Haitian Vetiver Oil Market Expected to Grow at a CAGR of 1.50% during 2016 to 2024

The global market for Haitian vetiver oil is highly fragmented with many small-scale regional players, finds a new report by Transparency Market Research (TMR). This, as a result, creates an opportunity for multinational players, such as International Flavors and Fragrance, Lluch Essence, UniKode S.A., Frager S.A., and Robertet Groupe, to establish their presence in this market and improve their distribution and value chain for the target product.

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On the backdrop of continuous increase in the demand for Haitian vetiver oil from the fragrance, food and beverages, pharmaceuticals, and the personal care products industries, the existing key distributors of vetiver oil across the world are likely to include this Haitian variant in their product portfolio and stimulate growth of the global market over the next few years. New players are expected to be attracted towards this market due to the high profit margins in the near future, states the research report.

According to the research study, the global Haitian vetiver oil market is expected to witness a surge in the production volume at a CAGR of 1.50% during the period from 2016 to 2024. However in terms of revenue, it is expected to decline at a CAGR of -1.10% over the same period of time from a value of US$32.4 mn in 2016 to US$29.7 mn by 2024. The demand for Haitian vetiver oil has been higher in the perfumes and scents and the trend is expected to continue throughout the period of the forecast, notes the market study.

Conventional Vetiver Oil to Continue Leading Global Haitian Vetiver Oil Market

On the basis of the product, the research report segments the global market for Haitian vetiver oil into conventional and organic vetiver oil. The usage of conventional vetiver oil is much higher than the organic one. With the increasing preference of organic products among consumers across the world, this this segment is anticipated to witness a slight decline in its market share in the near future. This, however, will not alter its market position over the years to come.

In terms of the geography, Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America have been considered as the main segments of the worldwide market for Haitian vetiver oil in this market report. Europe led the global market in 2016 with a share of nearly 75%. Analysts anticipate this regional market to maintain its lead over the period of the forecast, states the research report.

Rising Trend of Aromatherapy to Fuel Demand

“The reputation of Haiti as the producer of the best quality vetiver oil in the world has been the key factor behind the increasing demand for Haitian vetiver oil,” states the author of this study. Since vetiver oil is an essential raw materials used in fragrances, the rising trend of aromatherapy is fueling its demand significantly.

In the coming years, the demand for vetiver oil as flavoring agent is expected to see an improvement due to its growing usage in food and beverage products to impart flavor, aroma, and certain functional properties. Apart from this, the rising usage of therapeutic and aromatic oils is also projected to boost the production of Haitian vetiver oil over the next few years. However, the easy availability of alternatives may limit its demand in the near future, impacting the growth of this market.

Haitian Vetiver Oil Market Expected to Reach US$29.7 mn by 2024

Global Vetiver Oil Market: Overview

Transparency Market Research offer an 8-year forecast for the global vetiver oil market between 2016 and 2024. In terms of volume, the market is expected to register a CAGR of 1.5% during the projected period. The primary objective of the report is to offer insights on the advancements in the vetiver oil market. The study demonstrates market dynamics that are expected to influence the current environment and future status of the global vetiver oil market over the forecast period. The primary objective of this report is to offer updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the global vetiver oil market.

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The global vetiver oil market has been witnessing significant increase in volume share owing to increasing prominence of aromatherapy. The globally increasing demand for therapeutic and aromatic oils is a result of the growing preference for convenient, harmless, and natural alternatives to allopathic solutions. Haitian vetiver oil is relatively popular in aromatherapy and has many medicinal properties, which include anti-inflammatory properties, cicatrisant properties, and antiseptic properties. It is known to have aphrodisiac effect, and is also used as tonic, nervine, and sedative. It also offers benefits to patients suffering from rheumatism, arthritis, gout, muscular aches, dryness, and cracking of the skin.

Global Vetiver Oil Market: Scope of the Study

A section of report discusses on how the overall competition in the market is steadily increasing. It discusses various factors that are shaping internal as well as external competition in the market. On the basis of product type, the market is segmented into organic and conventional. The natural ingredient status, beneficial cleansing properties, and pleasant aroma, vetiver oil is being increasingly used in personal-care products. This essential oil is used in creams and lotions for moisturizing and nourishing skin and thus expected to see a rise in market growth during the forecast period. In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyses on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities.

The report further talks about the market share of total vetiver oil market by different application segment including perfume and scent products, pharmaceuticals, food and beverages, and others. It also discusses key trends contributing to growth of the vetiver oil market globally, as well as analyses the degree to which drivers are influencing the market in each region. Key regions assessed in this report include North America, Latin America, Europe, Asia Pacific (APAC) and Middle East and Africa (MEA). Also, another key feature of this report is the analysis of all key segments in terms of absolute dollar. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global vetiver oil market.

Global Vetiver Oil Market: Competitive Analysis

In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view. Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the vetiver oil market.

Key players in the global vetiver oil market include International Fragrance and Flavor Inc., Lluch Essence SL, UniKode S.A., Frager S.A., Robertet Groupe, Ernesto Ventos SA, Floracopeia Inc., Fleurchem Inc., and Haiti Essential Oil Co. SA.

The global Haitian vetiver oil market is segmented into:

By Products

• Conventional
• Organic

By Application

• Perfume and Scent Products
• Pharmaceuticals
• Food and Beverages
• Others