The
global market for Haitian vetiver oil is witnessing a healthy rise in
its production volume, prompted significantly by the decline in the
cost. Over the period from 2016 to 2024, the market will witness a
surge in volume at a CAGR of 1.50%; however in revenues, it is
expected to downplay, declining from a US$32.4 mn in 2016 to a value
of US$29.7 mn by 2024 at a CAGR of -1.10% during the same time
period.
Vetiver
oil is one of the essential raw materials widely used in the global
fragrance industry, and Haiti is known for producing the best quality
of vetiver oil. The increasing usage of vetiver oil in aromatherapy,
thanks to its popularity as historical therapeutic oil in eastern
countries on account of its convenient, safe, and customary
application, is the key factor behind the rising production for
vetiver oil. Furthermore, the rising awareness about the therapeutic
properties of Haitian vetiver oil, such as its efficient usage as
tonic, nervine, and sedative to benefit patients suffering from
rheumatism, arthritis, gout, muscular aches, dryness, and cracking of
the skin, is also expected to influence its demand and, eventually,
its production volume over the next few years.
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Haitian
Vetiver Oil to Remain in High Demand for Making Perfumes and Scents
Haitian
vetiver oil finds a widespread application in perfumes and scents,
pharmaceuticals, food and beverages, and various other products, such
as personal care products. The demand for this oil has been
significantly greater in the perfumes and scents segment and the
scenario is anticipated to remain so over the next few years. Apart
from this, Haitian vetiver oil is also expected to witness
significant increase in demand for applications in food and beverage
products as it is plant-derived, and is considered natural and
healthy.
Among
other application areas, the usage of Haitian vetiver oil is likely
to increase in personal care products in the near future due to its
natural ingredient status, beneficial cleansing properties, and
pleasant aroma. This essential oil is heavily utilized in creams and
lotions for moisturizing and nourishing skin as it especially
benefits dry, irritated and dehydrated skin, and helps reduce
wrinkles and stretch marks.
Europe
to Maintain Lead on Global Haitian Vetiver Oil Market
Geographically,
the worldwide market for Haitian
vetiver oil reports its presence across Asia Pacific, Europe,
Latin America, the Middle East and Africa, and North America. With a
share of nearly 75%, Europe dominated the overall market in 2016 and
is expected to retain its position over the forthcoming years.
North
America acquired the second position in this market in 2016.
Researchers predict the regional market to maintain it in the near
future; however, with a decline in its market share due to higher
dependency on outer sources for growing vetiver. The increasing
interest of consumers in product quality and safety, which is
projected to shift their focus towards the origin and traceability of
raw materials on account of the high usage of synthetic chemicals in
the agriculture sector, is also anticipated to reflect negatively on
the North America market for Haitian Vetiver oil over the years to
come.
Haiti
Essential Oil Co. SA, Fleurchem Inc., Floracopeia Inc., Ernesto
Ventos SA., Robertet Groupe, Frager S.A., UniKode S.A., Lluch Essence
Sl., and International Fragrance and Flavor Inc. are some of the key
players functional in the market for Haitian vetiver oil across the
world.
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