The global lemongrass oil market size was valued at USD 38.02 million in 2020. The market is expected to grow from USD 41.98 million in 2021 to USD 81.43 million in 2028, exhibiting a CAGR of 9.93% during the forecast period. Rising knowledge of traditional medicines and the increasing popularity of aromatherapy are expected to fuel the market development. Fortune Business Insights™ presents this information in its report titled “Lemongrass Oil Market, 2021-2028.”
Lemongrass oil is a traditional herb that possesses compounds such as flavonoids, ketones, and others. The rising awareness regarding the benefits of traditional medicines and herbs is expected to foster the adoption of the oil. It eliminates skin impurities and headaches. Furthermore, the rising popularity of aromatherapy is expected to boost its adoption from consumers. In addition, its rising adoption in the food & beverage and medicinal sector is expected to boost market progress in the coming years.
List of Key Players Profiled in the Report
- The Lebermuth Company (Indiana, U.S.)
- doTERRA (Utah, U.S.)
- Young Living Essential Oils (Utah, U.S.)
- Aura Cacia (Lowa, U.S.)
- Edens Garden Inc. (California, U.S.)
- Mountain Rose Herbs (Oregon, U.S.)
- NOW Health Group, Inc. (Illinois, U.S.)
- Phoenix Aromas & Essential Oils LLC (New Jersey, U.S.)
- Ultra International B.V. (Netherlands, Europe)
- Plant Therapy Essential Oils (Idaho, U.S.)
Source Link :
https://www.fortunebusinessinsights.com/lemongrass-oil-market-106529
COVID-19 Impact
Rising Demand for Immunity Boosting Products to Foster Market Development
This market is expected to be positively impacted during the COVID-19 pandemic due to consumers’ rising demand for immunity-boosting products. The sudden spike in COVID-19 infections fueled consumers’ awareness for immunity-boosting products. Furthermore, increased spending on the consumption of healthy products is expected to fuel the industry development. Moreover, rising adoption of reduced capacities, social distancing, and technologically advanced production machinery is expected to boost market development. These factors may propel market development in the coming years.
Segments
Type, Application, and Region are Studied
By type, the market is segmented into blend and pure oil. Based on application, it is classified into pharmaceuticals and medicinal formulations, fragrances, personal care & aromatherapy, food & beverages, and others. Regionally, it is clubbed into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Affordable Oil Extraction to Foster Market Development
Numerous oil extraction methods and rising oil extraction are expected to boost lemongrass oil adoption. Rising investments in the research and development of convenient extraction methods are expected to fuel product adoption. For example, TU Delft and Amrita students conducted a field survey in Kerala, India to identify locally available resources containing renewable energy sources for designing and building a low-cost oil distillation unit. Furthermore, increasing awareness regarding the product’s health benefits is expected to boost the product adoption. These factors may drive the lemongrass oil market growth.
However, high product prices are expected to hinder the market’s progress.
Regional Insights
Rising Focus on Technological Developments to Foster Market Development in Europe
Europe is expected to dominate the global lemongrass oil market share due to the rising focus on technological developments. The market in Europe stood at USD 15.96 million in 2020 and is expected to grow significantly in the coming years. Further, major players possess sufficiently manned laboratories and well-equipped production units to provide consumers with a wide range of products. These factors may boost the industry growth.
In North America, growing natural ingredient consumption and rising consumption of cosmetic and skincare products are expected to boost the product adoption. Further, evolving lifestyles lead to the adoption of healthy foods and other products. These factors may propel market development.
Competitive Landscape
Companies Announce Novel Products to Expand Market Presence
The prominent companies operating in the market announce novel products to expand their market presence. For example, doTERRA announced the expansion of its stores in India in January 2021 to expand revenue generation and expand its consumer base. Furthermore, the adoption of automated production machinery is expected to boost product quality reduce costs, labor, and resource adoption. Moreover, companies focus on devising mergers, acquisitions, partnerships, and other strategies to boost their market presence.
Industry Development
- June 2021: MOXE, a U.S. brand, launched its new range of shower mists made from essential oils. The convenient spa solution enables consumers to spray the mist on walls to get a relaxing experience.