Global Haitian Vetiver Oil market: Snapshot
The global market for Haitian vetiver oil is witnessing a healthy rise in its production volume, prompted significantly by the decline in the cost. Over the period from 2016 to 2024, the market will witness a surge in volume at a CAGR of 1.50%; however in revenues, it is expected to downplay, declining from a US$32.4 mn in 2016 to a value of US$29.7 mn by 2024 at a CAGR of -1.10% during the same time period.
Vetiver oil is one of the essential raw materials widely used in the global fragrance industry, and Haiti is known for producing the best quality of vetiver oil. The increasing usage of vetiver oil in aromatherapy, thanks to its popularity as historical therapeutic oil in eastern countries on account of its convenient, safe, and customary application, is the key factor behind the rising production for vetiver oil. Furthermore, the rising awareness about the therapeutic properties of Haitian vetiver oil, such as its efficient usage as tonic, nervine, and sedative to benefit patients suffering from rheumatism, arthritis, gout, muscular aches, dryness, and cracking of the skin, is also expected to influence its demand and, eventually, its production volume over the next few years.
Haitian Vetiver Oil to Remain in High Demand for Making Perfumes and Scents
Haitian vetiver oil finds a widespread application in perfumes and scents, pharmaceuticals, food and beverages, and various other products, such as personal care products. The demand for this oil has been significantly greater in the perfumes and scents segment and the scenario is anticipated to remain so over the next few years. Apart from this, Haitian vetiver oil is also expected to witness significant increase in demand for applications in food and beverage products as it is plant-derived, and is considered natural and healthy.
Among other application areas, the usage of Haitian vetiver oil is likely to increase in personal care products in the near future due to its natural ingredient status, beneficial cleansing properties, and pleasant aroma. This essential oil is heavily utilized in creams and lotions for moisturizing and nourishing skin as it especially benefits dry, irritated and dehydrated skin, and helps reduce wrinkles and stretch marks.
Europe to Maintain Lead on Global Haitian Vetiver Oil Market
Geographically, the worldwide market for Haitian vetiver oil reports its presence across Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America. With a share of nearly 75%, Europe dominated the overall market in 2016 and is expected to retain its position over the forthcoming years.
North America acquired the second position in this market in 2016. Researchers predict the regional market to maintain it in the near future; however, with a decline in its market share due to higher dependency on outer sources for growing vetiver. The increasing interest of consumers in product quality and safety, which is projected to shift their focus towards the origin and traceability of raw materials on account of the high usage of synthetic chemicals in the agriculture sector, is also anticipated to reflect negatively on the North America market for Haitian Vetiver oil over the years to come.
Haiti Essential Oil Co. SA, Fleurchem Inc., Floracopeia Inc., Ernesto Ventos SA., Robertet Groupe, Frager S.A., UniKode S.A., Lluch Essence Sl., and International Fragrance and Flavor Inc. are some of the key players functional in the market for Haitian vetiver oil across the world.
Global Vetiver Oil Market: Overview
Transparency Market Research offer an 8-year forecast for the global vetiver oil market between 2016 and 2024. In terms of volume, the market is expected to register a CAGR of 1.5% during the projected period. The primary objective of the report is to offer insights on the advancements in the vetiver oil market. The study demonstrates market dynamics that are expected to influence the current environment and future status of the global vetiver oil market over the forecast period. The primary objective of this report is to offer updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the global vetiver oil market.
The global vetiver oil market has been witnessing significant increase in volume share owing to increasing prominence of aromatherapy. The globally increasing demand for therapeutic and aromatic oils is a result of the growing preference for convenient, harmless, and natural alternatives to allopathic solutions. Haitian vetiver oil is relatively popular in aromatherapy and has many medicinal properties, which include anti-inflammatory properties, cicatrisant properties, and antiseptic properties. It is known to have aphrodisiac effect, and is also used as tonic, nervine, and sedative. It also offers benefits to patients suffering from rheumatism, arthritis, gout, muscular aches, dryness, and cracking of the skin.
Global Vetiver Oil Market: Scope of the Study
A section of report discusses on how the overall competition in the market is steadily increasing. It discusses various factors that are shaping internal as well as external competition in the market. On the basis of product type, the market is segmented into organic and conventional. The natural ingredient status, beneficial cleansing properties, and pleasant aroma, vetiver oil is being increasingly used in personal-care products. This essential oil is used in creams and lotions for moisturizing and nourishing skin and thus expected to see a rise in market growth during the forecast period. In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyses on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities.
The report further talks about the market share of total vetiver oil market by different application segment including perfume and scent products, pharmaceuticals, food and beverages, and others. It also discusses key trends contributing to growth of the vetiver oil market globally, as well as analyses the degree to which drivers are influencing the market in each region. Key regions assessed in this report include North America, Latin America, Europe, Asia Pacific (APAC) and Middle East and Africa (MEA). Also, another key feature of this report is the analysis of all key segments in terms of absolute dollar. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global vetiver oil market.
Global Vetiver Oil Market: Competitive Analysis
In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view. Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the vetiver oil market.
Key players in the global vetiver oil market include International Fragrance and Flavor Inc., Lluch Essence SL, UniKode S.A., Frager S.A., Robertet Groupe, Ernesto Ventos SA, Floracopeia Inc., Fleurchem Inc., and Haiti Essential Oil Co. SA.
The global Haitian vetiver oil market is segmented into:
- Perfume and Scent Products
- Food and Beverages
- North America
- Latin America
- Asia Pacific
- Middle East and Africa