Global Lavender Oil Market: Overview
Lavender oil is extracted from the flowers of the herb lavender, a herb that is native to the Mediterranean region and Northern Africa. Extraction of lavender oil is quite a monotonous process and the extraction is distilled in the final stage of the process. Solvent extraction, hydro distillation, and steam distillation are the various methods through which essential oil is gathered. Of all the available types of essential oils, lavender oil is the most expensive and the versatile one. This oil is widely utilized in the food and beverage sector and the fragrance sector, which is likely to pave way for the expansion of the global lavender oil market over the tenure of assessment, from 2020 to 2030. This oil is widely utilized for the purpose of flavoring. This oil also has use in the pharmaceutical sector where it is utilized in the therapies. Growing popularity of these therapies is expected to drive development of the global lavender oil market in the years to come.
The global lavender oil market has been classified based on three different parameters, which application, distribution channel, and region. Such segmentation offers better insight into the market.
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Global Lavender Oil Market: Notable Developments
The Global Lavender Oil Market has experienced some path-breaking, important developments over the last few years.
- In July 2019, US-based essential oil company, Young Living Essential Oils, made an acquisition of supplier of CBD products, Nature’s Ultra. With this acquisition Young Living Essential Oils is expected to expand its product portfolio and widen its reach in the region.
Some of the prominent companies in the global lavender oil market are mentioned below:
- Sydney Essential Oil Co. Pty Ltd.
- Mother Herbs Private Limited
- Young Living Essential Oils
- Enio Bonchev Production Ltd
- Alteya Group LLC
- NHR Organic Oils
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Global Lavender Oil Market: Key Trends
The global lavender oil market is characterized by the prevalence of the following challenges, market drivers, and promising opportunities.
Extensive Use in the Fragrance and Food and Beverage Industry to Accentuate Demand in the Market
The rising demand for this oil owing to its utilization in the fragrance and food and beverage industry is likely work in favor of the global lavender oil market in the years to come. Emerging trend of consumers opting for natural and organic products has generated augmented demand for lavender oil. This oil is utilized in the making of perfumes, lotions, soaps, body creams, and various other cosmetic items. Such multiple use of the oil is estimated to work in favor of the global lavender oil market over the tenure of analysis, from 2020 to 2030.
Lavender oil is utilized widely in the specialty food industry owing the shifting preference of consumers toward food and beverage items that are made of natural ingredients. While the cosmetic industry has emerged as one of the leading end use segments for the global lavender oil market, food and beverage sector does not lag behind. In culinary herb, jelly, tea, and dairy products, lavender oil is utilized. This oil is utilized in the pharmaceutical industry for the treatment of asthma, diabetes, cold, dermatitis, and as insect repellant. Such wide variety of uses are estimated to support growth of the global lavender oil market over the period of projection, from 2020 to 2030.
Global Lavender Oil Market: Geographical Analysis
Driven by Bulgaria, Europe is estimated to emerge as one of the leading territories in the global lavender oil market. The region is expected to retain its regional dominance over the forecast tenure due to the presence of highly lucrative market in Bulgaria. Presence of the lavender plant coupled with traditional use of the product is expected to widen the scope of growth of the lavender oil market in Europe.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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