The global vetiver oil market demand was 422 kilotons in 2014 and the market is projected to expand at a CAGR of 20.5% from 2015 to 2022. High product usage in the food & beverage and pharmaceutical applications is the key factor propelling the market growth. Moreover, rising product demand in fragrance industry on account of its woody and smoky aroma is expected to drive market over the forecast period.
Vetiver oil is widely used in the production of various fragrant materials, such as potpourri and aromatic kaolin, wax, and soap. Furthermore, the oil enhances miscibility in high solubility alcohols, which further promotes its usage in the fragrance industry. The product is also used in the aromatherapy applications owing to its pleasant fragrance. This is also likely to boost the overall market growth during the forecasts period.
Vetiver oil is available in several grades based on its place of origin including Haiti, Java, and India. Increasing use of Java vetiver in fragrance and flavor industry is anticipated to propel demand, which in turn is likely to boost its production. However, high product costs on account of complex manufacturing techniques is expected to hamper the market growth over the forecasts period.
The product is also used in medical applications in the treatment of biliousness, blood-related diseases, and joint stiffness. It speeds up the healing process, provides relief to insomnia patients, and helps treat bruises, burns and swellings. The product provides relief from inflammation in both circulatory as well as nervous system and is thereby, used to treat irritation caused due to dehydration and sun stroke.
The fragrance segment was valued at over USD 26.0 million in 2014. Vetiver oil and its constituents have wide usage in blending oriental type of perfumes as well as floral compounds on account of their fixative properties for volatile compounds. Furthermore, pleasant aroma and slow evaporation of the product makes it a preferred ingredient in perfumes.
Rising demand for the essential oil in medical applications is expected to drive the pharmaceutical segment over the forecast period. The segment is expected to witness a CAGR of over 18.0% from 2015 to 2022. Increasing application scope in the treatment of gout, arthritis, muscle aches, cramps, and rheumatism is expected to propel product demand. Furthermore, the product is used in digestive, anti-asthmatic, antimicrobial, and diuretic ailments.
Asia Pacific is expected to witness significant growth over the forecast period. The product is widely used in food & beverage applications as a flavoring agent, particularly in khus syrups. The product is also used as a flavoring agent for ice creams, milkshakes, and yogurts. Furthermore, it exhibits anti-microbial properties, which are expected to increase its usage in pharma sector in the production of ointments. North America accounted for over 21.0% of the global volume share in 2014. Increasing applications in the pharmaceutical industry is expected to drive the regional vetiver oil market over the forecast period.
Leading companies emphasize on the ecological as well as sustainable techniques for vetiver roots cultivation. For instance, Unicode developed an efficient method of oil extraction, which provides improved quality, oil yield, profitability, and appearance. Furthermore, the company has started modern distillery set up with nearly 20 MT production capacities for Haiti vetiver oil. Rajkeerth Aromatics and Biotech Pvt Ltd. is engaged in the production of the oil through processes, such as solvent extraction, functional distillation, hydro & steam distillation, perfume compounding, and resinoid benzoin.
The company manufactures product that has widespread usage in erosion control, perfumery & aromatherapy, and pharma. Key market participants include Unicode S.A.; Fleurchem, Inc.; Aromatic Herbals Private Limited; Frager S.A.; Rajkeerth Aromatics and Biotech Pvt. Ltd.; Manohar Botanical Extracts Pvt. Ltd.; Imperial Extracts; and Amphora Aromatics Ltd. Companies, such as Frager S.A., emphasizes on harvesting and processing of plants in compliance with sustainable farming techniques. They also implement strategies like direct distribution and technological innovations that facilitates to cater to rising demand from developing regions.
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