Lucintel’s latest market report analyzed that essential oil based flavour and fragrance provides attractive opportunities in the fine fragrance, cosmetic & toiletry, soap & detergent, and aromatherapy end use industries. The essential oil based flavour and fragrance market is expected to reach $40.3 billion by 2028 with a CAGR of 4%. In this market, orange essential oil is the largest segment by product, whereas fine fragrance is largest by end use.
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Based on product, the essential oil based flavour and fragrance market is segmented into orange essential oil, corn mint essential oil, eucalyptus essential oil, pepper mint essential oil, and others. The orange essential oil segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, as it is highly used in the food and beverage industries to add a natural orange flavor to beverages, sweets, desserts, and various bakery and confectionary items.
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The Essential Oil based Flavour and Fragrance Market is marked by the presence of several big and small players. Some of the prominent players offering essential oil based flavour and fragrance include ADM, Agilex Fragrance, Akay Flavors & Aromatics, Alpha Aromatics, BASF SE, Bell Flavors & Fragrance, Biolandes, Comax MFG Corp, doTERRA International, and Elevance Renewable Sciences.
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