Global Vetiver Oil Market was valued at US$ 73.76 million in 2021, According to Vetiver Oil Market Report, by Application (Fragrances, Food & Beverages, Pharmaceuticals, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights
Global vetiver oil market was valued at US$ 73.76 Million in 2021. Vetiver Oil market is expected to register a CAGR of 7.60 % over the forecast period (2022–2030), to reach US$ 142.0 Million by 2030.
Vetiver oil is amber to dark brown in color that is derived from tall, tufted, perennial, scented vetiver grass. The roots of this grass are processed in the steam distillation unit in order to produce vetiver oil. The major functions of vetiver oil include therapeutic, pesticidal, medicinal, aromatic, and others. It is used in the treatment of depression, insomnia, and nervous tension.
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.
The COVID-19 pandemic had a negative impact on the growth of many sectors and industries. The rapid surge in COVID-19 cases led to restrictions and lockdowns in various countries across the globe. The pharmaceutical and food and beverage industries were under the essential category so were least hampered. However, the personal care industry was affected as it does not come under essential services. This factor damaged the growth prospects of the vetiver oil market to a certain extent. Furthermore, the supply chain and logistics were also affected which led to the disruption of the supply chain
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/vetiver-oil-market-1064
Browse 50 market data tables* and 40 figures* on "Global Vetiver Oil Market” - Forecast to 2030.
Key Trends and Analysis of the Global Vetiver Oil Market:
- Among regions, Europe accounted for a significant market share of 37.20% in 2021. Europe is observed to contribute more to the adoption of medical and cosmetic products infused with vetiver oil. Vetiver oil in the region is used to treat several health issues such as breathing problems, arthritis, rheumatism, and cramps.
- According to Coherent Market Insights in 2021, Asia Pacific region is expected to grow over the forecast period due to rising consumer awareness coupled with growing demand for fragrances has augmented the market growth. Moreover, increased utilization of vetiver oil as flavoring in pan masala and chewing tobacco has fueled the market growth. According to the World Health Organization (WHO), in 2019, South Asia accounted for around 80% of the world’s chewable tobacco users.
Key Takeaways of the Global Vetiver Oil Market:
- According to Coherent Market Insights in 2021, among application, pharmaceutical segment held largest revenue share of 41.73% in the global vetiver oil market in 2021. Owing to its ability to be effective towards treating skin diseases, preventing stretch marks, strengthening the central nervous system, and overcoming conditions such as depression, anxiety, stress, insomnia, nervousness, and tension.
- Key players operating in the vetiver oil market are focusing on various strategies such as online platforms in order to strengthen their market presence and expand their product portfolio. For instance, in April 2022, Robertet, a French fragrance and flavor manufacturer acquired Omega Ingredients Ltd., a company based in the U.K., specializing in the creation of the highest quality, provenance driven, natural flavors & ingredients for the food & beverage industry. With this acquisition, Robertet will able to strengthen its presence in the U.K. market.
