Vetiver Oil Market size was valued at $52M in 2019 and is poised to grow at a CAGR of 5.8 % during the forecast period 2020-2025. Vetiver oil is derived from the aromatic roots of Vetiveria zizanioides (Chrysopogon zizanioides) (Linn) Nash. It is also related to cereal crops such as Barley, Sorghum, Millet, Rye, Wheat, Maize, and Rice. The oil released is highly concentrated which is then skimmed off the top of the water. The extracted oil has a good fragrance, with a distinctive sharp and earthy scent. It is used for scar treatment, and as a relieving ointment for treating several diseases including rheumatism, headaches, and sprains, thus stimulating vetiver oil market.
The slow rate of evaporation of vetiver oil together with its pleasant fragrance makes it a highly regarded fragrance by itself. The high solubility of vetiver oil in alcohol and easy blending with other material makes it a unique resource for the perfume industry.
By Grade Type- Segment Analysis
The global Vetiver Oil Market has two segments, organic and Conventional. The organic segment is poised to show a faster growth rate of 6.3% throughout the forecast period (2020-2025) and gain high market share whereas the conventional segment is set to lose. The main reason for the increase in the organic segment is owing to an increase in technology and ease of operation compared to conventional. The growth of vetiver oil market is set to increase owing to several factors. Mainly the benefits of vetiver oil have increased the awareness of the product and are becoming famous globally. Vetiver oil is highly found in end-use applications such as perfumes, toiletries, cosmetics, and many more.
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By Application Type- Segment Analysis
The application type of Vetiver Oil Market has Food and Beverages, Pharmaceuticals, Spa & Relaxation, Personal Care, Cleaning & Homecare. Personal care emerged as the largest application in the year 2019 and recorded the highest market share. Cosmetics, toiletries, and fragrances use essential oils. In terms of personal care, vetiver oil helps in beautifying of hair and skin, perfumery makeup, and color cosmetics. Aromatherapy emerged as the second-largest sub-application segment in terms of volume and poised to continue the growth in the forecast period (2020-2025).
Vetiver oil consumption has increased in-home cleaning products owing to its antibacterial, anti-greasing, and antimicrobial properties. The application of this essential oil in natural cleaning recipes helps create an environment free of toxic chemicals, grime, and germs since it has antibacterial and antimicrobial properties.
By Geography – Segment Analysis
The global Vetiver Oil Market is poised to show growth over the forecast period (2020-2025) owing to the development of the perfumery and pharmaceutical sector in Europe. Europe contributed to 34 % of the total market share owing to the increasing adoption of medical and cosmetic products infused with vetiver oil in 2019. Vetiver oil here is applied to treat several health issues such as breathing problems, arthritis, rheumatism, and cramps. Germany, Netherlands, U.K., France, and Spain are prominent importers and consumers of essential oils in Europe.
The Asia Pacific market is poised to observe notable growth shortly owing to rapid development in the end-use industries such as fragrance, cosmetics, and pharmaceuticals. Vetiver oil in the food and beverage sector acts as a flavoring ingredient, especially in khus oil syrups. Besides, the anti-microbial properties are poised to surge vetiver oil’s usage in the Asia Pacific pharmaceutical industry to manufacture ointments.
Drivers – Vetiver Oil Market
Rise in Demand for Vetiver Oil
The applications of vetiver oil are in different 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.
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Challenges – Vetiver Oil Market
Raw materials needed for vetiver oil production and derived fragrances are closely correlated with natural disasters, disease outbreaks, evolving agricultural practices, and political upheavals. Vetiver cannot be produced artificially in laboratories and must be derived from plant material. Besides, stringent regulations related to farming coupled with the severe environmental impact of these operations have restricted farming activities and decreased the supply of raw material for vetiver oils production. Also, Vetiver oil cause feminine health-related issues in pregnant women thus, it is advised for limited intake. Harvesting crops prematurely and inappropriately reduce the quality and value of roots.
Multifunctional Food Ingredients industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Vetiver Oil Market. Key companies of this market are Aromatic Herbals Private Limited, Unicode S.A, Frager SA, Manohar Botanical Extracts Pvt. Ltd., Rajkeerth Aromatics and Biotech Pvt. Ltd., Imperial Extracts, and Amphora Aromatics.
In In April 2018, Givaudan Active Beauty announced the launch of their new product Vetivyne. This new product has the fresh patent-pending strong active ingredient with anti-aging advantages as well as long-lasting characteristics to improve wear. It is natural and odor free and provide various skin benefits. Vetivyne helps to improve hydration and enhance softness of the skin and removes wrinkles.
In July 2016, International Flavors & Fragrances Inc. and Unilever today announced a fresh collaboration with leading NGOs to improve the livelihoods of Haiti’s vetiver smallholder farmers. The relationship, Vetiver Together, seeks to enhance food security sustainably, boost returns, and diversify revenue while working to promote women’s empowerment and conservation of the environment.
In April 2015, Dow Agrosciences introduced a cereal grain product called Paradigm Arylex, which is an active herbicide. This new product has been developed to be used in wheat, Vetiver Oil, triticale, and oats to regulate and control the growth of brassica.
Geographically, Asia Pacific is poised to witness significant growth owing to the exponential rise in demand from the food & beverages and pharmaceutical industries. Following that, the perfume industry in Europe and North America is poised to be a major demand driver as well.
The demand for Vetiver Oil has been witnessing a rise since the change in lifestyle among urban population and the rise in media influence is boosting the demand for vetiver oil as an essential massage oil for aromatherapy.
Increasing the use of vetiver oil as a flavoring agent within the food and beverage segment including ice creams, milkshakes, and some other cool drinks is poised to help in the market growth over the forecast period (2020-2025).
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