Vetiver Oil Market: Segmented By Product Type (Organic and Conventional), By Application (Perfumery, Toiletries, Air Fresheners, Pharmaceutical, Cosmetics, Food And Beverages And Others), And Region - Global Analysis Of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
[ 170 + Pages Research Report ] Vetiver Oil Market to surpass USD 1.54 billion by 2031 from USD 0.62 billion in 2021 at a CAGR of 9.49% in the coming years, i.e., 2021-31.
The vetiver oil Market is an important oil derived from the vetiver plant. The material has a strong fragrance and is extensively used in perfumes and colognes. It is broadly used in aromatherapy due to its strong antioxidant properties. These properties also make it useful as a preservative for food and pharmaceutical products. Furthermore, the antimicrobial feature of vetiver oil makes it appropriate in cleaning and homecare products. The all-natural essential oil is known to improve breathing problems during sleep, protect from ticks, among countless other health benefits.
Global Vetiver Oil market is expected to project a notable CAGR of 9.49% in 2031.
Global Vetiver Oil to surpass USD 1.54 billion by 2031 from USD 0.62 billion in 2021 at a CAGR of 9.49% in the coming years, i.e., 2021-31. The market is predicted to witness rising product demand due to its increasing applications in pharmaceutical, food and beverage, and fragrance. The growing application of the product in the fragrance industry is expected to drive market growth over the forecast years. It also has widespread application in several fragrance products including perfumes, deodorants, cosmetics, lotions, soaps, and scented toiletries.
An organic segment to grow with the highest CAGR during 2021-31
Based on Type, the global Vetiver Oil Market is segmented into Organic and Conventional. Among the type segments, the organic segment is predictable to hold the majority revenue share in the market and is expected to continue during the forecast years. Organic Vetiver Oil is an extremely concentrated aromatic liquid obtained through the steam distillation of roots and rhizomes. It is an important oil produced by steam distillation from dried rootstock followed by hydro distillation for several hours, which results in a good yield (approximately 25%) of clear to pale yellow colored oil with a fresh woody-earthy smell used as a perfume ingredient.
A pharmaceutical segment to grow with the highest CAGR during 2021-31
Based on application, the global Vetiver Oil Market fragmented into perfumery, toiletries, air fresheners, pharmaceutical, cosmetics, and food and beverages, and Others. The pharmaceutical segment is expected to measure the highest share during the forecast year. The pharmaceutical industry uses vetiver oil for formulating concoctions aimed at treating skin diseases, averting stretch marks, firming up the central nervous system, and overcoming conditions such as depression, anxiety, stress, insomnia, nervousness, and tension. It is also used as an aphrodisiac, as a cicatrizant (for the eradication of scars), and as a relieving embrocation for rheumatism, lumbago, sprains, and headaches.
Rise in demand from major end-use industries
The components responsible for the growth of this market include growing demand from major end-use industries such as pharmaceuticals in the US and Canada. The increasing consumer awareness related to natural products coupled with the growing trend towards organic food is expected to create new opportunities for market players operating in Vetiver Oil Market.
Change in lifestyle among the urban population
Change in lifestyle among urban population and growth of media influence is driving the demand for vetiver oil as an essential massage oil for aromatherapy. Additionally, the oil is used for flavoring sherbets (Indian cool drinks). With extreme climatic circumstances and a rise in humidity, the demand by consumers for flavored beverages is on a rise. This mainly favors the demand for vetiver oil, thus driving the growth of the global market.
Vetiver oil is expensive, and it has various competitors as an essential oil; hence, the market growth is predicted to be hampered.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Vetiver Oil Market: Regions
Global Vetiver Oil market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The Vetiver Oil market in Europe is expected to expand at a rapid pace during the forecast period. The increasing adoption of aromatherapy among customers will further increase the demand as the majority of consumers are utilizing vetiver oil due to its pleasant scent and antioxidant properties.
Global Vetiver Oil is further segmented by region into:
Vetiver Oil Segments:
|Market size value in 2021||USD 0.62 billion|
|Revenue forecast in 2031||USD 1.54 billion|
|Growth Rate||CAGR of 9.49% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Application, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||UniKode S.A.; Fleurchem, Inc.; Aromatic Herbals Private Ltd.; Frager S.A.; Manohar Botanical Extracts Pvt. Ltd.; Imperial Extracts; Falcon; and Van Aroma and Other Prominent Players|
The Vetiver Oil Market size was estimated at USD 0.62 billion in 2020 and is expected to reach 1.5 billion by 2030.
Key players: UniKode S.A.; Fleurchem, Inc.; Aromatic Herbals Private Ltd.; Frager S.A.; Manohar Botanical Extracts Pvt. Ltd.; Imperial Extracts; Falcon; and Van Aroma and Other Prominent Players
An organic segment are anticipated to hold the largest Vetiver Oil Market.
Drivers: Rise in demand from major end-use industries and Change in lifestyle among the urban population
The vetiver oil Market is an important oil derived from the vetiver plant. The material has a strong fragrance and is extensively used in perfumes and colognes. It is broadly used in aromatherapy due to its strong antioxidant properties. These properties also make it useful as a preservative for food and pharmaceutical products. Furthermore, the antimicrobial feature of vetiver oil makes it appropriate in cleaning and homecare products.
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