The 2022 global bergamot oil market has achieved a substantial value of US$ 21.2 billion, and it is poised to expand to an estimated size of US$ 31.5 billion by the conclusion of 2027. This surge in value is attributed to the remarkable worldwide demand for bergamot oil, which is anticipated to experience rapid growth at an impressive Compound Annual Growth Rate (CAGR) of 8.2% over the upcoming five years.
One of the primary driving forces behind this notable ascent is the growing consumer preference for organic and natural ingredients. The surge in demand for organic bergamot oil is projected to propel it to a commanding position, accounting for nearly 64% of the global market share within the bergamot oil industry by 2027.
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Key Takeaways:
- In term of product type, the organic bergamot oil is likely to account for nearly 64% of market share by 2027.
- Sales of conventional bergamot oil is anticipated to rise at 5.5% CAGR during the forecast period.
- By end-use, aromatherapies segment is likely to hold sway during the forecast period.
- Skin and personal care segment is anticipated to grow at nearly 4% CAGR during the assessment period.
- The U.S. and France are likely to be leading markets for bergamot oil during the assessment period.
Growth Drivers:
- Increasing awareness about benefits of organic products is likely to remain a key driver for bergamot oil market during the assessment period.
- Growing veganism trend is likely to create significant opportunities for manufacturers.
- Use of aromatherapy in managing depression and other mental disorders is likely to create opportunities for bergamot oil manufacturers.
- Increasing applications of bergamot oil in treating bone and join ailments is expected to create sizeable growth opportunities.
Restraints:
- Concerns linking to excessive use of bergamot oil with sunburn and skin rashes is likely impede the growth.
- High cost of organic products is anticipated to be a deterrent in low- and middle-income economies.
Competitive landscape:
Top companies in the bergamot oil industry are expected to focus on providing organic bergamot essential oil to personal care product manufacturers as they focus on developing products with organic ingredients.
- In September 2022, Amour’s Secrets announced the debut launch of its skincare products that are made from natural and plant-based ingredients. The cleansing and hydrating oil launched by Amour features a unique blend of argan oil, lavender oil, rosewood oil, bergamot oil, and other natural ingredients to provide skin with soothing and luxurious hydration.
Key Companies Profiled by Fact.MR
- Archer-Daniels-Midland Company
- Olam Group
- AOS Products Pvt. Ltd.
- The Good Scent Company
- Herbalife
- Avril Group
- Citromax Flavors
- SVA Naturals
- Amway
- Cargill Inc.
- Bunge Limited
- Symrise AG
- Mountain Rose Herbs Inc.
- Louis Dreyfus Company B.V.
- Citrus and Allied Essences Ltd.
- Willmar International Limited.
- Terra International
- Amway
- Dabur
- Bontoux S.A.S.
- Mgb Grup Essential Oils Co. Ltd.
Key Segments in Bergamot Oil Industry Research:
- By Type :
- Organic
- Conventional
- By End Use :
- Food & Beverages
- Pharmaceuticals
- Skin & Personal Care
- Haircare
- Aromatherapies
- Others
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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Questionnaire answered in the Market outlook Report of Bergamot Oil include:
- What is the key strategy deployed by large players to maximize Bergamot Oil Market growth?
- What are the main challenges faced by players in the Bergamot Oil market Demand?
- With the advent of technological advancement, how will the Bergamot Oil market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Bergamot Oil market size?
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