In the year 2015, the Personal Care segment of the global lavender oil market was valued at a little more than US$ 25 Mn and this should rise to just over US$ 45 Mn by the end of the study period, registering the highest CAGR among all the application segments of the global lavender oil market. With a market share of more than 34% in 2016, the Personal Care category led the market. From 2016 to 2024, its value is expected to increase at a CAGR of 6.6%. According to forecasts, the Personal Care application segment will grow by 1.1 basis points in 2024 compared to 2016.
Because there is such a high demand for essential oils that are made naturally, personal care should pick up steam among the general population worldwide. This will broaden the market’s total reach for lavender oil worldwide. For each year in the forecast period, a Y-o-Y rise from 5.8% to around 6% can be realistically predicted for the Personal Care segment.
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In the Global Lavender Oil Market, the Therapeutics application segment had a value of slightly under US$ 20 Mn in 2015. This is poised to rise to more than US$ 30 Mn by the end of the year 2024, making Therapeutics the second largest segment in terms of application in the global lavender oil market. The Therapeutics segment is estimated to create absolute $ opportunity of US$ 11.9 Mn between 2016 and 2024.
Europe will continue to remain the largest geographic region in the global lavender oil market
Europe is the geographic hub of the global lavender oil market with Bulgaria being the largest producer. Nearly 3/5th of the total production of the global lavender oil market can be traced to Europe. The market value of the Personal Care segment in the Europe lavender oil market was just under US$ 12 Mn in 2016 and this should rise to nearly US$ 20 Mn by the end of the year 2024, witnessing a CAGR of 6.5%.
The Therapeutics segment accounted for a market value of US$ 7.5 Mn in Europe in the year 2016 and this is predicted to grow to almost US$ 12 Mn by the year 2024, registering a CAGR of 5.7%. However, the application segment to watch out for in the Europe lavender oil market would be Aromatherapy as it is forecast to record the highest CAGR of 6.6% for the period 2016-2024.
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Additional Highlights from the Report Include
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- 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.
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