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According to MarketsandMarkets, the global essential oils market size is estimated to be valued at USD 8.8 billion in 2022 and is projected to reach USD 15.3 billion by 2027, recording a CAGR of 11.8% in terms of value. The essential oils provide plants with their characteristic smell and safeguard them from external stress conditions. Apart from imparting fragrance, essential oils have healing properties due to their potent antioxidant, anti-inflammatory, anti-viral, and anti-microbial properties. It is due to these qualities that essential oils find usage in a wide array of applications starting from food & beverages and aromatherapy to cosmetics & toiletries, home care, health care, and feed.

Key players in this market include Cargill, Incorporated (US), DSM (Netherlands), Givaudan (Switzerland), International Flavors & Fragrances Inc. (US), Sensient Technologies Corporation (US), Symrise (Germany), Robertet SA (France), MANE (France), doTERRA (US), NOW Foods (US), Lebermuth, Inc. (US), BIOLANDES (France), Norex Flavours Private Limited (India) and India Essential Oils (India).

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Cargill, Incorporated is one of the largest globally diversified services companies, catering to the demand in various industries. The company has its global operations in major key segments: Food Ingredients & Bio-Industrial, Animal Nutrition, Protein & Salt, Agricultural Supply Chain, Metals & Shipping. It offers essential oil products under its animal nutrition segment to support animal health and performance. The company operates in 70 countries and has a sales presence in nearly 125 countries across North America, Latin America, Asia Pacific, Europe, the Middle East, and Africa. Some of the subsidiaries of the company include Cargill Limited (Canada), Cargill Enterprises Inc. (Russia), Cargill Asia Pacific Holdings Pte Limited (Singapore), and Cargill Investments (China) Ltd.

In January 2022, Cargill, Incorporated launched advanced formulations in the brand- Nutrena NatureWise, which contains essential oils from oregano, thyme, rosemary, and star anise, which maximize birds’ laying performance and reduce ammonia emissions. This increases the customer base with a preference for natural ingredients in poultry feed.

Givaudan has two major segments, namely, taste and wellbeing, and fragrance and beauty. Under the taste and wellbeing, it offers beverages, savory snacks, sweet goods, dairy, and under the segment of the fragrance and beauty there are customer products of personal, home, fabric, and oral care brands along with active ingredients and fine fragrances. The company offers essential oils under the fragrance segment; the company manufactures perfumes with specialized natural ingredients, which include different natural sources such as patchouli, tonka beans, benzoin, lavender, and sandalwood.  The company has a strong global presence in over 185 locations worldwide, with over 79 production sites and 69 creation and application centers. It operates its business through different subsidiaries, some of which include Givaudan Fragrances Ltd. (Shanghai), Givaudan Ltd (Thailand), Givaudan Flavors Ltd (China), and Givaudan Flavors Pvt Ltd (India).

In April 2022, SaniScent™ Essential Oils was launched by Givaudan as a new product range by understanding the market for hygiene and wellbeing and expanding its product range in the new segment. Conveying the hygiene message through a collection of essential oils which cover a wide range of olfactive territories. In February 2022, Givaudan acquired Myrissi (France). The acquisition of Myrissi would enable Givaudan’s long-term Fragrance & Beauty strategy; their expertise in AI would support Givaudan in proposing new organoleptic approaches to consumers.

International Flavors & Fragrances Inc. (IFF) was the result of a merger between Polak & Schwarz (Netherlands) and van Ameringen-Haebleris (US) in 1985 which made it a global supplier of flavors and fragrances. There are majorly four domains in which the business operates: Nourish, Health & Biosciences, Scent, and Pharma Solutions. It offers essential oils under the upcycled segment. The company is in more than 40 countries and serves 160 countries. IFF has 210 manufacturing facilities, creative centers, and application laboratories in 45 different countries. With its major manufacturing units in the United States, The Netherlands, Spain, Great Britain, Germany, Indonesia, Turkey, Brazil, Mexico, Slovenia, China, India, Ireland, Finland, Denmark, Belgium, and Singapore. The company operates through its different subsidiaries such as International Flavors & Fragrances Ltd. (China), International Flavors & Fragrances I.F.F. Ltd. (UK), International Flavors & Fragrances I.F.F. A.G. (Switzerland), International Flavors & Fragrances Ltd. (Hong Kong), International Flavors & Fragrances Ltd. (Japan), International Flavors & Fragrances Pty. Ltd. (Australia), and International Flavors & Fragrances Sp.z.o.o. (Poland).

In February 2021, DuPont’s Nutrition& Biosciences (Denmark) has merged with International Flavors & Fragrances Inc.  IFF, which supplies binders, plant-based proteins, and texturants which has increased the revenue exponentially and broadened the customer base for sustainable growth.

Related Reports:

Essential Oils Market by Product Type, by Application (Food & beverages, Cosmetics & toiletries, Aromatherapy, Home care, and Health care), Source (Fruits & vegetables, Herbs & spices, Flowers), Method of Extraction and Region - Global Forecast to 2027

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