Lavender Oil Market: APAC to Represent Significant Market Growth Through 2024

(Newswire.net — July 4, 2017) New York City, New York — Growing need for organic essential oil products in developing and developed countries attributed to various health benefits is likely to rev up demand for lavender oil globally. In addition, increasing application in the food and beverages sector will further contribute towards growth of the global lavender oil market in the upcoming years. Persistence Market Research has recently compiled a report, which reveals that the global lavender oil market will witness a growth of 6.2% CAGR over the forecast period, 2016-2024.

Factors Propelling Growth of the Global Market

Surge in demand for organic essential oil products in developing and developed countries is likely to contribute towards growth of the global lavender oil market significantly. In addition, development of enhanced product formulation methods, particularly for products related to personal care is likely to propel growth of the global lavender oil market during the predicted period. Growing preference of customers towards high purity and high quality single oil products has revved up demand for lavender oil concentrates and absolutes of lavender oil. Such factors are likely to impact growth of the global lavender oil positively through 2024.

A sample of this report is available upon request @ http://www.persistencemarketresearch.com/samples/15187 

Personal Care to Represent Major Market Share

Personal care among other segments accounted for major market share of over 34% in 2016. This segment will witness a growth of 6.6% CAGR in terms of revenue, and is likely to gain 1.1 BPS in 2024 over 2016. Attributed to robust demand for natural oils, personal care segment is likely to witness relatively high demand in the global lavender oil market during the predicted years. This segment will represent a Y-o-Y growth from 5.8% to 6.0% in the global market for lavender oil, and will propel growth significantly. Personal care among other segments is likely to represent an absolute $ opportunity of US$ 18.10 million between 2016 and 2024.

Therapeutic segment among other personal care products accounted for over 25% market share in terms of revenue in 2016. This segment will witness a growth of 6.0% CAGR between 2016 and 2024. As demand for lavender oils witnesses an increase by bounds and leaps, therapeutic products is likely to witness a significant demand. Attributed to anti-fungal and antibacterial solutions, lavender oil witnesses surge in demand to counter wounds, insomnia, sunburns and other ailments. This segment will account for over US$ 30 million in the global lavender oil market by 2024-end.

APAC to Represent a Significant Growth

APAC, North America, and Europe among other regions will represent the leading markets globally. North America among other regions will witness a steady growth attributed to various leading suppliers and manufacturers operating in the market. APAC among other regions is likely to witness a significant growth due to surge in demand for lavender oil products in developing countries including India and China.

Request to view table of content @ http://www.persistencemarketresearch.com/market-research/lavender-oil-market/toc 

Market Players

Leading players operating in the global lavender oil market include Young living essential oils LC, doTERRA International, LLC, International Flavours & Fragrances Inc., Takasago International corporation, Symrise AG, Aromaland Inc., Firmenich S A, Givaudan SA, China Flavors, Fragrances Company Limited, and Rocky Mountain Soap Co. Major market players are mainly focusing on forming strategic alliances, and upgrading with technological developments to enhance the product line.