Haitian Vetiver Oil Market To Surpass US$ 31.0 Million By 2027 - Coherent Market Insights

Haitian vetiver oil is a plant oil that offers natural aroma and are widely used in customary medication. It is mostly used in the drugs that are used to treat the joint issue, heat strokes, and various other medical conditions. It has multiple skin benefits which make it ideal for use in anti-aging creams and other beauty products.

The global haitian vetiver oil market was estimated to be valued more than US$ 25.5 million in terms of revenue in 2019 and is predicted to grow at a CAGR of 1.5% during the forecast period (2020 to 2027).

Drivers

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 package food products is also expected to foster the market growth of the Haitian vetiver oil. Thus, growth in the food industry is expected to augment the market growth over the forecast period.

Market Opportunities

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

Availability of alternatives such as Java vetiver oil and Indian vetiver oil is expected to hinder the market growth of the 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.

Key Takeaways

On the basis of product type, conventional dominated the global haitian vetiver oil market in 2019 with around 67% of market share in terms of revenue, followed by organic, respectively.

Market Trends

The growing use of Haitian vetiver oil in garnishing the 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 the Haitian vetiver oil. Growing investment in the R &D activities for developing a new product with the advanced features and expand its application is further expected to augment the market growth of Haitian vetiver oil.

Changing lifestyle and increasing disposable income of the 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 and busy lifestyles. Thus, the changing lifestyle of the consumers is projected to foster the market growth of the Haitian vetiver oil.

Global Haitian Vetiver Oil Market - Impact of Coronavirus (Covid-19) Pandemic

Manufacturers engaged in cosmetic, personal care and food & beverage industry are also focusing on enhancing their supply lines by strengthening of 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.

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

Few Recent Developments

• In November 2018, IFF-LMR, a subsidiary of International Flavors & Fragrance Inc. (IFF), has received the Expertise Vegan Europe (EVE) Vegan certification for a portfolio of 90 of its natural extracts.

Market Taxonomy

By Product Type

• Conventional
• Organic

By Application

• Perfume & scent products
• Pharmaceuticals
• Food & beverages
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa