Vetiver Oil Market: A Strategic Analysis Of Key Factors Impacting The Growth Of The Industry
Vetiver oil is an essential oil obtained from the roots of vetiver, a plant which is native to India and is known for its perfumery and medicinal value since ancient times. The oil is known to be one of the most complex blends of hydrocarbons and sesquiterpene alcohols and is also one of the most viscous natural oils known to the mankind with a very slow rate of volatility. The slow rate of evaporation of vetiver oil in combination with its pleasant fragrance makes it a highly regarded fragrance by itself. The high solubility of vetiver oil in alcohol, which enhances its capability of being mixed with other materials used in perfumes, makes it a unique resource for the perfume industry, a synthetic substitute for which is yet to be found.
Other than the perfume industry, vetiver oil finds diverse applications in the fields of food and beverages, medicines, and toiletries. Over the past few years, the global vetiver oil market has tread along a steady growth path and vetiver oil is expected to witness a surging rise in demand owing to its vast demand in major end-use industries.
Global Vetiver Oil Market: Key Trends and Opportunities
Some of the major applications of vetiver oil can be seen in industries such as perfumery, toiletries, air fresheners, cosmetics, and food and beverages, where it is used as a flavor as well as for food preservation purposes and in pharmaceuticals. The pharmaceutical industry utilizes vetiver oil for formulating concoctions aimed at treating skin diseases, preventing stretch marks, strengthening the central nervous system, and overcoming conditions such as depression, anxiety, stress, insomnia, nervousness, and tension. It is also used as an aphrodisiac, as a cicatrizant (for the eradication of scars), and as a relieving embrocation for rheumatism, lumbago, sprains, and headaches.
The perfume industry currently accounts for the largest share in the global vetiver market based on demand. However, the pharmaceutical industry is steadily emerging as a major consumer of the product, and the surging demand from this end-use segment is expected to be a major driver of the global vetiver market over the report’s forecast period.
Vetiver oil produced in different countries differs in terms of odor notes – the essential oil produced from Haitian vetiver varieties has well defined roseate notes and is highly regarded in the perfume industry. On the other hand, the oil obtained from Indian vetiver varieties is known best for its balsamic woody note.
Global Vetiver Oil Market: Region-wise Outlook
Countries such as Haiti, India, Indonesia, Japan, China, and Brazil are the main producers of vetiver oil in the global market, and Japan, India, Europe, and the U.S. are among the chief consumers of the product.
Over the report’s forecast period, the market for vetiver oil in Asia Pacific is expected to witness significant growth owing to the exponential rise in demand from the food and beverages and pharmaceutical industries. The perfume industry in Europe and North America is expected to be a major demand driver as well.
Global Vetiver Oil Market: Competitive Landscape
Some of the major vendors operating in the global vetiver oil market are Unikode S.A., Frager S.A., Floracopeia, Kautilya Phytoextracts Pvt. Ltd., Manohar Botanical Extracts Pvt. Ltd., Fleurchem, Inc., Vee Kay International, and Rajkeerth Aromatics.
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