Essential oils are concentrated plant extracts that retain the natural smell or flavor of the essence it’s derived from, like peppermint. The essential oil market has become one of the most lucrative markets. Due to its versatility and uses across several industries like food and beverage, personal care, cosmetics, and aromatherapy.
In addition to the conventional uses of essential oils, they have also become a go-to resource for mental and health benefits which is projected to drive demand in pharmaceutical and medical applications. We’ve seen a steady increase in the interest and use of organic materials within several industries, which has been a contributing factor influencing consumer trends. Today we’re going to break down the lucrative industry of the essential oils market and the various trends that have emerged from these fragrant oils being used in a variety of ways.
How Big Is The Essential Oil Market
Chances are you’ve heard or smelled essential oils at one point in time in the past five years. These fragrant oils have infiltrated the market and become one of the most popular ways to invest in self-care in the past decade. Currently, the essential oils market size is projected to grow over 8% globally between 2021-2023 and that is coming off the heels of the US market reaching $18.6 billion dollars in 2020. Why are essential oils gaining popularity? Two words: health benefits.
As we mentioned earlier, essential oils are used in various industries that span many markets and that is because essential oils do not have any side effects. The essential oils market is fragmented by many companies all aiming to benefit from the multifaceted uses and benefits of essential oils, which allows steady competition as more prominent players invest in the market. Unlike most conventional medicines, the lack of side effects has proved to be lucrative for the health industry which has begun to incorporate essential oils in aromatherapy applications to treat Alzheimer’s, bronchitis, and various cardiovascular problems.
Essential Oils In North America
As we’re beginning to see the global market size of essential oils grow, there are ongoing studies into which emerging and established markets across the world are capitalizing on using essential oils in their products. Currently, North America is the largest market for essential oils with Asia projected to be the fastest-growing market to date.
North America drives the growth of the essential oils market due to the rising disposable income of consumers in developing regions like Mexico, Canada, and The United States. Consumers love to invest in natural, healthy, and nutritional products due to their health-conscious lifestyle and disposable income. Whether it’s energy drinks, multivitamins, crystals, or self-care books, the aging millennial is willing to dig into their pockets and spend more on recreational and lifestyle products they feel will enhance their quality of life.
The Rise Of Lavender Oil
Currently, there are over 90 types of essential oils with their own unique smells and potential benefits to offer consumers. With so many options to choose from, how do you determine the best essential oils blend for you? If you are new to using essential oils or considering them for your products, the best place to begin is with lavender. Lavender has become known as one of the best essential oils on the market due to several benefits like stress relief, antibacterial properties, moisturizing skin, allergy soothing, depression relief, and more.
Lavender emerged as a popular essential oil because it is a multipurpose oil, making it versatile across several industries. During an era when people are paying close attention to their mental and physical health, lavender is an essential oil that remains in high demand because of its relaxation properties. From 2013-2016 we saw the production of lavender essential oil skyrocket in countries like France once the popularity grew. When researching or purchasing an essential oil like lavender, make sure you are identifying a reputable distiller and whether the product is pure lavender or includes an essential oil blend.
We have previously mentioned the importance of essential oils and how they are used across various industries. One of the most popular therapeutic uses for essential oils is in the aromatherapy market, which is projected to grow 11% between 2021-2028. The growth of the aromatherapy market has been largely due to the rising awareness and therapeutic uses of essential oils, which the aromatherapy market uses heavily in its products. Aromatherapy is an alternative form of medicinal therapy that can help people recover from respiratory disorders, digestion problems, insomnia, mental health, and more.
The natural, mental, and physical health remedies of aromatherapy have made it a key player for incorporating essential oils and essential oil blends for various aromatherapy products. Aromatherapy products offer several options to consumers such as diffusers, skin health, personalized blends, and beauty products to name a few. As the essential oil market grows, we in turn will witness the development of aromatherapy trends and products that are used in spa and wellness centers, yoga studios, and healthcare facilities.
What Are the Best Essential Oil Blends?
Essential oils are a wellness item that has infinite benefits to improving a person’s health whether they are looking for better sleep, skin, or relaxation techniques. One of the ways people are currently using essential oils is by combining several oils to maximize the benefits versus a single-use oil. The best essential oils on the market range from scents like lavender and orange to peppermint and eucalyptus.
However, with over 90 types of essential oils on the market, it can be overwhelming trying to figure out how to blend your favorite scents efficiently. Each essential oil has its own individual properties and benefits that should be explored depending on your overall health and wellness goals. Research & find great blends for your products and pair them with luxurious glass packaging from Glassnow.