways from Market Study

• The market in India and China is expected to surge at CAGRs of 12.2% and 11.2%, respectively, over the decade.
• In Asia Pacific, manufacturers are increasingly using essential oils for application in food and beverages, cosmetics & personal care, and aromatherapy, owing to the presence of large herbal ingredient producing countries such as India, China, and Thailand.
• Essential oils sourced from herbs & spices are expected to exhibit significant value CAGR of close to 10%, owing to their high nutritional value and increasing use across various industries.
• The essential oils market in Europe is projected to expand at a CAGR of close to 8% through 2030.
• Germany, France, and Russia account for a significant share of Europe’s market, powered by rising health consciousness and high spending power of consumers.
• Establishment of efficient supply chain and distribution channels is facilitating the easy availability of essential oils. The online distribution channel is expected to witness growth of more than 10% CAGR through 2030.
• Spread of COVID-19 has hampered production and disrupted the supply chain activities of essential oils. However, with increasing demand for health-beneficial, nutrient, and natural products, losses are expected to be recovered in the near term.

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“Aromatherapy practices are gaining immense traction owing to increasing demand for replacement of pharmaceutical drugs and therapeutic techniques for mental and physical well-being. Thus, manufacturers could gain increased profits by targeting aromatherapy manufacturers” says a Persistence Market Research analyst.