Essential Oils Market Worldwide - Statistics & Facts

The origins of essential oils date back at least a thousand years, and have been used for medicinal purposes for at least as long. Essential oils are concentrated oils derived from plants that are described as containing “the essence” of the plant. Essential oil can be derived from nearly any plant matter imaginable, from flowers to tree bark. Today, essential oils are used less for medical purposes and more for aromatherapy, skincare, and alternative healing practices. A few of the most commonly used essential oils are tea tree oil, rosemary oil, and lavender oil. The market value of essential oils worldwide is expected to grow from around 17 billion U.S. dollars in 2017 to about 27 billion dollars by 2022. Europe accounts for the largest share of the global essential oils market, with the Asia Pacific region and North America tying for second place.

Essential oils play a major role in the manufacturing of scented oils, candles, and other scented products. In 2017, the essential oils industry in the United States saw an increase in revenue of nearly 10 percent, and is expected to reach about 7.3 billion dollars in market value by 2024. The essential oils that make up the largest share of the U.S. market are orange oil, corn mint oil, and eucalyptus oil.

As a country with a rich history of perfume manufacturing, France is also the top exporter of essential oils worldwide. In recent years, the export value of essential oils and resinoids from the United States has grown by nearly two billion U.S. dollars. Some countries cannot produce certain varieties of essential oil in large enough quantities to satisfy the local demand and must import them from other countries. Lebanon imports the most essential oils of any country worldwide, at around 13.75 billion U.S. dollars in 2017. Northern European countries such as Germany, the Netherlands, and the United Kingdom, account for nearly 80 percent of the orange oil imported to Europe.

Essential oils have seen a revival in popularity in the last several years, and do not appear to be a passing fad. In the United States, lemon oil and orange oil were in very high demand in 2017, at around 11 kilotons, and 7 kilotons respectively. Citric oils purportedly have antiseptic and anti-inflammatory properties, and can be used in diffusers or as a household cleaner. Tea tree oil is expected to grow in demand from 4.3 kilotons in 2017 to about 8 kilotons by 2024, and is often touted as a home remedy for acne and fungal infections.

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