Haitian Vetiver Oil Market To Surpass US$ 34.5 Mn By 2030
Global Haitian Vetiver Oil Market was valued at US$ 27 Mn in 2022, exhibiting a CAGR of 2.3% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 34.5 Mn by 2030.
Haitian Vetiver Oil Market, By Product Type (Natural, Organic), By Application (Perfume and scent products, Pharmaceuticals, Food and beverages, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Size, Share, Outlook and Opportunity Analysis, 2023 – 2030 Published by: Coherent Market Insights.
Market Drivers
Growing use of vetiver oil in food industry
Rising demand for vetiver oil from the food industry is projected to augment market growth. It is widely used as a flavoring and condiment agent in order to impart flavor and other functional properties. Growing demand for convenience and packaged food products is also expected to foster the market growth of Haitian vetiver oil. Thus, growth in the food industry is expected to augment the market growth over the forecast period.
Market Opportunities
Increasing preference of natural food ingredients
The growing use of Haitian vetiver oil in ethnic foods is expected to bring new opportunities to the market of Haitian vetiver oil. It is used to mimic the flavor of the original ingredients in the food products such as ice creams, milk shakes, etc. Growing demand for natural food ingredients in food products due to growing awareness regarding the negative health effects of synthetic food ingredients is creating their demand from the food industry. Thus, the growing demand for natural food ingredients is expected to augment the market growth of Haitian vetiver oil.
Market Restraints
Various alternatives available in the market
The availability of alternatives such as Java vetiver oil and Indian vetiver oil is expected to hinder the market growth of Haitian vetiver oil. These products are available at a cheaper cost with the same quality which is further hampering the market growth of Haitian vetiver oil.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/haitian-vetiver-oil-market-4069
Key Takeaways:
On the basis of region, in terms of value, the Asia Pacific region has the fastest growing market for Haitian vetiver oil. Due to its therapeutic properties, which are used to treat depression and insomnia, the Haitian vetiver oil market is anticipated to expand significantly in the Asia-Pacific region. Due to the rising number of health issues in this region, Haitian vetiver oil is expected to become more popular in the Asia Pacific region. It is also used in a number of skin treatments and to treat depression and insomnia.
On the basis of product type, conventional dominated the global Haitian vetiver oil market share in terms of revenue, followed by organic.
Market Trends
Rise in knowledge of the advantages of essential oil
The growing use of Haitian vetiver oil in garnishing dishes is a popular trend in the market. The growing market of essential oil and rising awareness regarding the health benefits of essential oil is also expected to augment the market growth of Haitian vetiver oil. Growing investment in the R &D activities for developing a new product with advanced features and expanding its application is further expected to augment the market growth of Haitian vetiver oil.
Increasing demand for cosmetic and food & beverages
Changing lifestyle and increasing disposable income of consumers is creating demand for cosmetic and food &beverage products. This is expected to be a major trend in the market. The product is also gaining popularity for treating anxiety, hypertension conditions, stress, nervousness, depression, and insomnia which are majorly caused due to hectic lifestyles. Thus, the changing lifestyle of the consumers is projected to foster the market growth of Haitian vetiver oil.
Global Haitian Vetiver Oil Market - Impact of Coronavirus (Covid-19) Pandemic
Manufacturers engaged in the cosmetic, personal care, and food & beverage industry are also focusing on enhancing their supply lines by strengthening their e-commerce channel for offering home wellness and other personal care products at home, to mitigate the reduction in the global demand during Coronavirus (Covid-19) Pandemic.
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