According to Stratistics MRC, the “Global Haitian The vetiver Oil market” is expected to grow from $XX million in 2016 to reach $XX million by 2023 with a CAGR of XX%. Growing usage of vetiver oil in aromatherapy, increasing awareness regarding the therapeutic properties of Haitian vetiver oil, rising demand for the oil in perfumes and scents and its medicinal properties are some of the factors propelling the market growth. The application for Haitian Vetiver Oil in Personal care products is expected to create huge opportunities for the market in the future. However, the easy availability of alternatives will hinder the market growth.
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Vetiver oil is used in traditional medicine owing to its healing and protection properties. South Asia, West Africa and Southeast Asia is the region where this oil is mostly used in medicines. Its natural body cooling property makes it the most popular oil in the tropical countries where humidity is more. It is used to treat heat strokes, joint disorders, skin problems and to get relief from anxiety and nervousness. Recent research on Vetiver oils proved that it can improve the brain activity and reduce the symptoms of Attention-deficit/hyperactivity disorder (ADHD).
Opportunity: Potential applications of vetiver oil in the beauty and personal care sector would provide ample opportunities for the market growth.
The utilization of Haitian vetiver oil has increased in the huge majority of the beauty treatments and personal care applications. This is among the major trends which are observed in the global Haitian vetiver oil market. Vetiver oil is used to develop products such as lotions, cosmetics, perfumes, and deodorants.
Driver: Growing use of vetiver oil in medical applications
Vetiver oil offers benefits such as cooling and soothing effect that helps soothe all sorts of inflammation. It provides relief from inflammation in both circulatory and nervous systems and thus, is used for treating the irritation caused by dehydration and sunstroke. Vetiver oil helps patients suffering from muscular aches, arthritis, gout, and rheumatism.
By product, the organic segment is expected to grow at the significant market share during the forecast period owing to the increasing inclination towards organic products among consumers across the globe. An increasing number of health-conscious consumers across the world are encouraging manufacturers to supply organic products.
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By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period. Vetiver oil is broadly used in the food and beverage sector as a flavoring ingredient, especially in khus syrups. It is also utilized as a flavoring ingredient for preparing milkshakes, ice creams, and yogurts in the region. Moreover, its anti-microbial properties, are anticipated to surge vetiver oil’s usage in the Asia Pacific pharmaceutical industry to manufacture ointments. Mounting demand for fragrance-giving and therapeutic oils in the Asia Pacific region is owing to increasing preference for natural and convenient options to allopathy products.
The Global Haitian Vetiver Oil Market Leaders are Fleurchem Inc, International Fragrance and Flavor Inc, Robertet Groupe, Lluch Essence SL, Ernesto Ventos SA, UniKode S.A, Floracopeia Inc, Frager S.A and Haiti Essential Oil Co. SA.
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International Fragrance and Flavor Inc: In January 2017, International Fragrance and Flavor Inc acquired Fragrance resources. The acquisition of this company is intended to help strengthen IFF’s position in strategic areas and further penetrate the critical and accelerating regional customer base that it sees as the engine of growth.
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