Albany, NY -- (SBWIRE) -- 01/22/2019 -- The global Haitian vetiver oil market is extremely fragmented with several small players in various regions. Fleurchem Inc., Haiti Essential Oil Co. SA, Floracopeia Inc., Robertet Groupe, Ernesto Ventos SA., Frager S.A., Lluch Essence Sl., UniKode S.A., and International Fragrance and Flavor Inc. are some of the leading players in the global Haitian Vetiver oil market. These players are working on several research and development activities and striving to sustain their position in the market.

According to Transparency Market Research, the global Haitian vetiver oil market is anticipated to proceed with a CAGR of 1.50% within the forecast period from 2016 to 2024. However, the market is foreseen to decline with a negative CAGR of -1.10% in terms of revenue over the forecast period. The market was valued at US$32.4 mn in 2016. And this figure is anticipated to reduce to US$29.7 mn by the end of 2024. Nevertheless, the demand of Haitian vetiver oil seems to be increasing production of scents and perfumes, which is likely to propel the market growth.

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haitian vetiver oil marketEurope Region to Dominate Global Haitian Vetiver Oil Market

Based on product segment, the market is segmented into organic and conventional. Among these two, the conventional vetiver oil segment is likely to lead the market race, owing to rise in preference and popularity of organic products among the buyers all over the world. Geographically, Europe is prognosticated to dominate the global Haitian vetiver oil market, accounting for around 75% of market share in 2016. The region is likely to continue its lead within the forecast period as well.

The popularity of Haiti as the producer of best quality vetiver oil in the world has been the important factor behind the growing interest for Haitian vetiver oil. Since vetiver oil is a basic raw material utilized as a part of perfumes and scents, the rising pattern of aromatherapy is accelerating its demand altogether.

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Increased Usage in Aromatherapy to Propel Market Growth

In the coming years, the interest for vetiver oil as flavoring agent is likely to see a change because of its developing use in food and beverage items to add aroma, flavor, and certain functional properties. Besides, the rising utilization of aroma and therapeutic oils is anticipated to help the generation of demand for Haitian vetiver oil throughout the following couple of years. Be that as it may, the simple accessibility of choices may constrain its request sooner rather than later, affecting the development of this market.