South Korea Essential Oil Market Overview, 2028

In the bustling heart of South Korea's vibrant markets, a fragrant revolution is underway, and it's all about essential oils. The South Korean essential oil market has evolved into a captivating blend of tradition and innovation. From the pristine landscapes of Jeju Island to the bustling streets of Seoul, a cornucopia of scents awaits each vial a story of botanical wonders and wellness. In this aromatic realm, the age-old wisdom of Eastern holistic healing mingles harmoniously with modern skincare trends, offering an olfactory journey that transcends mere fragrance. Here, essential oils become an art form, a reflection of South Korea's dedication to beauty, health, and the enchanting power of nature’s fragrant. The southern province of Jeollanam-do is another significant contributor to South Korea's essential oil industry. This region boasts lush forests and pristine landscapes that support the growth of various medicinal herbs and aromatic plants. One of the notable essential oils produced here is mugwort oil, recognized for its traditional healing properties and use in aromatherapy. Gangwon Province in the northeastern part of the country is known for its pine forests, which yield pine essential oil. This oil is valued for its fresh, invigorating scent and is often used in perfumery and natural cosmetics. In addition to these regions, South Korea's growing interest in aromatherapy and natural wellness has led to the cultivation of aromatic herbs and flowers in various parts of the country, including Gyeonggi Province and Chungcheong Province. The Korea Food and Drug Administration (KFDA) regulates the use of essential oils in cosmetic and skincare products to ensure consumer safety. According to the research report "South Korea Essential Oil Market Overview, 2028," published by Bonafide Research, the South Korea Essential Oil market is expected to grow at more than 7.48% CAGR from 2023 to 2028. The essential oil market in South Korea is experiencing robust growth as the country's consumers increasingly embrace natural and holistic approaches to health and wellness. This trend is driven by a growing awareness of the therapeutic benefits of essential oils, which are derived from various aromatic plants and used in aromatherapy, skincare, and home fragrance products. Moreover, South Korea's skincare and cosmetic industry, renowned for its innovation and focus on natural ingredients, has incorporated essential oils into a wide range of beauty products. South Korea engages in both the import and export of essential oils, reflecting its active participation in the global essential oil market. In terms of imports, South Korea procures a wide range of essential oils from various countries to meet the demands of its domestic industries, including cosmetics, perfumery, and aromatherapy. It's importer's are France (lavender oil), United States (Citrus oils), China (eucalyptus, tea tree, and citrus oils), Australia (tea tree oil), India (sandalwood, jasmine and various spice oils), and Spain (orange, lemon, and bergamot). On the export side, South Korea has been steadily increasing its presence in the international essential oil market. The country has developed a reputation for producing high-quality essential oils, especially from native plant species like the aforementioned Korean Pine, which yields pine needle essential oil. Korean companies have been exporting these oils to countries around the world, catering to the growing demand for natural and unique fragrances in various consumer products. South Korea's participation in essential oil exports not only bolsters its economy but also promotes its rich natural resources and expertise in the field. ¬¬¬

The report has been segmented on the basis of Type of essential oils. These types includes Citrus (Oranges, Tangerines/ Mandarins, Lemons and Limes, Grapefruit), Rosemary Oil, Geranium Oil, Lavender Oil, Rose Oil, Peppermint Oil, Clove leaf Oil , Eucalyptus Oil, Citronella Oil, Clove Bud Oil, Jasmine Oil, Tea Tree Oil, and Others (Dill Seed, Saffron, Grapeseed Oil, Cumin Seed, Nutmeg, Cedarwood, Frankincense, Sandalwood, Sage, Clove bud, Myrrh Oil, Juniper Berry, Cardamom, Black pepper, Ginger, Cinnamon, Basil, Spearmint oil, Jasmine oil, Turmeric, Vetiver, Acorus Calamus, Ajowan, Carrot Seed, Cassia, Celery, Curry Leaf, Cypriol, Davana, Fennel, Garlic, Ylang ylang). One of the most notable oil produced in South Korea is the Korean Pine (Pinus koraiensis), which is primarily grown for its pine needle essential oil. Lavender essential oil is beloved for its calming and soothing properties and in South Korea it also shows the great CAGR for the year 2023-2028. In South Korea, it is often used in aromatherapy and skincare products to promote relaxation and relieve stress. Tea Tree oil is frequently used in South Korean skincare products to address acne and skin blemishes. In South Korea mostly essential oil for cooking purpose includes grape seed oil and canola oil. Carrot seed oil is the secret beauty mantra in Korea. In the South Korean market, citrus oils hold a dominant position among essential oils. Citrus essential oils are highly favored for their refreshing and uplifting fragrances, making them popular choices for a variety of applications. The report is further segmented on the basis of essential oil applications, based on this; In South Korea, essential oils are primarily used in the skincare and cosmetics industry. The country is renowned for its innovative and advanced skincare products, and essential oils are often incorporated into these formulations to enhance their effectiveness and appeal to consumers. Korean Pine Needle essential oil, in particular, has applications in traditional Korean medicine and is used for its potential health benefits. South Korea is famous for its innovative cosmetics and skincare industry, often referred to as K-beauty. Essential oils are frequently incorporated into Korean skincare products, such as sheet masks, serums, and creams, to address various skin concerns and enhance the overall skincare experience. In the South Korean essential oil market, the food and beverage industry commands the largest market share in terms of the use of essential oils. South Korea's dynamic culinary scene and a growing interest in health-conscious and flavorful dining have contributed to the increased utilization of essential oils in this sector. By the Nature of essential oils, the report is further categorized into Conventional type and Organic type. The essential oil market in South Korea was indeed experiencing a shift towards organic essential oils, reflecting a broader global trend towards natural and organic products. Consumers in South Korea, like in many other parts of the world, were becoming more health-conscious and environmentally aware, which led to an increased interest in organic and natural alternatives. While organic essential oils were gaining popularity, it's essential to notice that conventional essential oils still held the highest market share. This was primarily because conventional essential oils were more widely available, often at a lower price point, and were used in a variety of industries, including food, cosmetics, and personal care. By the method of extraction of essential oils, the market is classified into different processes which are Distillation, Cold press extraction, Carbon dioxide extraction, Solvent extraction, and other extraction methods (resin tapping and maceration). In South Korea, as in many other countries, the most widely used method for essential oil extraction is distillation. Distillation is a traditional and well-established technique known for its efficiency and ability to preserve the aromatic compounds of plant materials. Cold press extraction, also known as cold-pressing or expression, is another method used for citrus oils like orange and lemon oils. It involves mechanically pressing the oils from the peels of citrus fruits, and it is known for producing high-quality oils that retain their natural fragrance. While carbon dioxide extraction, solvent extraction, and other methods like resin tapping and maceration are used for specific essential oils and in certain applications, they are not as commonly utilized in the South Korea compared to distillation and cold press extraction. Direct distribution, retail distribution, MLM (multilevel marketing) distribution, online, and others (craft fairs and trade shows, home parties and workshops, beauty salons, alternative medicine practitioners, etc.) are the several ways that essential oils are distributed. In South Korea, there were many different distribution methods for essential oils, but the direct distributional channel followed by retail distribution channel which includes health food stores, pharmacies, and specialty shops often held a sizable market share. The COVID-19 pandemic has had both positive and negative effects on the essential oil market in South Korea. On the positive side, the pandemic heightened public awareness of health and wellness, leading to increased interest in natural and holistic remedies, including essential oils. Many Korean’s turned to aromatherapy and essential oils as a means to reduce stress, anxiety, and promote relaxation during the challenging times of lockdowns and social distancing measures. Additionally, the pandemic accelerated the growth of e-commerce, making it easier for consumers to access essential oils online. This shift in consumer behavior boosted online sales for essential oil retailers and allowed consumers to explore a wider range of products and brands. However, the pandemic also posed challenges for the essential oil market in South Korea. Supply chain disruptions and travel restrictions impacted the sourcing and distribution of essential oils, leading to potential delays and fluctuations in availability. Furthermore, the economic impact of the pandemic affected consumer spending, potentially influencing purchasing decisions in the essential oil market. Considered in this report: • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report: • South Korea Essential Oil market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type: • Citrus (Oranges, Tangerines/ Mandarins, Lemons and Limes, Grapefruit) • Rosemary Oil • Geranium Oil • Lavender Oil • Rose Oil • Peppermint Oil • Clove leaf Oil • Eucalyptus Oil • Citronella Oil • Clove Bud Oil • Jasmine Oil • Tea Tree Oil • Others (Dill Seed, Saffron, Grapeseed Oil, Cumin Seed, Nutmeg, Cedarwood, Frankincense, Sandalwood, Sage, Clove bud, Myrrh Oil, Juniper Berry, Cardamom, Black pepper, Ginger, Cinnamon, Basil, Spearmint oil, Jasmine oil, Turmeric, Vetiver, Acorus Calamus, Ajowan, Carrot Seed, Cassia, Celery, Curry Leaf, Cypriol, Davana, Fennel, Garlic, Ylang ylang)

By Application: • Food & beverages • Cosmetics • Aromatherapy • Healthcare • Home care • Other applications (feed, insecticides, and paints) By Nature: • Conventional • Organic By Method of Extraction: • Distillation • Cold press extraction • Carbon dioxide extraction • Solvent extraction • Other extraction methods (resin tapping and maceration) By Distribution Channel: • Direct Distribution • Retail Distribution • Mlm Distribution • Online • Others (Craft Fairs and Trade Shows, Home Parties and Workshops, Beauty Salons, Alternative Medicine Practitioners, etc.) The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Essential Oil industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.