The use of essential oils in the cosmetic and personal care industries is increasing as consumers are increasingly gravitating towards plant-based ingredients and natural products. Eastern culture has a huge influence on the beauty and fashion world. Essential oils are widely used in various cosmetic products for their excellent anti-aging properties, resulting in clearer and smoother skin. The sale of essential oils has gained huge traction in the cosmetic market due to their antioxidant activity. According to a new report from Persistence Market Research, the global essential oil market is set to register an impressive compound annual growth rate of about 8% over the next decade.
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The main content of market research
- Over ten years, the Indian and Chinese markets are expected to grow at a CAGR of 12.2% and 11.2%, respectively.
- In the Asia Pacific region, manufacturers are increasingly using essential oils in food and beverages, cosmetics and personal care, and aromatherapy due to the presence of large producers of herbal ingredients such as India, China and Thailand.
- Essential oils derived from herbs and spices are expected to exhibit a significant value CAGR of close to 10% due to their high nutritional value and increasing use in various industries.
- The essential oil market in Europe is expected to expand at a CAGR of nearly 8% through 2030.
- Germany, France and Russia have a large share of the European market, thanks to the increasing health awareness and high spending power of consumers.
- Establishing effective supply chains and distribution channels facilitates the easy availability of essential oils. The online distribution channel is expected to grow at a CAGR of more than 10% through 2030.
- The spread of COVID-19 has hindered the production of essential oils and disrupted essential oil supply chain activities. However, losses are expected to recover in the short term as demand for wholesome, nutritious and natural products increases.
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Competitive Landscape
Many major essential oil manufacturers have employed multi-level marketing techniques to reach more customers and expand their business. Growing awareness of the health benefits of essential oils has led to growth in retail sales, especially through convenience stores.
In addition to traditional over-the-counter sales, major players also offer products directly to customers through online sales channels. This allows customers to easily access the product. Manufacturers also provide wholesalers with provisions for bulk ordering of products through their website.
- For example, Do Terra recently reached the milestone of 5 million global customers thanks to the broad awareness and ease of access of its products.
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