Global haitian vetiver oil market is expected to rise from its initial estimated value of USD 22.45 billion in 2018 to an estimated value of USD 29.10 billion by 2026, registering a CAGR of 3.30% during the forecast period of 2019-2026. This rise in market value can be attributed to rising need of plant protein amid rising amount of health concerns and veganism worldwide.
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Market Definition: Global Haitian Vetiver Oil Market
Haitian vetiver oil is light to dark brown, amber viscous oil arouse earthy, woody and deep smoky fragrance with a persistent sweet whisper. Vetiver grass extract Haitian vetiver oil, it is used for various applications and its roots have been particularly popular since ancient times. Vetiver essential oil is not only extensively utilized in perfumery, but it’s also a flavouring agent in beverage and other foods.
Key Market Competitors: Global Haitian Vetiver Oil Market
Few of the major competitors currently working in the haitian vetiver oil market are: UniKode S.A.., Vigon International, Texarome Inc., Ananda, LLC, BERJÉ INC., Jedwards International, Inc., Albert Vieille SAS, Haiti Essential Co Ltd., Givaudan, Fleurchem, Inc., Floracopeia Inc., Ernesto Ventós, S.A., frager-vetiver.com ,Robertet groupe, Haiti Essential oil co. , LLUCH ESSENCE, S.L., UniKode S.A.., International Flavors & Fragrances Inc, and others.
Key Developments in the Market:
- In November 2018, IFF-LMR has received the Expertise Vegan Europe (EVE) Vegan certification, Of the ingredients that were certified include IFF-LMR’s rose essential, rose ultimate, blackcurrant buds absolute, ylang oil complete, vetiver oil Haiti, patchouli oil Indonesia, geranium heart oil and others. This certification will lead to creation of brand awareness among its customers and its wide variety of product range.
- In July 2016, International Flavors & Fragrances Inc. and Unilever announced they have partnered with a non-governmental organization so that they can improve the life of smallholder vetiver farmers in Haiti. This aim of the partnership is to improve food security, increase yields, and diversifies income and to improve the conditions of the women, children and farmers in an innovative way.
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- Increasing demand for skin treatments among population is driving the growth of this market.
- Rising prevalence for customised and personalised perfumes is another factor driving the market growth.
- Increasing usage of synthetic chemicals in production of the Haitian oil is restraining the growth of this market
- High production cost is another factor restraining market.
Segmentation: Global Haitian Vetiver Oil Market
By Product Type
By End use
- Food & Beverage Processing
- Perfume Products
- Food Grade
- Industrial Grade
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
Competitive Analysis: Global Haitian Vetiver Oil Market
Global haitian vetiver oil market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of haitian vetiver oil market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
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