Global Lavender Oil Market to Surpass US$ 124 Mn By 2024-End
New York, NY -- (SBWIRE) -- 09/15/2017 -- In its report titled, "Lavender Oil Market: Global Industry Analysis and Forecast, 2016–2024" Persistence Market Insights (PMR) reveals that more than US$ 76 Mn worth lavender oil was consumed worldwide in 2016. The lavender market, particularly in Europe will remain highly lucrative in 2017 and beyond owing to the increasing consumer preference for natural plant derived lavender oil products in the region. Meanwhile, personal care products account for a bulk of the overall demand for lavender globally.
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Medicinal Properties of Lavender Oil Boosting its Popularity amongst Consumers
Consumers both in developed and developing countries are spending more on organic essential oil products including lavender oil owing to their health benefits. Lavender oil is considered to have unique properties that are beneficial for the skin, hence, used in various skincare products. Over the years, application of lavender extract, oil and essence in food and beverage products has also increased to a substantial level. Lavender oil application in food and beverage products is expected to create an absolute $ opportunity of US$ 7.65 Mn between 2016 and 2024.
Despite the increasing popularity of substituent products such as the lavendin, players operating in the market remain focused on introducing newer lavender oil products. Moreover, development of advanced product formulations methods, especially for personal care products is anticipated to stimulate the market growth.
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Additional Highlights from the Report Include
According to PMR's report, global lavender oil market is expected to reach US$ 124.2 Mn, reflecting a CAGR of 6.2% between 2016 and 2024.
Owing to increasing inclination of consumers towards single oils of high quality and high purity, demand for absolutes and concentrates of lavender oil is likely to surge during the forecast period. In 2016, lavender concentrates accounted for a staggering 49.0% revenue share of the market.
Lavender oil will continue to find robust application is personal care products during the forecast period. By the end of 2024, personal care products will contribute nearly US$ 45.1 Mn to the global lavender market.
In addition to Europe, North America and APAC will remain as the other two leading markets for lavender oil. Owing to the presence of prominent manufacturers and suppliers of lavender oil in North America, the region's market is expected to witness a steady growth during the assessment period. The market in APAC is expected to be driven by the growing demand for lavender oil products in emerging countries such as China and India.
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Some of the key players in the global lavender oil market include doTERRA International, LLC, Young living essential oils LC, Takasago International corporation, International Flavours & Fragrances Inc., Aromaland Inc., Symrise AG, Givaudan SA, Firmenich S A, Rocky Mountain Soap Co., and China Flavors and Fragrances Company Limited. To strengthen their market position, many of these companies are going into strategic alliances and also concentrating on further technological advancements to improve product line.