Haitian Vetiver Oil Market

Global Haitian Vetiver Oil Market Size (2024 to 2029)

As per our analysis report, the global Haitian Vetiver Oil Market is expected to reach USD 30.21 billion by 2029 from USD 26.57 billion in 2024, growing at a compound annual growth rate (CAGR) of 2.60 % during the forecast timeline. The Asia-Pacific region is expected to be the fastest-growing region, and the European region dominates the market. The high production cost of vetiver oil and the non-availability of financial resources to the vetiver growers hinder the Haitian vetiver oil market.

Global Haitian Vetiver Oil Market Drivers:

Increasing demand for Haitian vetiver oil from the fragrance industry is a prime factor for driving the Haitian vetiver oil market growth during the forecast period. It has a cooling property and gets blended easily in the perfumes, which makes it a perfect ingredient in the production of perfumes and scents. It is one of the important ingredients in all fragrance products, mostly for men. Therefore, the rising demand for Haitian vetiver oil in the fragrance industry will contribute to the growth of the market.

The rise in the trend for aromatherapy among individuals drives the growth of the Haitian vetiver oil market growth. Due to its astounding advantages in health and mental wellness, Haitian vetiver oil is widely used in fragrance and aromatherapy. Aromatherapy is considered an ideal alternative to regular allopathic treatments, which will increase its demand. The market growth is fostered by the growing demand for therapeutic oils in the developing and developed regions. The various medicinal properties in the oil are making it more popular in aromatherapy, and it has anti-inflammatory and antiseptic properties.

Global Haitian Vetiver Oil Market Restraints:

Despite the projected growth of the market, several factors hinder the potential growth. The non-availability of financial resources for the planters and heavy dependency on the investors for the financial requirements restrict the Haitian vetiver oil market growth. This may hamper the production quantity of vetiver oil and lead to an imbalance between the supply and demand in the market. The supply gap can restrict the market growth. The side effects, such as allergies associated with more usage of vetiver oil, can hamper the market expansion and adoption of vetiver oil usage by the people. The usage of the technology and proper training are important factors for oil extraction; improper knowledge and adoption of the technology can lead to lower oil yield and inconsistent oil quality. There are no proper certified quality standards for Haitian vetiver oil, which makes it less competitive in the international market. The increasing labor cost and strict government regulations on child labor and working hours may raise the cost of vetiver oil. The unstable political and economic conditions in the national and international markets restrain market expansion across different nations.

Impact of COVID-19 on the Haitian Vetiver Oil Market:

The COVID-19 has had a significant impact on the Haitian vetiver oil market. The pandemic has created challenges and opportunities for the market. The supply chain has been entirely disrupted due to the lockdown and travel restrictions. This led to the hampering of the transportation of raw materials and finished products, which in turn resulted in product shortages and price fluctuations. The recession caused by the pandemic in the consumer market led to a decrease in demand for luxury goods such as perfumes and scents, where vetiver oil is one of the main ingredients. The non-availability of labor is one of the biggest hurdles faced by the industry during the widespread COVID-19 pandemic. Apart from this, it also created certain opportunities for the Haitian Vetiver Oil market, such as increased consumer focus on hygiene and health, which has potentially boosted the demand for Haitian vetiver oil. There is a growth in the market with increased sales through the online market channels.

REPORT COVERAGE:

This research report on the global Haitian vetiver oil market has been segmented and sub-segmented based on grade, nature, end-use industry, and region.

Global Haitian Vetiver Oil Market – By Grade:

• Food Grade
• Industrial Grade

The food grade segment holds a significant share of the Haitian vetiver oil market. The oil is accessible in the sustenance grade and mechanical evaluation, in which it is used as an additive in the food and beverage industries.

The Haitian vetiver oil of industrial grade is utilized in the cosmetics and fragrances sector due to its different skin advantages such as moisturizing, assurance, and astringent properties with the amazing fragrance. It is used in cosmetics, especially in anti-aging personal care products where manufacturers perceive Haitian vetiver oil as the best ingredient. The oil provides a profound moisturization to the skin and keeps it hydrated for a long time. This propels the growth of the Haitian vetiver oil market.

Global Haitian Vetiver Oil Market - By Nature:

• Organic
• Conventional

The organic segment is expected to dominate the Haitian vetiver oil market during the forecast timeline. The increase in health-conscious people will drive market growth. The continuous expansion of the retail chains and rise in the consumption of organic care products will contribute to the growth of the market. Furthermore, increasing awareness about natural healing treatments and increasing people's desire to have such treatments will fuel market expansion.

Global Haitian Vetiver Oil Market – By End-Use Industry:

• Food & Beverages Processing
• Perfume Products
• Aromatherapy
• Pharmaceutical

The perfume industry is predicted to have a dominant market share in the Haitian Vetiver oil market during the forecast period. The oil has cooling properties and blends easily with perfumes, making it a more demanded ingredient in the perfume industry, and it is the most commonly used in the creation of new perfumes and scents. It is the most preferred component in the fragrance perfumes made for men. The growing demand for the fragrance perfume industry across the world would drive the demand for Haitian vetiver oil and its expansion.

Global Haitian Vetiver Oil Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Europe region is expected to dominate the Haitian vetiver oil market with a high market share owing to several attributes. Europe has a long tradition of using fragrance oil in perfumes and other scented products. Haitian vetiver oil is a perfect ingredient for such consumer preferences. Many leading fragrance companies are present in the European region, including Chanel, Dior, and others. These companies contribute to the growth of the market in this region. Consumers present in this region are more knowledgeable about the fragrance than consumers of other regions, which makes them pay premium prices for higher-quality perfumes.

Asia-Pacific region is anticipated to be the fastest growing region in the Haitian vetiver oil market during the forecast period. There is a rise in the disposable income of the people in this region, which favors the market by propelling the people to purchase luxury goods. There is a rise in awareness about the benefits of Haitian vetiver oil, including anti-inflammatory and calming properties. The cosmetics and personal care industry market has been expanding and making the Asia-Pacific region one of the booming regions for the Haitian vetiver oil market. The oil has been used in several products, such as soaps, lotions, and beauty care products.

KEY MARKET PLAYERS:

Major Players in the Haitian Vetiver Oil Market are Jedwards International, Inc.; Givaudan SA; Albert Vieille SAS; Vigon International; LLC; Ernesto Ventos, S.A.; Unicode S.A.; Berje Inc.; Texarome Inc.; Haiti Essential Co Ltd; Ananda; Texarome inc.; Frager S.A.; Floracopeia Inc.; Robertet Groupe; Fleurchem inc.; Exponent.

RECENT HAPPENINGS IN THE MARKET:

• In 2023, Exponent, a leading private equity firm in the U.K., agreed to buy the flavor specialty ingredients business from the IFF for a value of USD 220 million in cash. Flavor Specialty Ingredients is one of the top producers of synthetic and natural base aroma chemicals that are used in the flavor market. It is also subordinate to the IFF's Scent division.
• In 2023, the acquisition of Aroma Esencial, which is a company in Spain, was announced by the Robertet Group. The Aroma Esencial specializes in the processing of natural products like vetiver, ylang-ylang, cedar, and other important ingredients for the aroma industry.
• In 2023, The Robertet Group is a fragrance and flavor manufacturer specializing in natural raw materials. The MenobelleTM is a new natural active ingredient that eases the symptoms of menopause, which is showcased in the Vitaffods Europe in Geneva. It is a blend of three ingredients: lemon balm, bergamot, and peony.

SOURCE LINKS:

https://ir.iff.com/news-releases/news-release-details/iff-announces-sale-flavor-specialty-ingredients-business

https://www.robertet.com/en/robertet-group-acquiers-aroma-esencial/#:~:text=The%20Robertet%20Group%20is%20pleased,products%20for%20the%20aroma%20industry.

https://www.robertet.com/en/news/