The Global Haitian Vetiver Oil Market is projected to reach around US$ 34.5 Million by the end of 2030, in terms of revenue, growing at a CAGR of 3.1% during the forecast period (2023-2030).
Global Haitian Vetiver Oil Market: Drivers
Increasing demand from fragrance industry
Growing demand for Haitian vetiver oil from the fragrance industry is a prime factor propelling the market growth. Vetiver oil is widely used in the production of perfumes and scents due to its cooling properties and it gets easily blended with perfumes. It is used as the main ingredient in all fragrance products, especially men. Therefore, the growth of the Haitian vetiver oil market is mainly attributed to the rising demand from the fragrance industry.
A shift towards aromatherapy
The increasing importance of aromatherapy as they are considered an ideal alternative to traditional allopathic solutions is expected to augment market growth. Growing demand for therapeutic oils across developing as well as developed regions is expected to foster the market growth of Haitian vetiver oil. This oil is highly popular in aromatherapy due to its various medicinal properties such as anti-inflammatory properties and antiseptic properties.
Global Haitian Vetiver Oil Market: Restraints
Increase in demand and supply gap
The higher dependency of planters on investors for financial resources is expected to restrict the market growth of Haitian vetiver oil. This may hamper the production of vetiver oil which ultimately leads to a gap in demand-supply, thereby restricting the market growth. Side effects such as allergies associated with the excessive use of vetiver essential oil are projected to hamper the market growth of Haitian vetiver oil.
Global Haitian Vetiver Oil Market: Opportunity
Rise in awareness of skin benefits of vetiver oil
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-aged population coupled with the rising awareness regarding the skin benefits of Haitian vetiver oil. Thus, the growing demand for cosmetic products will favor the market growth of Haitian vetiver oil over the forecast period.
Growing demand from pharmaceutical industry
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, a growing number of aesthetic practitioners around the globe are widely adopting Haitian vetiver oil for enhancing skin quality and treating skin damage.
Global Haitian Vetiver Oil Market: Trends
Increasing advertising and promotional activities
Shifting focus of the manufacturer towards advertising activities for promoting their products 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 Haitian vetiver oil. Furthermore, increasing preference for natural healing treatment among consumers is further anticipated to foster market growth.
A shift in personal grooming trend among consumers
Growing personal grooming trend both in men and women is expected to bolster the market growth of 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 Haitian vetiver oil.
Haitian Vetiver Oil Market Report Coverage
|Market Size in 2022:
|US$ 27 Mn
|Historical Data for:
|2017 to 2021
|2023 to 2030
|Forecast Period 2023 to 2030 CAGR:
|2030 Value Projection:
|US$ 34.5 Mn
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
|Restraints & Challenges:
Global Haitian Vetiver Oil Market: Recent Developments
In February 2023, a leading private equity firm based in the U.K. named Exponent agreed to buy the Flavor Specialty Ingredients (FSI) business from IFF for US$ 220 million in cash. FSI is a top producer of synthetic and natural base aroma chemicals used in the flavor market and is subordinate to IFF's Scent division. Debt will be paid off with cash from the transaction after taxes and other costs have been deducted.
In March 2023, The Robertet Group announced the acquisition of Aroma Esencial, a company based in Girona, Spain, that specializes in the processing of natural products like vetiver, patchouli, cedar, ylang-ylang, and other crucial items for the aroma industry.
In May 2023, The Robertet Group , is a French fragrance and flavor manufacturer that specializes in natural raw materials, took part in Vitafoods Europe in Geneva and showcased MenobelleTM, a new natural active ingredient with scientific backing that eases the symptoms of menopause. MenobelleTM is a blend of three natural ingredients of Mediterranean origin: lemon balm, bergamot, and peony which are free of phytoestrogens and made from recycled Robertet Group ingredients.
In September 2022, through its non-profit organization BNS Care in Madagascar, the Robertet Group , is a French fragrance and flavor manufacturer that specializes in natural raw materials, recently opened a new medical facility in the village of Andravinambo, which is home to the group's cooperative for the production of vanilla.
Global Haitian Vetiver Oil Market: Market Segmentation
Figure 1. Haitian Vetiver Oil Market Share (%) in terms of Value, By Region, in 2022
Regionally, Europe dominates the global Haitian vetiver oil market with a 60% market share in terms of revenue, followed by North America and Asia Pacific, respectively.
Global Haitian Vetiver Oil Market: By Application
Based on application, the Haitian vetiver oil market is segmented into perfumes & scents, food & beverages, pharmaceuticals, and others. In 2022, the Perfumes and scents segment accounted for 54% of the revenue share followed by Electronics and Defense/Security.
Figure 2. Haitian Vetiver Oil Market Share (%) in terms of Value, By Application, in 2022
Global Haitian Vetiver Oil Market: Impact of Coronavirus (COVID-19) Pandemic
Consumer spending on cosmetics and fragrances has reduced globally owing to the rapid changes in expenditure patterns. People are reluctant towards spending on non-essential products during (COVID-19) Pandemic. However, Haitian Vetiver Oil has 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 the global economy.
Global Haitian Vetiver Oil Market: Key Companies
Key Companies 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
*Definition: 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.
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