Essential Oils Market Key Insights | Report to 2030
Essential Oils Industry Overview The global essential oils market size was valued at USD 23.74 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2030. This is attributable to increasing demand from major end-use industries such as food & beverage, personal care & cosmetics, and aromatherapy. Increasing consumption of beer and other alcoholic beverages is expected to enhance the expansion of flavors market. Essential oils contain complex, volatile chemical compounds, which are known for their antifungal, antibacterial, anti-inflammatory, and antiviral properties. Unlike most of the conventional medicines and drugs, these oils have no major side effects. Such factors are projected to be the major driving factor for market growth. Conventional medicines and drugs are also using pleasant smelling aroma compounds to create appealing products, mainly for chemicals that emit undesirable odors. Essential oils are al...