Essential Oil Manufacturing in the US - Industry Market Research Report

Essential Oil Manufacturing in the US

Volatile shifts in consumer demand and market conditions have hurt the Essential Oil Manufacturing industry's expansion through the end of 2023. Essential oils have seen a revival in their popularity amid a growing consumer shift to natural, eco-friendly alternatives of everyday products, aiding industry revenue. However, falling disposable income in the year marked by rising inflationary pressures, along with decreasing demand from cosmetic and beauty products manufacturers, have dampened industry demand. Similarly, the rising costs that come with manufacturers, which include having a consistent line of workers and many machineries to process these plant extracts, have continually pressured profit. Revenue is set to decrease at a CAGR of 2.1% through the end of 2023 to $1.3 billion, including a projected 2.6% increase in 2023 alone.

The Essential Oil Manufacturing industry develops and produces concentrated hydrophobic liquids that contain aroma compounds from plants. An oil is essential in the sense that it carries a distinctive scent or essence of a particular plant. This industry does not include products manufactured for medical, pharmacological or culinary purposes.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.