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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This Report @ http://www.grandviewresearch.com/industry-analysis/vetiver-oil-market
Further key findings
from the report 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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@ http://www.grandviewresearch.com/industry-analysis/vetiver-oil-market/request
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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