The Personal Care segment had the highest market share of more than 34% in 2016 and it is poised to grow at a CAGR of 6.6% for the period 2016 to 2024 in terms of value. The Personal Care segment by application is predicted to gain 1.1 basis points in the year 2024 as compared to 2016.
Lavender Oil Market Segmented By Absolutes, Concentrates, Blends Form in Therapeutics, Personal Care, Cosmetics, Aromatherapy, Food and Beverages
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Medicinal Properties of Lavender Oil Market Boosting its Popularity amongst Consumers
Consumers both in developed and developing countries are spending more on organic essential oil products including Lavender Oil Market owing to their health benefits. Lavender Oil Market 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.
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 Market Market 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 Market 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.
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In addition to Europe, North America and APAC will remain as the other two leading markets for Lavender Oil Market. Owing to the presence of prominent manufacturers and suppliers of Lavender Oil Market 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.
Competitive Landscape
Some of the key players in the global Lavender Oil Market market include
- doTERRA International, LLC
- Rocky Mountain Soap Co
- International Flavours & Fragrances Inc.
- China Flavors and Fragrances Company Limited
- Takasago International corporation
- Young living essential oils LC
- Firmenich S A
- Symrise AG
- Givaudan SA
- Aromaland Inc.
- Others.
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.
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