Essential Oil Market Expected to Hit USD 31.3 billion by 2031, Growing at a 7.6% CAGR: Report by Transparency Market Research, Inc. [Yahoo! Finance]
GIVAUDAN SA UNSP/ADR (GVDNY)
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Source: Yahoo! Finance
Wilmington, Delaware, United States, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global essential oil market is projected to rise at a CAGR of 7.6% from 2023 to 2031 . As per the report published by TMR, a valuation of US$ 31.3 billion is anticipated for the market in 2031. As of 2023, the demand for essential oil is expected to close at US$ 17.5 billion. Increasing application of essential oils in aromatherapy, personal care products, food and beverage, pharmaceutical, and household cleaning industries, driving market growth. Increasing disposable income levels, particularly in emerging economies, enable consumers to spend more on premium and natural products like essential oils. This rising purchasing power fuels market expansion, especially in regions with a growing middle class. The rise in consumer preference for natural and organic options in skincare, haircare, and fragrances is propelling the demand for essential oils, sourced from plants and
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