The
global Haitian vetiver oil market is extremely fragmented with
several small players in various regions. Fleurchem Inc., Haiti
Essential Oil Co. SA, Floracopeia Inc., Robertet Groupe, Ernesto
Ventos SA., Frager S.A., Lluch Essence Sl., UniKode S.A., and
International Fragrance and Flavor Inc. are some of the leading
players in the global Haitian Vetiver oil market. These players are
working on several research and development activities and striving
to sustain their position in the market.
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According
to Transparency Market Research, the global Haitian vetiver oil
market is anticipated to proceed with a CAGR of 1.50% within the
forecast period from 2016 to 2024. However, the market is foreseen to
decline with a negative CAGR of -1.10% in terms of revenue over the
forecast period. The market was valued at US$32.4 mn in 2016. And
this figure is anticipated to reduce to US$29.7 mn by the end of
2024. Nevertheless, the demand of Haitian vetiver oil seems to be
increasing production of scents and perfumes, which is likely to
propel the market growth.
Europe
Region to Dominate Global Haitian Vetiver Oil Market
Based
on product segment, the market is segmented into organic and
conventional. Among these two, the conventional vetiver oil segment
is likely to lead the market race, owing to rise in preference and
popularity of organic products among the buyers all over the world.
Geographically, Europe is prognosticated to dominate the global
Haitian vetiver oil market, accounting for around 75% of market share
in 2016. The region is likely to continue its lead within the
forecast period as well.
The
popularity of Haiti as the producer of best quality vetiver oil in
the world has been the important factor behind the growing interest
for Haitian
vetiver oil. Since vetiver oil is a basic raw material
utilized as a part of perfumes and scents, the rising pattern of
aromatherapy is accelerating its demand altogether.
Increased
Usage in Aromatherapy to Propel Market Growth
In
the coming years, the interest for vetiver oil as flavoring agent is
likely to see a change because of its developing use in food and
beverage items to add aroma, flavor, and certain functional
properties. Besides, the rising utilization of aroma and therapeutic
oils is anticipated to help the generation of demand for Haitian
vetiver oil throughout the following couple of years. Be that as it
may, the simple accessibility of choices may constrain its request
sooner rather than later, affecting the development of this market.
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