Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Vetiver Oil market.
Trusted Business Insights presents an updated and Latest Study on Vetiver Oil Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Vetiver Oil market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Vetiver Oil Market
The global vetiver oil market demand was estimated at 408.8 tons in 2019. It is estimated to expand at a volume-based CAGR of 7.8% from 2020 to 2027. Mounting demand for flavor and fragrances by end-use industries such as personal care and cosmetics, perfumery, and food and beverage is projected to drive the market.
The growing use of vetiver oil in medical applications is expected to fuel market growth over the forecast period. Vetiver oil offers benefits such as cooling and soothing effect that helps soothe all sorts of inflammation. It provides relief from inflammation in both circulatory and nervous systems and thus, is used for treating the irritation caused by dehydration and sunstroke. Vetiver oil helps patients suffering from muscular aches, arthritis, gout, and rheumatism.
The demand for vetiver oil is rising among fragrance manufacturers owing to its smoky and woody aroma. The chemical composition of the product and its solubility in alcohol are expected to improve its miscibility, thereby, making it a unique ingredient in perfumes. Vetiver oil is used to develop products such as lotions, cosmetics, perfumes, and deodorants. It is also used in making fragrant materials such as potpourri, which is a mixture of spices and dried flower petals kept in a jar for fragrance. Key players such as Guerlain, Ermenegildo Zegna, and Adolfo Dominguez produce vetiver fragrances, namely Haitian Vetiver by Zegna and Vetiver Bourbon by Miller Harris.
Raw materials required for the production of vetiver oil and derived fragrances are highly susceptible to natural disasters, disease outbreaks, changing agricultural practices, and political upheaval. Vetiver cannot be synthesized artificially in laboratories and need to be sourced from actual plant matter. In addition, stringent regulations related to farming coupled with the severe environmental impact of these operations have restricted farming activities and decreased the supply of raw material for vetiver oils production.
Application Insights of Vetiver Oil Market
In 2019, personal care emerged as the largest application sub-segment under spa and relaxation. Essential oils are majorly employed in cosmetics, toiletries, and fragrances. In terms of personal care, vetiver oil finds various applications including the beautifying of hair and skin, perfumery makeup, and color cosmetics. Aromatherapy emerged as the second-largest sub-application segment under spa and relaxation in terms of volume. The growth of this sub-segment can primarily be attributed to the changing lifestyle of consumers around the world. Busy and hectic lifestyle has created a significant requirement for stress relieving therapies, thereby propelling the demand for aromatherapy.
Vetiver oil is extensively utilized in home cleaning products owing to its antibacterial, anti-greasing, and antimicrobial properties. The application of this essential oil in natural cleaning recipes helps create an environment free of toxic chemicals, grime, and germs since it has antibacterial and antimicrobial properties. Additionally, it is preferred for its pleasant scent. Consumers even opt for homemade formulations of cleaners and sprays infused with vetiver oil. Growing preference among manufacturers of home cleaning products in the formulation of all-purpose cleaners is expected to further drive the vetiver oil market.
Regional Insights of Vetiver Oil Market
The market is anticipated to show positive growth over the forecast period owing to the development of the perfumery and pharmaceutical sector in Europe. Europe is observed to contribute more to the adoption of medical and cosmetic products infused with vetiver oil. Vetiver oil in the region is used to treat several health issues such as breathing problem, arthritis, rheumatism, and cramps. Germany, Netherlands, U.K., France, and Spain are prominent importers and consumers of essential oils in Europe.
The Asia Pacific market is anticipated to observe notable growth in the near future owing to rapid development in the end-use industries such as fragrance, cosmetics, and pharmaceuticals. Vetiver oil is broadly used in the food and beverage sector as a flavoring ingredient, especially in khus syrups. It is also utilized as a flavoring ingredient for preparing milkshakes, ice creams, and yogurts in the region. Moreover, its anti-microbial properties, are anticipated to surge vetiver oils usage in the Asia Pacific pharmaceutical industry to manufacture ointments. Mounting demand for fragrance-giving and therapeutic oils in the Asia Pacific region is owing to increasing preference for natural and convenient options to allopathy products.
Market Share Insights of Vetiver Oil Market
Key market participants include Aromatic Herbals Private Limited, Unicode S.A, Frager SA, Manohar Botanical Extracts Pvt. Ltd., Rajkeerth Aromatics and Biotech Pvt. Ltd., Imperial Extracts, and Amphora Aromatics Ltd. Key player such as Frager SA emphasizes on processing and harvesting of plants in compliance with sustainable farming techniques. The company emphasizes on strategies such as low operating costs, direct distribution, and technological advancements, which enables it to cater demand from emerging economies such as China and Brazil.
Rajkeerth Aromatics and Biotech Pvt. Ltd., are engaged in manufacturing the product through processes such as solvent extraction process, functional distillation, hydro and steam distillation, perfume compounding, and resinoid benzoin. The company manufactures the product which has widespread usage in erosion control, perfumery and aromatherapy, medicinal use, and in-house uses. For instance, in South Asia, vetiver roots are utilized for the replacement of wood or straw shaving pads in evaporative coolers.
Key market participants are engaged in R&D activities focusing on product differentiation by launching various grades and folds. In addition, these participants are expanding in terms of production capacity and infrastructure with the aim to cater to the growing product demand. Increasing participation in the value chain from medium to small-scale manufacturers is expected to reduce the production lead time and increase cost-effectiveness of the production process.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Vetiver Oil Market Research Report
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global vetiver oil market report on the basis of application and region:
Application Outlook (Volume, Tons; Revenue, USD Thousand, 2019 – 2030)
Food & Beverage
Spa & Relaxation
Cleaning & Home
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