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  • Published On : Dec 2022
  • Code : CMI1064
  • Industry : Food Ingredients
  • Pages : 200
  • Formats :

Vetiver oil is an essential oil that is extracted through steam distillation of vetiver roots. The vetiver plant is found in India, Haiti, and Indonesia. It has a soothing and stabilizing scent, which increases its utilization in fragrances, and is further used as a major constituent in approximately one-fifth of all fragrances. The oil’s soothing and calming aroma has led to its increased adoption as a complementary treatment for anxiety, depression, and other mental health disorders, including Attention-deficit/hyperactivity disorder (ADHD) and Post traumatic stress disorder (PTSD). 

Global vetiver oil market was valued at US$ 73.76 Million in 2021 in terms of revenue, exhibiting a CAGR of 7.60% during the forecast period (2022 to 2030).

Drivers

According to Coherent Market Insights in 2021, among applications, the pharmaceutical segment is expected to be the fastest growing segment in the market, owing to its sedative, nervine, and antiseptic properties. Moreover, vetiver oil can be used as a pest repellant in conjunction with other essential oils. Increasing awareness among many individuals about the importance of maintaining a proper personal care routine are expanding the demand for personal care products on a large scale. Vetiver oil is being used majorly in personal care products due to its benefits such as relaxation, fragrance, and soothing effects. Concurrently, it is effective in reducing stretch marks, and wrinkles. It is also beneficial in the treatment of skin diseases. Subsequently, vetiver oil is also used in certain food and beverages which ultimately may augment the market growth. The demand for vetiver oil is rising among fragrance manufacturers owing to its smoky and woody aroma. The chemical composition of the product and its solubility in alcohol is expected to improve its miscibility, thereby, making it a unique ingredient in perfumes.

The COVID-19 pandemic has had an 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.

Figure 1. Global Vetiver Oil Market Value Share (%), By Region, 2021

Vetiver Oil  | Coherent Market Insights

Market Restraints

Low quality and quantity of raw materials used for the production of vetiver oil is the major factor restraining growth of the vetiver oil market. In addition, stringent regulations related to farming have restricted farming activities and decreased the supply of raw material for vetiver oils production.

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Vetiver Oil Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 73.76 Mn 
Historical Data for: 2017-2020 Estimated Year: 2022
Forecast Period 2022 to 2030 CAGR: 7.60% Forecast Period: 2022-2030
Geographies covered:
  • By Region: North America, Latin America, Europe, Asia Pacific, Middle East & Africa
Segments covered:
  • By Application: Fragrances, Food and Beverage, Pharmaceutical, Others
Companies covered:

International Fragrance and Flavor Inc., Lluch Essence SL, UniKode S.A., Frager S.A., Robertet Group, Ernesto Ventos S.A., Floracopeia Inc., Fleurchem Inc., and Haiti Essential Oil Co. S.A.

Growth Drivers:
  • Increasing awareness about importance of maintaining a proper personal care routine
Restraints & Challenges:
  • Low quality and quantity of raw materials 

Market Trends

Vetiver oil has a soothing and stabilizing scent owing to which it is widely used in making fragrances for body perfumes, oils, room coolers, and fresheners and soap. The global spa and relaxation segment is projected to witness significant  growth during the forecast period, which may create lucrative opportunities for the vetiver oil market. As of Cosmetics Europe, the European Cosmetics and personal care industry was valued at about US$ 95.32 billion in 2020, with a growth rate of about 1.5% compared to the previous year in 2019.

Vetiver oil is used in massage oil to relieve stress owing to properties such as it reduces neurotic behavior, dispels anger, irritability, and hysteria. Furthermore, the face skin care products category grew by 28.7% during Janurary to September 2020, when compared to the same period in 2019, which in turn stimulates the market demand for the vetiver oil.

 Figure 2. Global Vetiver Oil Market Value Share (%), By Application, 2021

Vetiver Oil  | Coherent Market Insights

Recent Developments

  • In May 2021, Katyani Exports Pvt. Ltd., a group engaged in manufacturing natural essential oils, spice oils, carrier oils, mint oils and floral absolute launched an organic range of products including essential oils. These products are manufactured without the use of any harmful solvents and base solvent as vetiver oil.

Competitive Section

Major players operating in the global vetiver oil market include International Fragrance and Flavor Inc., Lluch Essence SL, UniKode S.A., Frager S.A., Robertet Group, Ernesto Ventos S.A., Floracopeia Inc., Fleurchem Inc., and Haiti Essential Oil Co. S.A.

Vetiver oil is a type of essential oil, which has soothing and healing properties. The oil is utilized in applications such as fragrances, flavoring in food & beverages, and pharmaceuticals among others. The oil is produced by distillation of vetiver roots, majorly in countries such as Haiti, Indonesia, India, Reunion (France), and Brazil. The medicinal properties of the oil are well documented and it is widely used as a traditional medicine for the treatment of boils, burns, insect bites, and stings. Increasing demand for vetiver oil in fragrances and pharmaceuticals applications has fueled the market growth. Moreover, the oil reduces inflammation, anxiety, nervousness, and is also used in medicines to eliminate scars and heal wounds.

Market Dynamics

The rising disposable income and the increasing awareness among many individuals about the importance of maintaining a proper personal care routine are expanding the demand for personal care products on a large scale. Vetiver oil is being used majorly in personal care products due to its benefits such as relaxation, fragrance, and soothing effects. Concurrently, it is effective in reducing stretch marks, and wrinkles. It is also beneficial in the treatment of skin diseases. Subsequently, vetiver oil is also used in certain food and beverages which ultimately may augment the market growth.

The emerging trend of consuming organic food items is increasing at a rapid rate around the globe. Furthermore, the popularity of vetiver oil in the pharmaceutical sector due to its characteristics such as strengthening the central nervous system may serve as a crucial aspect in strengthening the growth structure. Vetiver oil is also effective in reducing stress, anxiety, and insomnia. Therefore, it is largely used in spas and salons. All these factors may serve as growth accelerators for the vetiver oil market.

Key features of the study:

  • This report provides in-depth analysis of global vetiver oil market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year.
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global vetiver oil market, based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study include International Fragrance and Flavor Inc., Lluch Essence SL, UniKode S.A., Frager S.A., Robertet Group, Ernesto Ventos S.A., Floracopeia Inc., Fleurchem Inc., and Haiti Essential Oil Co. S.A.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future products launches, technology up gradation, market expansion, and marketing tactics
  • The global vetiver oil market, report caters to various stakeholders in this industry including investors, suppliers, extruded aluminum profiles manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global vetiver oil market,

Detailed Segmentation:

  • Global Vetiver Oil Market, By Application:
    • Fragrances
    • Food & Beverages
    • Pharmaceuticals
    • Others
  • Global Vetiver Oil Market, By Region:
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • Italy
      • France
      • Spain
      • Russia
      • Rest of Europe
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Asia Pacific
      • China
      • India
      • Japan
      • ASEAN
      • South Korea
      • Australia
    • Middle East & Africa
      • Middle East
      • Africa
  • Company Profile
    • International Fragrance and Flavor Inc.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Lluch Essence SL
    • UniKode S.A.
    • Frager S.A.
    • Robertet Group
    • Ernesto Ventos S.A.
    • Floracopeia Inc.
    • Fleurchem Inc.
    • Haiti Essential Oil Co. S.A.

 “*” marked represents similar segmentation in other categories in the respective section

Frequently Asked Questions

Global vetiver oil market was valued at around US$ 73.76 Million in 2021.
Increasing awareness among individuals about the importance of maintaining a proper personal care routine is expected to fuel the growth of vetiver oil market.
The global spa and relaxation and skin care products are some of the trends in market.
Low quality and quantity of raw materials used for the production of vetiver oil is the major factor restraining growth of the vetiver oil market
Major players operating in the market include International Fragrance and Flavor Inc., Lluch Essence SL, UniKode S.A., Frager S.A., Robertet Group, Ernesto Ventos S.A., Floracopeia Inc., Fleurchem Inc., and Haiti Essential Oil Co. S.A.
The market is estimated to grow at around 7.60 % CAGR in the forecast period (2022-2030).

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