The global Lavandula oil market is expected to increase at a compound annual growth rate (CAGR) of 6.0% over the forecast period, according to data from Future Market Insights. The market value is expected to increase from USD 913.8 million in 2022 to USD 1,636.5 million in 2032. The predicted value of the lanolin oil market in 2022 was USD 879.5 million. It is anticipated to expand in 2022 at a compound annual growth rate (CAGR) of 4%.
Lavandula oil is an extract of plant lavender flowers scientifically known as Lavandula angustifolia. Lavandula oil is extracted via distillation processes such as steam distillation, hydrodistillation, and solvent extraction. Lavandula oil is also referred to as lavender oil. It is among the essential oils produced globally with a high cost of production.
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Various end user sectors such as the food and beverage sector, cosmetic and personal care product sector, and pharmaceutical sectors often use Lavandula oil to process their products. The effectiveness of lavandula oil in combating health-related issues such as diabetes, cold, and cough has created a surge in demand from the pharmaceutical industry.
It’s also active against allergies, fungi infections, insomnia, eczema, nausea, and many others. The cosmetic sector employs lavandula oil services in their production because of its ability to prevent wrinkles, promote dry skin, fight against acne and eczema, prevent inflammation, and many others.
Lavandula oil also helps treat wounds as ancient Greeks often apply it to wounds or any skin injuries. The global lavandula oil market is expected to grow tremendously during the forecast period as consumers are willing to spend on healthy products. Furthermore, the application of lavandula oil in food and beverage product is another strong force expected to facilitate the growth of the lavandula oil market during the stipulated period.
Lavandula Oil Market Trends
The burgeoning demand for natural products is expected to drive the growth of lavandula oil market in a few years as consumers are switching preference towards organic, non-GMO products. Presently, the wide application of lavandula oil in cosmetic and personal care products has a significant impact on the market’s growth over the forecast period.
The oil is used in the production of body creams, lotions, soaps, and perfumes. Aside from utilizing in personal care products, the food and beverage industry also employs lavandula oil in their products because of the taste, aroma, and flavor it offers.
Consumers’ attraction towards natural ingredients with sweet fragrance is expected to increase demand for lavandula oil globally. Growing population size, rising disposable income, and changing consumers’ lifestyles are other factors expected to facilitate the market’s growth during the forecast period.
A healthy CAGR is anticipated over the foreseeable period as major players adopt new strategies to expand their products to regions where they have no foothold.
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Lavandula Oil Market: Region-wise Analysis
Europe holds the largest market share in terms of total revenue and volume contribution. Bulgaria is the growth driver in this region and is expected to be a lucrative market for the global lavandula oil market and leading players are expanding merging with local players in this region.
The Asia Pacific is the next in line after Europe due to growing consumers’ demand for natural products and the rising population size of consumers living in the region. However, North America remains the highest consumer of lavandula oil globally as the food and beverage industry with the pharmaceutical industry in the region is creating a surge in demand for lavandula oil.
Other regions such as the Middle East and Africa are expected to register a moderate growth during the forecast period since the market is still rising in these regions.
Lavandula Oil Market: Competitive Landscape
The market is highly fragmented with few major players operating in it. Manufacturers in the global market adopt strategies such as merging acquisition, consolidation and product innovation to enhance the sales of lavandula oil globally. Key players participating in the industry include;
- Young Living Essential Oils, TERRA, NOW Foods, Ovvio Oils, Enio Bonchev, Alteya Group, Alpha Aromatics, Mother Herbs Private Limited, Sydney Essential Oil Co. Pty Ltd, and NHR Organic Oils are prominent players in the essential oils industry.
Region-wise Analysis
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Global Lavandula Oil Market Segment Analysis
The global lavandula oil market can be segmented on the following basis:
By Application
- Personal Care Product
- Pharmaceuticals
- Food and Beverage
- Others
By Distribution Channel
- Health and Beauty Stores
- Drug Stores
- Online Retailing
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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