Vetiver Oil Market Size
| 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 Market Trends
This section covers the major market trends shaping the Vetiver Oil Market according to our research experts:
Increasing Demand from Spa and Relaxation Segment
- Vetiver oil is an essential oil extracted by steam distillation of vetiver roots. The vetiver plant is found in India, Haiti, and Indonesia.
- The changing lifestyle of consumers due to busy and hectic schedules created major requirements for stress-relieving therapies, thereby increasing the demand for spa and relaxation and, consequently, the demand for vetiver oil.
- Vetiver oil includes a soothing and stabilizing scent owing to which it is widely used in spas and for making fragrances for body perfumes, oils, room coolers, fresheners, and soap. The global market size of the spa industry is expected to grow from around USD 95 billion in 2021 to over USD 185 billion by 2030. In 2021, the total number of spas in the United States was 21,510, a slight decrease from the previous year's value of 21,560.
- Aromatherapy is projected to emerge as the second-largest sub-segment, and personal care and cosmetics are forecasted to emerge as the largest sub-segment under spa and relaxation during the forecast period.
- According to Cosmetics Europe, the European cosmetics and personal care market is the world's largest cosmetic product market, valued at approximately USD 85 billion at a retail sales price in 2021. The average annual expenditure on cosmetics, perfume, and bath preparation products amounted to approximately USD 180 per consumer unit in the United States.
- The Brazilian Personal Hygiene, Perfumery, and Cosmetics (HPPC) sector reached USD 1.4 billion in 2021, with an increase of 16.2% over 2020. In 2021, the total value of exports accounted for USD 700 million.
- Therefore, the above factors are expected to impact the market in the coming years significantly.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for vetiver oil during the forecast period. In countries like India, China, and Japan, due to the rapid development in end-user industries like fragrances, cosmetics, and pharmaceuticals, the demand for vetiver oil increased in the region.
- Vetiver oil is broadly used in food and beverage as a flavoring agent in khus syrups, ice creams, yogurts, and preparing milkshakes in the region, owing to the demand for vetiver oil is projected to increase during the forecast period.
- Additionally, the growing demand for vetiver oil in the medical industry for treating skin diseases, preventing stretch marks, strengthening the central nervous system, and overcoming conditions like stress, insomnia, and tension is expected to propel the vetiver oil market in the region.
- Furthermore, consumers even opt for homemade cleaners and sprays infused with vetiver oil owing to its pleasant scent and antibacterial and antimicrobial properties, which are projected to drive the region's vetiver oil market.
- China is one of the major consumers of cosmetics, which increases the consumption of vetiver oil from the cosmetics segment of the country. In 2022, wholesale and retail companies' retail sales of cosmetics in China totaled about USD 55 billion.
- According to estimates, revenue in Thailand's beauty and personal care market is expected to reach USD 5.76 billion by the end of 2023. In 2021, Thailand's prestige cosmetic and fragrance market value amounted to around USD 340 million.
- The players operating in the cosmetics industry are focusing on expanding their product portfolio to expand their beauty and cosmetics. For instance, in October 2021, Sephora China released more than 240 new beauty products from 51 brands, revealing the newness of 7 C-beauty brands and the domestic debut of five overseas niche brands.
- Some major companies operating in the Asia-Pacific region are - Aromatic Herbals Private Limited, Green Essence Extraction Private Limited, and UniKode S.A.
- Therefore, the above factors are expected to impact the market in the coming years significantly.
Vetiver Oil Industry Overview
The vetiver oil market is highly fragmented, with top players accounting for a marginal market share. Major companies in the market include Aromatic Herbals Private Limited, UniKode S.A., Albert Vieille, Fleurchem, Inc, and Imperial Extracts, among others.
Vetiver Oil Market Leaders
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Aromatic Herbals Private Limited
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UniKode S.A.
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Albert Vieille
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PLANT THERAPY ESSENTIAL OILS
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FRAGER ESSENTIAL OIL S.A.
*Disclaimer: Major Players sorted in no particular order
Vetiver Oil Market News
- September 2022: Robertette launched a brand-new online sales platform for essential oil. The platform offered a wide range of essential oils, vegetal oils, and floral waters, with absolute CO2 extracts and more planned for launch in the future.
- February 2022: Givaudan acquired a France-based fragrance and beauty company, Myrissi. The acquisition enabled the company in its long-term fragrance and beauty strategy. The acquired company includes expertise in AI that would support Givaudan in proposing new organoleptic approaches to customers.
Vetiver Oil Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Demand of Flavor and Fragrances
4.1.2 Increasing Demand in Food and Beverage Sector
4.2 Restraints
4.2.1 High Product Cost
4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market in Value)
5.1 Product
5.1.1 Organic
5.1.2 Conventional
5.2 Application
5.2.1 Medical
5.2.2 Food and Beverage
5.2.3 Spa and Relaxation
5.2.3.1 Personal Care and Cosmetics
5.2.3.2 Massage Oil
5.2.3.3 Aromatherapy
5.2.3.4 Fragrances
5.2.4 Cleaning and Home
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Albert Vieille
6.4.2 Amphora Aromatics Ltd
6.4.3 Aromatic Herbals Private Limited
6.4.4 BERJE INC
6.4.5 Ernesto Ventos, S.A.
6.4.6 Fleurchem, Inc
6.4.7 FRAGER ESSENTIAL OIL S.A.
6.4.8 Kanta Enterprises Private Limited
6.4.9 PerfumersWorld
6.4.10 PLANT THERAPY ESSENTIAL OILS
6.4.11 Robertet
6.4.12 Ultra International B.V.
6.4.13 UniKode S.A.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Application in Medical Industry
7.2 Other Opportunities
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 Research 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.
Which is the fastest growing region in Vetiver Oil Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Vetiver Oil Market?
In 2024, the Asia Pacific accounts for the largest market share in Vetiver Oil Market.
What years does this Vetiver Oil Market cover?
The report covers the Vetiver Oil Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vetiver Oil Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vetiver Oil Industry Report
Statistics for the 2024 Vetiver Oil market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vetiver Oil analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
