Global Vetiver Oil Market is expected to witness a huge leap in its demand on account of increasing consumption of scented products in cosmetics, perfumery, soft drinks, and soaps and detergents over the forecast period. Growing applications of vetiver oil in different medicines is further anticipated to enhance the demand in the next seven years. At present, it is observed that demand for the end product from this industry is growing day by day, but there is anticipated decline in the availability of vetiver oil which may lead to fluctuations in prices in near future. Price is anticipated to be the potential restraint in the Vetiver oil market over the forecast period. Difficulty in obtaining the best qualities of vetiver oil is anticipated to be the major challenge for market players.
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Furthermore, decline in vetiver plants across the globe may result in reduced production and manufacturing levels of vetiver oil, which is a potential factor expected to create a supply-demand gap. This can be anticipated to hamper the Vetiver oil market growth over the foreseeable period.
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At present, Asia Pacific has been observed to be the ruling country in vetiver oil market over the past 10 years due to plenty of vetiver plants availability in the region. China, Indonesia and India are expected to be the major producers of vetiver oil and derivatives such as vetiveryl acetate and vetiverol. Furthermore, North America is expected to be the second key market for vetiver oil owing to the excess number of vetiver plants mainly in Haiti region.
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Allylix Inc. has been into R&D activity of Vetiver oil to introduce improved fragrance products by using vetivone as a key element raw material. Patents which are related to production and manufacturing methods of vetiver oil and its derivatives are generally considered to be common market feature. Major players in the market include Unikode S.A., Astier Demarest S.A., Allylix Inc., Rajkeerth Aromatic, Agri Supply Co., S.A. and Aromatic Herbals Pvt. Ltd. Haiti Vetiver Oil Company is expected to improve vetiver briquetting process which requires vetiver leaves and harvested roots as the main feed. This innovation is anticipated to be more eco-friendly and effective. It is also expected to project a high global Vetiver oil market demand over the forecast period.
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