The global rose oil market size is projected to attain USD 442.0 million by the end of 2025, according to a new report released by Million Insights. It is estimated to grow at a CAGR of 6.8% through the forecast period, 2019 to 2025.
Nowadays, consumers are more inclined towards herbal and organic products compared to the synthetic cosmetic products. This has increased the demand for rose oil as a primary ingredient in most of the organic and herbal skincare products. It helps in soothing the skin by preventing various skin-related issues. Rose oil can also be used as a substitute for allopathic medicines because it has anti-fungal, antispasmodic, and antidepressant properties. These factors are responsible for the high demand for the product in pharmaceutical industry.
Rose oil helps in diminishing the redness and irritation from the skin and also helps in reducing depression providing a healthy state of mind. Rose oil is used as a primary ingredient in various fragrance and perfume products. The aroma of rose oil provides peacefulness and a feeling of relaxation. The rose oil cultivated using conventional method is cheaper than the one cultivated using the organic method. This is the reason why manufacturers of perfumes prefer rose oil which is cultivated using conventional methods as their basic ingredient.
In Europe, there is a high demand for perfumes and fragrance products having natural ingredients that boosted the regional growth of this segment. In 2018, Europe accounted for the highest market share in the fragrance and cosmetics segment.
The Asia Pacific region has registered the fastest CAGR during the forecasted period. A rapid increase in the sales of products from the pharmaceutical industry in various nations such as Australia, Japan, China, and India, has driven the growth. Currently, it has been observed that there is a shift of manufacturing facilities towards nations like Japan and China having a high consumer base to reduce the taxes and duties on imported products.
The crucial players operating in this market such as Ernesto Ventos SA; Firmenich International SA; Alteya Organics, LLC; Sigma-Aldrich, Inc.; V. MANE FILS SA; BERJÉ Inc.; Robertet SA; Symrise AG; International Flavors & Fragrances Inc.; and Givaudan SA are putting their efforts in taking strategic decisions like mergers and acquisitions, introduction of new products, capacity expansions and product innovations. Very few countries such as Turkey and Bulgaria, cultivate the raw material (different species of roses) that is required in production of rose oil.
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Further key findings from the report suggest:
• The CAGR of organic products is reported to expand at the rate of 8.7% through the forecast period.
• In 2018, the fragrance & cosmetic segment in the rose oil market segmented by application, accounted for 70.1%
• Europe held the largest market share of 40.2% and is projected to grow significantly over the forecast period.
• The Asia Pacific is estimated to be the highest because of increase in the disposable income of consumers from the countries like Japan, India, China, and South Korea.
Million Insights has segmented the global rose oil market based on product, application, and region:
Rose Oil Product Outlook (Revenue, USD Million, 2015 - 2025)
Rose Oil Application Outlook (Revenue, USD Million, 2015 - 2025)
• Fragrance & Cosmetics
• Food & Beverages
Rose Oil Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)
• South Africa