Attributed to its qualities and various health-related benefits, customers in various developing and developed countries increasingly prefer lavender oil derived from natural plants. In addition, increasing use of lavender extracts in parallel to oil and essence in a range of products that are related to food and beverages have witnessed an increase significantly. The global lavender oil market is expected to reflect a growth of 6.2% CAGR over the forecast period, 2016-2024.
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Surge in use of lavender oil in application of various food and beverages related products will fuel growth of the global lavender oil market in the coming years. In addition, lavender oil will witness a surge in demand in the application of therapeutics in the span of next nine years. Furthermore, attributed to anti-fungal and antibacterial solutions, use of lavender oil helps in heal wounds, sunburns, counter insomnia and other ailments.
In contrast to factors driving growth of the global market, market player in the lavender oil market globally are mainly focusing on introducing new products related to lavender oil. Additionally, growth of enhanced methods of product formulations, particularly for products related to personal care will further fuel growth of the global lavender oil market over the coming years.
Personal care products among various applications will witness a relatively high demand in span of next nine years. In addition, products related to personal care is likely to account for around US$ 45.1 Mn to the lavender oil market globally over the coming years. Moreover, absolutes and concentrates of lavender oil is likely towitness an upsurge in demand, with the increasing preference of customers towards relatively high quality and high purity single oils over the coming years.
Europe will represent a leading market for lavender oil in the span of next nine years. Whereas, due to leading suppliers and manufacturers of lavender oil, North America will witness a stable growth in the span of next ten years. APAC will further witness growth in demand for products related to lavender oil in developing countries such as India and China over the coming years.
Leading players operating in the lavender oil marketglobally include Young Living Essential Oils LC, doTERRA International, LLC, International Flavors and Fragrances Inc., Takasago International corporation, Symrise AG, Aromaland Inc., Firmenich S A, Givaudan SA, China Flavors and Fragrances Company Limited, and Rocky Mountain Soap Co. Major market players are mainly focusing on strengthening their position in the market through strategic alliances and technological advancements in order to enhance product line.