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.
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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.
Lavender Oil Market Segmented By
Form – Absolutes, Concentrates (100% Pure Lavender Oil), Blends;
Application – Therapeutics, Personal Care, Cosmetics, Aromatherapy,
Food and Beverages, Others:
https://www.persistencemarketresearch.com/market-research/lavender-oil-market.asp
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.
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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.
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Competitive LandscapeSome 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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Persistence Market Research
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