Europe remains the benchmark of consumption of vetiver oil owing to the growth of pharmaceutical industry and perfume industry in this region. Moreover, higher disposable income and luxury lifestyle in the developed regions in Europe contribute to the higher adoption of cosmetic products and medical products in which vetiver oil is used.
Rise in demand of the vetiver oils can be attributed towards its vast benefits, not only in the cosmetic field or in perfume industry but also in the pharmaceutical sector where it is used in concoctions in order to treat several skin diseases, stretch marks, reinforcing the CNS (Central Nervous System) as well as used to treat conditions such as anxiety, depression, insomnia, stress, tension, nervousness. The major producers of vetiver oils are situated in Japan, China, Brazil and India making these regions as prime manufacturing areas for vetiver oil.
The regions of US and Europe are considered to be the largest consumers for vetiver oils. This list also includes Japan and India.
The increased awareness of natural remedies, benefits of vetiver oil and increasing adoption in different end use industries has spurred the growth of the vetiver oil market from a global standpoint. However, certain limitations such as vetiver oil cannot be consumed by pregnant women as it can cause problems or miscarriage challenge the growth of the vetiver oil market.
Fact.MR’s recent research publication on vetiver oil market reveals that the global market for vetiver oil is expected to register a CAGR of 4.0% during the forecast period of 2017 to 2022 to reach a value of US$ 834.7 Mn.
Following extracts from FACT.MR’s global vetiver oil market will be ardent to the future prospects in the market
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Organic seems to be growing at a faster rate within the source type segment in the global vetiver oil market. The natural sub segment is expected to represent approximately 78% of the market by 2022 with a moderate growth rate.
Per year, the growth of the natural source type reaches a value more than US$ 20 Mn
European region favors the vetiver oil market. it is expected to dominate the global vetiver oil market and grow at a moderate pace during the forecast period of 2017 to 2022.
It is the most lucrative region for vetiver oil and reflects higher market attractiveness, followed by Japan
Within the form type segment, the blend sub segment is poised to show a higher growth rate throughout the forecast period followed by absolute and blends sub segment of the vetiver oil market. For all the three form types, Europe stays the most lucrative region exhibiting a higher revenue market share compared to other regions.
Food and beverages remains the largest application segment in the period of forecast. Towards the end of the forecasted period, that is by 2022, this segment is expected to show a revenue of almost US$ 200 Mn.
The online sub segment of the distribution channel is expected to grow at a higher rate in the forecasted period. In 2017, the online sub segment reflected a revenue of approximately US$ 74 Mn and is poised to reach more than US$ 90 Mn.
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