Tea Tree Oil Market Targets to Hit US$11.19 Billion with a CAGR of 9.1%
In 2017, based on application, the cosmetic & toiletries application segment accounted for around 78.4% of the tea tree oil market share, growing at a CAGR of 5.2% from 2018 to 2025.
In 2017, based on end user, the retail store segment accounted for 53.1% share of the market and is expected to growth at the highest CAGR of 5.0% during the forecast period.
In 2017, based on region, North America accounted for a prominent market share and is anticipated to grow at a CAGR of 4.0% throughout the tea tree oil market forecast.
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The key players profiled in the market report include Main Camp, G.R. Davis, Maria River Plantation, Cassegrain Kalara, Jenbrook, LvHuan Technology, Coromandel Mountains, Fuyang Biotechnology, Oribi Oils, and Integria Healthcare.
According to a new report published by Allied Market Research titled, "Tea Tree Oil Market by Product Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2018 - 2025," the global tea tree oil market size was valued at $38.8 million in 2017, and is projected to reach $59.5 million by 2025, growing at a CAGR of 5.6% from 2018 to 2025. In 2017, North America accounted for nearly 42.3% revenue share in global tea tree oil market.
Tea tree oil is derived from the leaves of Melaleuca alternifolia, a small tree native to Queensland and New South Wales, Australia. Therefore, the region is the major producer of tea tree oil accounting to nearly 80% share in total production around the globe. China is another major producer of tea tree oil. Thus, the pricing of tea tree oil available in China is cheaper as compared to the pricing in Australia. However, the oil available in China contains byproducts and thus gain less preference among the consumers. This in turn limits the tea tree oil market growth in China. Countries such as South Africa, Zimbabwe, and Kenya also produce and distribute tea tree oil. However, these countries have limited share in terms of production over Australia and China. Approximately, 50% of the tea tree oil is utilized in the production of value-added products such as healthcare/household, cosmetic, pharmaceutical, and aromatherapy. The sales demand for tea tree oil has increased by 25% year-on-year from 2013 to 2015 which has reached a record high of 845 tons. In 2016, the tea tree oil production accounted for 720 tons, which was lower than the previous year due to adverse climatic conditions experienced in major producing regions/countries.
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Tea tree oil endures higher rate of demand from the cosmetic industry due to its large-scale application in the production of shampoos, conditioners, skin clearing lotion, mouthwash, body lotions, shower gels, cleansing soap, deodorants, hand wash sanitizers, and face creams. The tea tree oil is expected to gain higher traction from the pharmaceutical industry due to its anti-inflammatory, antifungal, and antiviral properties. Moreover, in the recent past, there has been rise in preference for natural products among the consumers specifically when it comes to cosmetic and skin care products. This is due to the increase in awareness about the various health benefits associated with the usage of natural or clean label products. Thus, the rise in preference for natural products is expected to provide lucrative global tea tree oil market opportunity during the forecast period.
The Australian tea tree oil industry operates under highly regulated environment. Access to European and American cosmetics and medicinal markets demands compliance with a range of regulatory requirements as well as a suitable International Standards. The mandatory imposition of regulatory guidelines hamper revenue tea tree oil market growth in other potential regions.
Major players in the tea tree oil industry have adopted strategies such as acquisition, partnership & agreement, merger, and geographical expansion to expand their market share and increase profitability. The global tea tree oil is segmented based on application, end user, grade, and region.
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