Vetiver Oil Market Size, Share and Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3527
Vetiver oil market size is poised to witness substantial growth during 2021-2027. The increasing popularity of vetiver oil as an ingredient in food products, cosmetics, personal care items, fragrances, pharmaceuticals, and household products is one of the major factors propelling the market forward. The compound has become popular worldwide as more consumers seek food, cosmetic, and personal care products with natural and organic ingredients. Its increasing application in aromatherapy will certainly augment the industry share in the future.
Vetiver oil is an essential oil derived from the vetiver plant. The substance has a strong fragrance and is widely used in perfumes and colognes. It is widely used in aromatherapy owing to its strong antioxidant properties. These properties also make it useful as a preservative for food and pharmaceutical products. Moreover, the antimicrobial characteristics of vetiver oil makes it suitable in cleaning and homecare products. The all-natural essential oil is known to alleviate breathing problems during sleep, protect from ticks, and reduce the symptoms of ADHD, among countless offer other health benefits.
In terms of the applications, the vetiver oil market is likely to experience robust growth from the aromatherapy segment through 2027. Extensive research studies over the years demonstrate that the oil is a highly effective aromatherapy agent. Inhaling the scent of pure vetiver oil using an aromatherapy diffuser offers numerous health benefits. Aromatherapy is experiencing robust popularity across the world owing to its ability to alleviate pain, enhance sleep quality, lower stress and anxiety, reduce headaches and migraines, improve digestion, ease the side-effects of chemotherapy, and boost immunity.
Europe vetiver oil industry will experience commendable growth from 2021 to 2027. The regional demand can be tied with the increasing product application in cosmetics, pharmaceuticals, and fragrances. The increasing adoption of aromatherapy among consumers will further amplify this demand as the majority of consumers are utilizing vetiver oil owing to its pleasant scent and antioxidant properties. The demand for cleaning and home care products with antimicrobial properties during the COVID-19 pandemic has augmented the product consumption in Europe.
Aromatic Herbals Pvt Ltd. Frager S.A., Manohar Botanical Extracts Pvt. Ltd, Fleurchem, Inc, Unikode S.A., Floracopeia, Rajkeerth Aromatics, Kautilya Phytoextracts Pvt. Ltd., and Vee Kay International are some of the notable names in the vetiver oil production and supply business. As the demand and popularity of vetiver oil increases, these companies are expected to ramp up manufacturing capacity and set up new production facilities to meet the demand. Many of these companies are also relying on approaches such as strategies partnerships, mergers, and acquisitions to consolidate their market position.
COVID-19 impact on vetiver oil market forecast
The COVID-19 pandemic has had a dual impact on the vetiver oil industry trends. Firstly, vetiver oil being a widely used ingredient in spas and wellness centers, the temporary closure of public facilities has led to a significant demand decline. Moreover, consumer spending on cosmetics and personal care products had also dropped, particularly during the initial few months of the pandemic, as consumers prioritized on purchasing only essential goods.
However, health, safety, and hygiene have emerged as key concerns among consumers amid COVID-19. As a result, an upsurge has been witnessed in the demand for cleaning and homecare products with effective antimicrobial action. A vast majority of people have also started aromatherapy to improve health and immunity. Additionally, pharmaceutical products have experienced considerable demand throughout the pandemic period, rendering a positively impacting the vetiver oil market outlook.
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