Global Market Study on Lavender Oil: Increasing Consumer Demand for Personal Care and Therapeutic Products Expected to Propel Market Growth During 2016-2024
NEW YORK, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The Personal Care segment had the highest market share of more than 34% in 2016 and it is poised to grow at a CAGR of 6.6% for the period 2016 to 2024 in terms of value. The Personal Care segment by application is predicted to gain 1.1 basis points in the year 2024 as compared to 2016.
Personal care should gain momentum among the global population on account of strong demand for essential oils that are naturally derived. This will increase the overall scope of the global lavender oil market. A Y-o-Y growth from 5.8% to about 6% can be reasonably estimated for the Personal Care segment for every year in the forecast period.
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.
The Personal Care segment is estimated to create absolute $ opportunity of US$ 18.10 Mn between 2016 and 2024. Rising demand for grooming products compounded with increasing skin diseases is forecast to boost demand in the Personal Care segment in North America, Europe and APAC.
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Therapeutics cannot be ignored at the cost of Personal Care:
In terms of revenue, the Therapeutics segment accounted for more than 25% of the global lavender oil market in 2016, with a CAGR of 6.0% for the period 2016-2024. Therapeutics is anticipated to show substantial growth over the forecast period as demand for lavender oil products is increasing by leaps and bounds. This can largely be attributed to the beneficial effects of lavender oil particularly as an antibacterial and anti-fungal solution to effectively counter sunburns, insomnia, wounds and other ailments.
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.
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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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Mature Europe lavender oil market should show robust demand in future:
The vast majority of the European populace is health conscious and aware of the benefits obtained from naturally derived lavender oil and there is a marked increase in consumer spending on healthcare products. That is why it is safe to assume that Europe will continue to account for a large share of the global lavender oil market.
Market Segmentation and Report Structure:
| Form | • Absolutes • Concentrates (100% Pure Lavender Oil) • Blends |
| Application | • Therapeutics • Personal Care • Cosmetics • Aromatherapy • Food and Beverages • Others |
| Region | • North America • Latin America • Europe • Asia Pacific • Middle East & Africa |
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