Albany, NY -- (SBWIRE) -- 05/12/2017 -- Global Haitian Vetiver Oil Market: Overview
A report by Transparency Market Research furnishes an executive-level blueprint of the global Haitian vetiver oil market. For the purpose of study, the market has been bifurcated into conventional and organic vetiver oil, which are the two types available in the market. Among the two, the organic vetiver oil is predicted to outpace its conventional counterpart due to the increasing demand for natural vetiver oil from fragrance and pharmaceutical industry worldwide. The conventional vetiver oil held 67.1% of the value share and organic the remaining 32.9% in 2016.
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Depending upon application again the report segments the market into perfume and scent products, pharmaceuticals, and food and beverages, among others. It studies each segment in details to understand the dynamics in the market.
The overview section of the report includes a detailed analysis of the market's growth drivers, restraints, trends, and opportunities. Using leading analytical tools, the report evaluates the strength, weaknesses, opportunities, threats, and possible bottlenecks that the leading companies in the market may encounter. Based on information sourced through primary and secondary research, the report draws refined growth forecasts for the market.
Global Haitian Vetiver Oil Market: Trends and Opportunities
Volume-wise, the global vetiver oil market is anticipated to expand at a CAGR of 1.5% during the forecast period to account for 112.6 Metric Tons (MT) by 2024 end. A factor majorly boosting the market is the rising ranks of discerning consumers who are increasingly concerned about the quality of the product. Such consumers demand information on the origin of raw materials used in food and beverages. The abundant and indiscriminate use of synthetic chemicals in the agricultural sector, especially in certain developing countries, has prompted such scrutiny in consumers.
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Other factors stoking growth in the market are demand from the fragrance industry and the food industry. Haitian vetiver oil is used as a flavoring agent, owing to its aroma and nutrition quotient, in food industry. Additionally, vetiver oil is also finding growing application in aromatherapy owing to its safe and established role as a historical therapeutic oil in eastern countries. Because of its anti-inflammatory and antiseptic properties, it is also being increasingly used in the pharmaceutical industry. This will also likely drive the growth in the market in the near future.
Global Haitian Vetiver Oil Market: Regional Outlook
Geographically, the key segments of the global Haitian vetiver oil market are North America, Latin America, Europe, Asia Pacific (APAC) and Middle East and Africa (MEA). In Europe, about 74.4% volume of Haitian vetiver oil was used in the production of perfumes and scents in 2016. In North America, however, conventional vetiver oil is expected to pare some of its market share from 2016 to 2024 because of rising consumer interest in the quality and safety of the product.
The three regions of Europe, Asia Pacific, and North America are predicted clock significant growth rates between 2016 and 2024. Asia Pacific, which held 4.7% vis-à-vis volume is predicted to gain 40 BPS to account for 5.1% volume share by 2024.
Companies Mentioned in the Report
Some of the key players competing in the global Haitian vetiver oil market are UniKode S.A., International Fragrance and Flavor Inc., Robertet Groupe, Lluch Essence Sl, Frager S.A., Fleurchem Inc., Ernesto Ventos Sa, Floracopeia Inc., and Haiti Essential Oil Co., SA.
Key Segments Covered
By Product Type
Perfume and Scent Products
Food and Beverages
Middle East and Africa