The global vetiver oil market is expected to reach USD 169.5 million by 2022, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth over the forecast period on account of its profound usage in applications including fragrance, pharmaceutical, and food & beverage.
Growing use of the oil in fragrance industry on account of its unique odor is expected to propel demand over the forecast period. The product has widespread usage in various applications including perfumes, deodorants, cosmetics, lotions as well as soaps. In addition, the compound has extensive usage in the aromatherapy applications owing to its smooth & light fragrance, thus promoting its growth over the next seven years.
The product is available in various grades based on its place of origin including Haiti, Java, and India. Haitian vetiver dominated the market in terms of production volumes followed by Java and India. The increasing use of Java vetiver in fragrance & flavor industry is expected to propel demand which in turn is likely to boost production volumes. However, high product cost associated with the product on account of complex production techniques is expected to hamper growth over the next seven years.
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Further key findings from the study suggest:
- Fragrance segment accounted for over 45% of the overall market share in 2014. The product has widespread usage in perfumery applications on account of its chemical composition, odor, and high solubility. Increasing demand for the essential oil in fragrance industry on account of its smoky and earthy aroma is expected to favorably impact growth.
- Food & beverage segment accounted for over 25% of the overall market in 2014. Rising demand for the product as a flavoring agent in syrups & ice creams and food preservation is likely to have a positive impact on market growth. Growing demand for the compound in new cuisines which utilizes various essential oils in food & beverage application is expected to promote growth over the next seven years.
- Asia Pacific is expected to witness substantial growth, growing at a CAGR of over 17.0% from 2015 to 2022. Vetiver oil is used to manufacture perfumes and varied fragrant materials which include aromatic wax, aromatic kaolin, potpourri, and aromatic soap. Furthermore, increasing use of vetiver oil in the pharmaceutical industry owing to its anti-inflammatory, vulnerary and healing properties of the product is expected to have a positive impact on market growth.
- Leading companies such as Frager SA emphasize on harvesting and processing of plants in compliance with sustainable farming techniques. The company emphasizes on strategies such as low operating costs, direct distribution, and technological advancements, which enables it to cater demand from emerging economies such as China, and Brazil.
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