Global Lavender Oil Market: Overview
Lavender oil is extracted from the flowers of the herb lavender, a herb that is native to the Mediterranean region and Northern Africa. Extraction of lavender oil is quite a monotonous process and the extraction is distilled in the final stage of the process. Solvent extraction, hydro distillation, and steam distillation are the various methods through which essential oil is gathered. Of all the available types of essential oils, lavender oil is the most expensive and the versatile one. This oil is widely utilized in the food and beverage sector and the fragrance sector, which is likely to pave way for the expansion of the global lavender oil market over the tenure of assessment, from 2020 to 2030. This oil is widely utilized for the purpose of flavoring. This oil also has use in the pharmaceutical sector where it is utilized in the therapies. Growing popularity of these therapies is expected to drive development of the global lavender oil market in the years to come.
The global lavender oil market has been classified based on three different parameters, which application, distribution channel, and region. Such segmentation offers better insight into the market.
Global Lavender Oil Market: Notable Developments
The Global Lavender Oil Market has experienced some path-breaking, important developments over the last few years.
· In July 2019, US-based essential oil company, Young Living Essential Oils, made an acquisition of supplier of CBD products, Nature’s Ultra. With this acquisition Young Living Essential Oils is expected to expand its product portfolio and widen its reach in the region.
Some of the prominent companies in the global lavender oil market are mentioned below:
· Sydney Essential Oil Co. Pty Ltd.
· Mother Herbs Private Limited
· Young Living Essential Oils
· Enio Bonchev Production Ltd
· Alteya Group LLC
· NHR Organic Oils
Global Lavender Oil Market: Key Trends
The global lavender oil market is characterized by the prevalence of the following challenges, market drivers, and promising opportunities.
Extensive Use in the Fragrance and Food and Beverage Industry to Accentuate Demand in the Market
The rising demand for this oil owing to its utilization in the fragrance and food and beverage industry is likely work in favor of the global lavender oil market in the years to come. Emerging trend of consumers opting for natural and organic products has generated augmented demand for lavender oil. This oil is utilized in the making of perfumes, lotions, soaps, body creams, and various other cosmetic items. Such multiple use of the oil is estimated to work in favor of the global lavender oil market over the tenure of analysis, from 2020 to 2030.
Lavender oil is utilized widely in the specialty food industry owing the shifting preference of consumers toward food and beverage items that are made of natural ingredients. While the cosmetic industry has emerged as one of the leading end use segments for the global lavender oil market, food and beverage sector does not lag behind. In culinary herb, jelly, tea, and dairy products, lavender oil is utilized. This oil is utilized in the pharmaceutical industry for the treatment of asthma, diabetes, cold, dermatitis, and as insect repellant. Such wide variety of uses are estimated to support growth of the global lavender oil market over the period of projection, from 2020 to 2030.
Global Lavender Oil Market: Geographical Analysis
Driven by Bulgaria, Europe is estimated to emerge as one of the leading territories in the global lavender oil market. The region is expected to retain its regional dominance over the forecast tenure due to the presence of highly lucrative market in Bulgaria. Presence of the lavender plant coupled with traditional use of the product is expected to widen the scope of growth of the lavender oil market in Europe.
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