Market Size of Vetiver Oil Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Vetiver Oil Market Analysis
The Vetiver Oil Market is projected to register a CAGR of over 7% during the forecast period.
The market was negatively impacted during the time of COVID-19. The spa and cosmetics sector is one of the major consumers of vetiver oil. Considering the pandemic, the spas and other wellness centers were temporarily closed during the lockdown to curb the COVID-19 outbreak. Even after the lockdown, people did not frequently opt for such services to remain safe, negatively impacting the demand for vetiver oil. However, the demand for personal and home cleaning products increased during this period, where vetiver oil is used because of its antimicrobial nature, stimulating the demand for the studied market.
- Over the short term, the increasing demand for flavors and fragrances in the spa and relaxation segment and the growing demand for vetiver oil from the food and beverage sector are expected to drive the market's growth.
- On the flip side, the high cost of the products and unfavorable conditions arising due to the COVID-19 outbreak is expected to hinder the market's growth.
- The growing application of vetiver oil in the medical industry is expected to offer various lucrative opportunities for market growth.
- By application, the spa and relaxation segment is expected to dominate the market owing to the increase in personal care and cosmetics products and the growing trend of aromatherapy.
- The Asia-Pacific region dominated the global market with the largest consumption from countries like China and India.
