Market Size of Vetiver Oil Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Vetiver Oil Market Analysis
The Vetiver Oil Market is projected to register a CAGR of over 7% during the forecast period.
The market was negatively impacted during the time of COVID-19. The spa and cosmetics sector is one of the major consumers of vetiver oil. Considering the pandemic, the spas and other wellness centers were temporarily closed during the lockdown to curb the COVID-19 outbreak. Even after the lockdown, people did not frequently opt for such services to remain safe, negatively impacting the demand for vetiver oil. However, the demand for personal and home cleaning products increased during this period, where vetiver oil is used because of its antimicrobial nature, stimulating the demand for the studied market.
- Over the short term, the increasing demand for flavors and fragrances in the spa and relaxation segment and the growing demand for vetiver oil from the food and beverage sector are expected to drive the market's growth.
- On the flip side, the high cost of the products and unfavorable conditions arising due to the COVID-19 outbreak is expected to hinder the market's growth.
- The growing application of vetiver oil in the medical industry is expected to offer various lucrative opportunities for market growth.
- By application, the spa and relaxation segment is expected to dominate the market owing to the increase in personal care and cosmetics products and the growing trend of aromatherapy.
- The Asia-Pacific region dominated the global market with the largest consumption from countries like China and India.
Vetiver Oil Industry Segmentation
Vetiver oil is amber to dark brown and derived from tall, tufted, perennial, scented vetiver grass. The roots of this grass are processed in the steam distillation unit to produce vetiver oil. The major functions of this oil include therapeutic, pesticidal, medicinal, aromatic, and others. It treats depression, insomnia, nervous tension, and other stress-related diseases. The vetiver oil market is segmented by product, application, and geography. By product, the market is segmented into organic and conventional. By application, the market is segmented into medical, food and beverage, spa and relaxation, and cleaning and home. The report also covers the market size and forecasts for the vetiver oil market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
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Vetiver Oil Market Size Summary
The vetiver oil market is poised for significant growth, driven by its diverse applications across various industries. Despite the initial setback during the COVID-19 pandemic, which temporarily reduced demand from the spa and cosmetics sectors, the market has shown resilience. The increased use of vetiver oil in personal and home cleaning products, due to its antimicrobial properties, helped mitigate some of the negative impacts. The market is expected to benefit from the rising demand for flavors and fragrances, particularly in the spa and relaxation segment, as well as its growing use in the food and beverage industry. However, challenges such as high product costs and lingering effects from the pandemic may pose obstacles to growth. The medical industry's expanding interest in vetiver oil for its therapeutic benefits presents lucrative opportunities for further market expansion.
Regionally, the Asia-Pacific area is anticipated to lead the vetiver oil market, with countries like China and India driving demand through their burgeoning cosmetics, fragrances, and pharmaceutical sectors. The oil's application as a flavoring agent in food and beverages, along with its use in homemade cleaners, underscores its versatility and appeal. The market's fragmented nature sees numerous players, including Aromatic Herbals Private Limited and UniKode S.A., competing for market share. Recent strategic moves, such as Givaudan's acquisition of Myrissi, highlight the industry's focus on innovation and expansion. As consumer preferences continue to evolve, the vetiver oil market is expected to experience robust growth, supported by both regional demand and industry developments.
Vetiver Oil Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Rising Demand of Flavor and Fragrances
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1.1.2 Increasing Demand in Food and Beverage Sector
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1.2 Restraints
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1.2.1 High Product Cost
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1.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market in Value)
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2.1 Product
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2.1.1 Organic
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2.1.2 Conventional
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2.2 Application
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2.2.1 Medical
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2.2.2 Food and Beverage
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2.2.3 Spa and Relaxation
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2.2.3.1 Personal Care and Cosmetics
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2.2.3.2 Massage Oil
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2.2.3.3 Aromatherapy
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2.2.3.4 Fragrances
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2.2.4 Cleaning and Home
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Vetiver Oil Market Size FAQs
What is the current Vetiver Oil Market size?
The Vetiver Oil Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Vetiver Oil Market?
Aromatic Herbals Private Limited, UniKode S.A., Albert Vieille, PLANT THERAPY ESSENTIAL OILS and FRAGER ESSENTIAL OIL S.A. are the major companies operating in the Vetiver Oil Market.
