Latest News- Essential Oil Market: Food and beverages is expected to lead the Application segment during 2024-2028

The Essential Oil Market is being driven by Health benefits of essential oils

The Essential Oil Market is expected to grow at a CAGR of 11.43% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10.30 billion. In the Essential Oil Market, ultrasonic diffusers represent a cutting-edge innovation for dispersing and delivering these fragrant compounds. Utilizing ultrasonic vibrations, these devices transform essential oils into microparticles, releasing them as a fine mist into the environment. This method is more efficient than traditional techniques, such as heat or fan diffusion, as it maintains the therapeutic properties and prolongs the fragrance duration. Ultrasonic diffusers offer additional benefits, including ease of use and minimal maintenance. Equipped with built-in timers and automatic shut-off features, they cater to both residential and professional applications. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Food and beverages
  • Recreation
  • Perfumes and others
• Distribution Channel
  • Online
  • Offline
• Geography
  • Europe
    • Germany
  • North America
    • Canada
    • US
  • APAC
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Health benefits of essential oils
• Expanding applications of essential oil across various industries
• Expanding retail space globally

However, the market also witnesses some limitations, which are as follows:

• Increasing availability of counterfeit products of essential oil
• Low awareness of essential oil in developing economies
• Enforcement of stringent regulations for essential oils

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Market Scope in Essential Oil Market Research Report

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Research Analysis Overview

The Essential Oil Market encompasses a diverse range of products, including Lavender Oil, Tea Tree Oil, Eucalyptus Oil, Peppermint Oil, Lemon Oil, Frankincense Oil, Rose Oil, Chamomile Oil, Geranium Oil, Ylang Ylang Oil, Bergamot Oil, Patchouli Oil, Vetiver Oil, Sandalwood Oil, Jasmine Oil, Neroli Oil, Clary Sage Oil, Rosemary Oil, Thyme Oil, Oregano Oil, Clove Oil, Cinnamon Oil, Ginger Oil, Grapefruit Oil, Orange Oil, Cedarwood Oil, Helichrysum Oil, Myrrh Oil, Juniper Berry Oil, Cypress Oil, Lemongrass Oil, Palmarosa Oil, Marjoram Oil, Basil Oil, Calendula Oil, Rosehip Oil, Jojoba Oil, Almond Oil, Avocado Oil, and Coconut Oil. These natural oils offer various health benefits and are widely used in aromatherapy, cosmetics, and food industries.

Market Research Overview

The Essential Oil Market, comprised of Essential Oils, Carrier Oils, Botanical Extracts, and Plant-Based Ingredients, falls under the Global Food Products Segment of the Global Food, Beverage, and Tobacco Market, according to Technavio. This segment encompasses food processing vendors engaged in extending shelf life and eliminating microorganisms. The Global Packaged Foods and Meats Market, which includes the Essential Oil Market, is calculated based on the consolidated revenue of participating vendors. Notably, this market does not encompass manufacturers of food processing equipment or producers of packaged alcoholic and non-alcoholic beverages, including mineral waters. This holistic health industry focuses on stress relief and anxiety relief properties, offering natural fragrances and therapeutic benefits.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/