A renowned American aromatherapy and essential oils market player Honé has recently announced that it is proudly taking the concept of aromatherapy several notches up with its all brand new ‘essential oil scented nose diffuser.’ Honé’s introduction of a remarkable and innovative way of reducing unpleasant smell by wearing a discreet nose diffuser has been touted to help the company garner substantial proceeds in the years ahead. For the record, the nose diffuser is an essential oil scented and flexible nose ring designed to prevent odors from entering the nose, while giving a pleasant effect on the users’ mood & daily routine. The company, for its essential oil scented nose diffuser, has launched a campaign to raise crowdfunds on Kickstarter.

U.S. Essential oils Market Size, By Product, 2017 & 2024, (Kilo Tons)

Another instance worth mentioning is of Airtab, which is a social engagement app, and has recently launched a platform dedicated to mixology events hosted by dōTERRA® Wellness Advocates that will be emphasizing on preparing cocktails infused with essential oils. With all these aforesaid instances in view, it wouldn’t be wrong to quote that the use of essential oils has exploded to new heights in the past few years. The unprecedented surge in product innovation and increasing R&D investment for developing alternative remedies from essential oils have turned this once small-scale business into a multi-billion-dollar industry, with global essential oils market valuation surpassing USD 7.16 billion in 2017.

The remarkable industry valuation also throws lights on the growing popularity of essential oils in the cosmetics & toiletries, fragrances, aromatherapy, food & beverage, pharmaceutical, and other sectors. Reliable reports claim that the overall essential oils industry share garnered hefty remuneration from the food & beverage application, given the extensive demand for black pepper, rosemary, clove, orange, lemon, and cinnamon oils for cooking and flavoring cuisines & beverages. Another vital factor driving the demand of essential oils market from the F&B industry is the supportive FDA regulations regarding the approval of natural, plant-based and organic oils, offering antimicrobial and antioxidant properties, for consumption. Analyzing these emerging trends, estimates claim that the global essential oils market from F&B application is projected to surpass 145 kilo tons of demand by 2024.

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Aromatherapy is forming another lucrative application segment, which is gaining immense traction of late, given the growing population looking for alternative remedial treatments and replacement for pharmaceutical drugs. Rising demand form health conscious consumers for aromatherapy to balance their mental and physical well-being is expected to significantly fuel the product demand. With an estimated valuation of over USD 2.5 billion by 2024, aromatherapy application is expected to be nothing but a profitable growth avenue for essential oils market.

Speaking along similar lines, lavender, tea tree, orange, and mint are few among the other popular essential oil products witnessing extensive demand in the recent years. Therapeutic benefits of these oils, have pushed the commercialization matrix of this business space to next level. Say for example, lavender oil has been shown effective in relieving nervous tension and stress to improve productivity. It is moreover being used in combating serious health issues such as chronic anxiety, stress, cancer, and has also proved beneficial in reversing the signs of ageing, headaches, and pain relievers. The extensive demand for lavender oils from aromatherapy, pharmaceutical, and cosmetic applications is further expected to stimulate the essential oils market size in the ensuing years. Research reports project the overall lavender oils market to exceed demand of over 20 kilo tons by 2024.

This potential growth statistics surrounding the application and product landscape of essential oils industry is indicative of better expansion prospects within the wellness industry. As of now however, though their use is gaining traction, scientific research and development into essential oils are still in the embryonic stages. Growing investment in R&D projects for innovative oil extraction techniques and development of microencapsulation of these products will further have a remarkable influence on the profitability quotient of this business sphere. A presumption bearing testimony to the same is of Global Market Insights, Inc., that claims the global essential oils market to hit a remuneration portfolio of USD 13 billion by 2024.

Author Name : Ojaswita Kutepatil