Vetiver Oil Market size is poised to witness substantial growth from 2023 to 2032 driven by increasing application potential in the field of aromatherapy to impart antioxidant properties.
The demand for vetiver oil has gained significant ground as an ingredient in food products, cosmetics, personal care items, fragrances, pharmaceuticals, and household products in the recent years. The compound has emerged largely popular worldwide as more consumers are seeking food, cosmetic, and personal care products with natural and organic ingredients.
The COVID-19 pandemic had a massive impact on the vetiver oil market trends with the temporary closure of public facilities along with the declined product demand in spas and wellness centers. The ongoing Russia-Ukraine war and its ramifications will negatively sway the intake of vetiver oil on account of the disrupted supply chain and manufacturing operations, making way for hampered import and exports.
The growing incorporation of preservatives in food and pharmaceutical products will further elevate the preference for vetiver oil. Moreover, the antimicrobial characteristics of vetiver oil makes it suitable in cleaning and homecare products. The emerging trend of personal grooming as well as exotic fragrances among the vast consumer base coupled has led to the surging spending capacities on luxury fragrances. Robust abilities to alleviate breathing problems during sleep, protect from ticks, and reduce the symptoms of ADHD are other factors influencing the product demand.
In terms of the applications, the vetiver oil market growth from the aromatherapy segment through 2032. 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.
Regionally, Europe vetiver oil market will experience commendable growth from 2023 to 2032 due to increasing product utilization in cosmetics, pharmaceuticals, and fragrances. As per the United Nations (UN) COMTRADE database on international trade, the imports of essential oils, perfumes, cosmetics, and toiletries in the United Kingdom reached USD 6.8 billion during 2022. The rising adoption of aromatherapy among consumers will further amplify the demand for vetiver oil with growing consumption for its pleasant scent and antioxidant properties. The augmented preference for cleaning and home care products with antimicrobial properties in the COVID-19 pandemic further accelerated the product uptake in Europe.
Global vetiver oil market key players Aromatic Herbals Pvt Ltd., Manohar Botanical Extracts Pvt. Ltd, Frager S.A., Fleurchem, Inc, Unikode S.A., Floracopeia, Kautilya Phytoextracts Pvt. Ltd., Rajkeerth Aromatics, and Vee Kay International. As the demand and popularity of vetiver oil increases, these companies are expected to ramp up their manufacturing capacities and set up new production facilities to meet the growing end-user and consumer requirements. Many of these companies are also relying on approaches such as strategies partnerships, mergers, and acquisitions to consolidate their market position.