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Lavender Oil Market - Explores New Growth Opportunities By 2024
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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.
Europe will continue to remain the largest geographic region in the global lavender oil market
Europe is the geographic hub of the global lavender oil market with Bulgaria being the largest producer. Nearly 3/5th of the total production of the global lavender oil market can be traced to Europe. The market value of the Personal Care segment in the Europe lavender oil market was just under US$ 12 Mn in 2016 and this should rise to nearly US$ 20 Mn by the end of the year 2024, witnessing a CAGR of 6.5%. The Therapeutics segment accounted for a market value of US$ 7.5 Mn in Europe in the year 2016 and this is predicted to grow to almost US$ 12 Mn by the year 2024, registering a CAGR of 5.7%. However, the application segment to watch out for in the Europe lavender oil market would be Aromatherapy as it is forecast to record the highest CAGR of 6.6% for the period 2016-2024.
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Mature Europe lavender oil market should show robust demand in future
The vast majority of the European populace is health conscious and aware of the benefits obtained from naturally derived lavender oil and there is a marked increase in consumer spending on healthcare products. That is why it is safe to assume that Europe will continue to account for a large share of the global lavender oil market.
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