Bergamot Oil Market To Provide Attractive Business Scope In North America And Europe Through 2031

The global bergamot oil market is expected to reach US$ 21.2 Billion in 2022 and is likely surpass a valuation of US$ 31.5 Billion by 2027. Sales in the market are likely to grow at 8.2% CAGR during the assessment period (2022-2027) as preference for organic and natural ingredients continues to rise.
According to the study, organic variant of bergamot oil is anticipated to remain the most preferred owing to the growing focus on health and wellness. As per Fact.MR, the demand for organic products is expected to burgeon considerably over the forecast period. As per the study, more than 3/5th of revenue is expected to be contributed by organic bergamot oil.

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For instance, according to European Union, organic farming accounted for nearly 14.7 million hectares of agricultural land in 2020. Further, as per FAO, organic agriculture is now practiced in nearly 187 countries. Bergamot oil is widely used an ingredient in a plethora of organic products, owing to which its demand is expected to be in sync with rising popularity of organic products.

Regionally, Europe and North America are likely to maintain their position as the leading markets for bergamot oil during the assessment period. Collectively, these two regions are likely to account for nearly 60% of total bergamot oil market in 2027. Growing awareness regarding health benefits of bergamot oil and rising application in pharmaceutical sector will create lucrative opportunities for leading firms in Europe and North America.

Key Takeaways:

• In term of product type, the organic bergamot oil is likely to account for nearly 64% of market share by 2027.
• Sales of conventional bergamot oil is anticipated to rise at 5.5% CAGR during the forecast period.
• By end-use, aromatherapies segment is likely to hold sway during the forecast period.
• Skin and personal care segment is anticipated to grow at nearly 4% CAGR during the assessment period.
• The U.S. and France are likely to be leading markets for bergamot oil during the assessment period.

Growth Drivers:

• Increasing awareness about benefits of organic products is likely to remain a key driver for bergamot oil market during the assessment period.
• Growing veganism trend is likely to create significant opportunities for manufacturers.
• Use of aromatherapy in managing depression and other mental disorders is likely to create opportunities for bergamot oil manufacturers.
• Increasing applications of bergamot oil in treating bone and join ailments is expected to create sizeable growth opportunities.

Restraints:

• Concerns linking to excessive use of bergamot oil with sunburn and skin rashes is likely impede the growth.
• High cost of organic products is anticipated to be a deterrent in low- and middle-income economies.

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Competitive Landscape:

Bergamot oil manufacturers are upgrading to effective methods of oil extraction to meet the growing demand. Further, to boost their overall business, manufacturers are focusing on launching new and innovative products.
• For instance, in 2021, Harney & Sons announced they will be launching a new product, known as Wonderful Things, which is made from bergamot oil.
• Jimmy Choo announced in 2019 it had launched a new range of perfumes which have a blend of bergamot oil, nectarine, and mandarin oil.

Key Companies Profiled by Fact.MR

• Archer-Daniels-Midland Company
• Olam Group
• AOS Products Pvt. Ltd.
• The Good Scent Company
• Herbalife
• Avril Group
• Citromax Flavors
• SVA Naturals
• Amway
• Cargill Inc.
• Bunge Limited
• Symrise AG
• Mountain Rose Herbs Inc.
• Louis Dreyfus Company B.V.
• Citrus and Allied Essences Ltd.
• Willmar International Limited.
• Terra International
• Amway
• Dabur
• Bontoux S.A.S.
• Mgb Grup Essential Oils Co. Ltd.

More Valuable Insights on Bergamot Oil Market
In its latest study, Fact.MR offers a detailed analysis of the global bergamot oil market for the forecast period of 2022 to 2027. This study also divulges key drivers and trends promoting the sales of bergamot oil through detailed segmentation as follows:

By Type:
• Organic
• Conventional
By End Use:
• Food & Beverages
• Pharmaceuticals
• Skin & Personal Care
• Haircare
• Aromatherapies
• Others
By Region:
• North America
• Latin America
• Europe
• APAC
• MEA

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Key Questions Covered in the Bergamot Oil Market Report

• What is the anticipated market size of the bergamot oil market in 2022?
• At what rate will sales in the global bergamot oil market grow until 2027?
• Which are the factors hampering the demand in the bergamot oil market?
• Which region is expected to dominate the global bergamot oil market during 2022-2027?
• Which are the factors driving sales in the bergamot oil market during the forecast period?
• What is the anticipated market valuation of the bergamot oil market during the forecast period?

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This release was published on openPR.