Global Vetiver Oil Market is expected to reach 169.5 USD million by 2022. Vetiver Oil is also termed as khus oil is obtained through the steam distillation of the plant’s roots. The oil has a strong initial aroma, which may be spicy, woody, herbaceous, smoky, and earthy. It is mainly used to create body perfumes, oils, room coolers and fresheners, and soap. The oil has soothing and calming properties as it reduces neurotic behavior, dispels anger, and irritability and hysteria. The vetiver oil market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
High demand in fragrance industry and in aromatherapy and rising disposable income are documented as major factors of vetiver oil market that are estimated to enhance the growth in the years to come. Vetiver oil industry is segmented based on form type, application, distribution, and region. Blends, absolute, concentrates are the form types that could be explored in Vetiver Oil in the forecast period.
The market may be categorized based on applications like perfumery, pharmaceutical, therapeutics, toiletries, cosmetics, aromatherapy, air fresheners, food & beverages, and others that may be explored in the forecast period. Pharmaceutical sector accounted for the substantial market share of Vetiver Oil and is estimated to lead the overall market in the coming years.In addition, perfume sector is estimated to grow at fastest pace in the coming years. Online stores, modern trade, specialty stores, and franchise outlets are the distribution channels that could be explored in the forecast period.
Globally, Europe accounted for the largest market share of Vetiver Oil and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be presence of key manufacturers like perfume and pharmaceutical industry in this region, changing lifestyle, and rising disposable income.
Instead, North America and the Asia Pacific are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The developing countries like India and China are the major consumers of Vetiver Oil in this region.
The key players of Vetiver Oil Market are Rajkeerth Aromatics, Unikode S.A., Vee Kay International, Frager S.A., Fleurchem, Inc., Floracopeia, Manohar Botanical Extracts Pvt. Ltd., and KautilyaPhytoextracts Pvt. Ltd. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
Vetiver Oil Market Application Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
• Food & Beverage
Vetiver Oil Market Regional Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
• North America
• Asia Pacific
• Rest of the World (RoW)
Research Support Specialist, USA