Haitian Vetiver Oil Market
Haitian vetiver oil is an essential oil extracted from vetiver grass, as its roots are enriched with fragrant essential oil. This essential oil is widely used in aromatherapy, perfumes, cosmetics, and food & flavoring applications. Haitian vetiver oil is thick and gooey in nature.
The global haitian vetiver oil market is projected to surpass US$ 31.0 million by the end of 2027, in terms of revenue, growing at CAGR of 1.5% during the forecast period (2020 to 2027).
Drivers
Growing demand for Haitian vetiver oil from the fragrance industry is a prime factor propelling market growth. Vetiver oil is widely used in the production of perfumes and scent due to its cooling properties and it gets easily blend with perfumes. It is used as main ingredients in all fragrances products especially men. Therefore, the growth of the haitian vetiver oil market is mainly attributed to the rising demand from the fragrance industry.
The increasing importance of aromatherapy as they are considered as an ideal alternative of traditional allopathic solutions is expected to augment market growth. Growing demand for therapeutic oils across developing as well as developed regions are expected to foster the market growth of the haitian vetiver oil. This oil is highly popular in aromatherapy due to its various medicinal properties such as anti-inflammatory properties and antiseptic properties.
Regionally, Europe dominated the global haitian vetiver oil market in 2019, reporting 74% market share in terms of revenue, followed by North America and Asia-pacific, respectively.
Figure 1. Global Haitian Vetiver Oil Market, Revenue Share (%), By Region, 2019
Market Restraints
The higher dependency of planters on investors for financial resources is expected to restrict the market growth of the haitian vetiver oil. This may hamper the production of the vetiver oil which ultimately leads to a gap in demand-supply, thereby restricting the market growth.
Side-effects such as allergy associated with the excessive use of vetiver essential oil are projected to hamper the market growth of the haitian vetiver oil.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 25.5 Bn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 1.5% | 2027 Value Projection: | US$ 31.0 Bn |
| Geographies covered: |
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| Companies covered: |
International Flavor and fragrance, Ernesto Ventos, S.A., Lluch Essence Sl,UniKode S.A., rager S.A., Robertet Groupe, Floracopeia Inc., Fleurchem Inc., and Haiti Essential Oil Co., SA |
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Market Opportunities
Growing demand for fragrance products such as perfumes and scents is expected to bring new opportunities to the market of Haitian vetiver oil. Moreover, the growing demand for anti-aging creams due to the growing middle-age population coupled with the rising awareness regarding skin benefits of Haitian vetiver oil. Thus, the growing demand for cosmetic products will favor the market growth of the Haitian vetiver oil over the forecast period.
Increasing application of Haitian vetiver oil from the pharmaceutical industry due to its medicinal and therapeutic effects is expected to create lucrative market opportunities. It is mostly used in the drug formulation used to treat skin or nerve disorders. Moreover, growing number of aesthetic practitioners around the globe that are widely adopting Haitian vetiver oil for enhancing skin quality and treating skin damages.
Figure 2. Global Haitian Vetiver Oil Market – Opportunity Analysis
Market Trends
Shifting focus of the manufacturer towards advertising activities for promoting the brand is expected to be a major trend in the market. Expanding retail chains coupled with the growing demand for organic home care products is also anticipated to augment the market growth of the Haitian vetiver oil. Furthermore, increasing preference for natural healing treatment among consumers is further anticipated to foster market growth.
Growing personal grooming trend both in men and women is expected to bolster the market growth of the Haitian vetiver oil. The growing demand for natural products due to rising awareness regarding the health benefits of natural products is expected to accelerate the market growth of the Haitian vetiver oil.
Figure 3. Global Haitian Vetiver Oil Market, Revenue Share (%), By Application, in 2019
On the basis of application, perfumes & scents dominated the global haitian vetiver oil market in 2019 with around 78% of market share in terms of revenue, followed by pharmaceuticals and food & beverages, respectively.
Global Haitian Vetiver Oil Market - Impact of Coronavirus (Covid-19) Pandemic
Consumer spendings on cosmetics and fragrances have reduced globally owing to the rapid changes in the expenditure patterns. People are reluctant towards spending on non-essential products during (Covid-19) Pandemic. Hoever, Haitian Vetiver Oil have a lower risk of contamination owing to longer shelf lives which will attribute the rationing of consumer supplies in the near future. The Global Haitian Vetiver Oil Market is expected to stabilize after end quarter of 2020 with recovering of global economy.
Competitive Section
Key players are operating in the global haitian vetiver oil market are International Flavor and fragrance, Ernesto Ventos, S.A., Lluch Essence Sl,UniKode S.A., rager S.A., Robertet Groupe, Floracopeia Inc., Fleurchem Inc., and Haiti Essential Oil Co., SA
Haitian vetiver oil is used for skin treatment as it has medicinal and therapeutic benefits on skin as well as nervous system. It helps in treating skin issues such as acne, pimple, dry skin and others. Rising trend among health-conscious customers regarding the utilization of natural and organic ingredients across the globe is favouring the growth of the market in recent past years.
Market Dynamics
The global haitian vetiver oil market has witnessed significant growth in recent past years, owing to the rising awareness regarding benefits of natural food ingredients among consumers. This in turn has resulted the rise in demand for innovative packaging solutions. This is expected to foster the demand for haitian vetiver oil in the next few years.
Major players in the global haitian vetiver oil market are increasing their investment on innovative product launchings, research & development and marketing & promotional activities to capitalize on emerging trends in various end-use industries such as cosmetics, food & beverages, pharmaceuticals, and others. This scenario is expected to fuel the market during the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective.
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