In
its report titled, “Lavender
Oil Market: Global Industry Analysis and Forecast, 2016–2024”
Persistence Market Insights (PMR) reveals that more than US$ 76 Mn
worth lavender oil was consumed worldwide in 2016. The lavender
market, particularly in Europe will remain highly lucrative in 2017
and beyond owing to the increasing consumer preference for natural
plant derived lavender oil products in the region. Meanwhile,
personal care products account for a bulk of the overall demand for
lavender globally.
Medicinal
Properties of Lavender Oil Boosting its Popularity amongst Consumers
Consumers
both in developed and developing countries are spending more on
organic essential oil products including lavender oil owing to their
health benefits. Lavender oil is considered to have unique properties
that are beneficial for the skin, hence, used in various skincare
products. Over the years, application of lavender extract, oil and
essence in food and beverage products has also increased to a
substantial level. Lavender oil application in food and beverage
products is expected to create an absolute $ opportunity of US$ 7.65
Mn between 2016 and 2024.
Despite
the increasing popularity of substituent products such as the
lavendin, players operating in the market remain focused on
introducing newer lavender oil products. Moreover, development of
advanced product formulations methods, especially for personal care
products is anticipated to stimulate the market growth.
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Additional
Highlights from the Report Include
- According to PMR’s report, global lavender oil market is expected to reach US$ 124.2 Mn, reflecting a CAGR of 6.2% between 2016 and 2024.
- Owing to increasing inclination of consumers towards single oils of high quality and high purity, demand for absolutes and concentrates of lavender oil is likely to surge during the forecast period. In 2016, lavender concentrates accounted for a staggering 49.0% revenue share of the market.
- Lavender oil will continue to find robust application is personal care products during the forecast period. By the end of 2024, personal care products will contribute nearly US$ 45.1 Mn to the global lavender market.
In
addition to Europe, North America and APAC will remain as the other
two leading markets for lavender oil. Owing to the presence of
prominent manufacturers and suppliers of lavender oil in North
America, the region’s market is expected to witness a steady growth
during the assessment period. The market in APAC is expected to be
driven by the growing demand for lavender oil products in emerging
countries such as China and India.
View
Report Table of Contents, Figures, and Tables
Competitive
Landscape
Some
of the key players in the global lavender oil market include doTERRA
International, LLC, Young living essential oils LC, Takasago
International corporation, International Flavours & Fragrances
Inc., Aromaland Inc., Symrise AG, Givaudan SA, Firmenich S A, Rocky
Mountain Soap Co., and China Flavors and Fragrances Company Limited.
To strengthen their market position, many of these companies are
going into strategic alliances and also concentrating on further
technological advancements to improve product line.
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