Mature Europe lavender oil market should show robust demand in future

Personal Care application segment poised to dominate the global lavender oil market

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.

Request Sample: https://www.persistencemarketresearch.com/samples/15187

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.

In its report titled, “Lavender Oil Market: Global Industry Analysis and Forecast, 2016–2024” Persistence Market Insights (PMR) reveals that more than US$ 76 Mn worth lavender oil was consumed worldwide in 2016. The lavender market, particularly in Europe will remain highly lucrative in 2017 and beyond owing to the increasing consumer preference for natural plant derived lavender oil products in the region. Meanwhile, personal care products account for a bulk of the overall demand for lavender globally.

Medicinal Properties of Lavender Oil Boosting its Popularity amongst Consumers

Consumers both in developed and developing countries are spending more on organic essential oil products including lavender oil owing to their health benefits. Lavender oil is considered to have unique properties that are beneficial for the skin, hence, used in various skincare products. Over the years, application of lavender extract, oil and essence in food and beverage products has also increased to a substantial level. Lavender oil application in food and beverage products is expected to create an absolute $ opportunity of US$ 7.65 Mn between 2016 and 2024.

Download TOC: https://www.persistencemarketresearch.com/market-research/lavender-oil-market/toc

Despite the increasing popularity of substituent products such as the lavendin, players operating in the market remain focused on introducing newer lavender oil products. Moreover, development of advanced product formulations methods, especially for personal care products is anticipated to stimulate the market growth.

About Us:

Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.

To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

Contact Us:

305 Broadway,7th Floor
New York City, NY 10007
United States
+1-646-568-7751
+1 800-961-0353 (USA-Canada Toll free)
Email: sales@persistencemarketresearch.com
Website: https://www.persistencemarketresearch.com

This release was published on openPR.