In 2023, the UK imported 283.3 million kilograms of essential oils. Forecasts suggest steady year-over-year growth from 2024 to 2028, with an annual increase of approximately 4% in volume. The compounded annual growth rate (CAGR) for this period is projected at 3.81%, indicating a robust expansion in the import market for essential oils. Factors such as rising consumer demand for natural products and the expanding applications of essential oils in various industries are anticipated to drive this growth.
Future trends to watch for include:
- Changes in consumer preference for sustainable and ethically sourced essential oils.
- Technological advancements in extraction and production techniques.
- Potential regulatory changes affecting import tariffs and quality standards.
- Impacts of Brexit-related trade policies and relationships with major exporting countries.