(MENAFN- PR Newswire) The rising demand for cosmetic & personal care products globally and the growth in the application in the new field of medicine are projected to drive the growth of the global patchouli oil market during the forecast period from 2023 to 2032. The Asia-Pacific region is projected to be the most dominant by 2032.
PORTLAND, Ore., Sept. 19, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, " Patchouli Oil Market
by Type (LIGHT PATCHOULI OIL, DARK PATCHOULI OIL), by APPLICATION (COSMETICS and PERSONAL CARE, MEDICINE, FLAVORINGS, OTHERS): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global patchouli oil market generated $43.4 million in 2022 and is anticipated to generate $64.4 million by 2032, witnessing a CAGR of 4.1% from 2023 to 2032.
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Prime Determinants of Growth
Various therapeutic benefits associated with the use of patchouli oil, growing demand for personal care & cosmetic products, and the rising adoption of patchouli oil in aromatherapy are the factors anticipated to drive the patchouli oil market growth during the forecast period. However, the high costs of production and the strict import/export laws in various nations may hamper the patchouli oil market growth in the coming period. On the contrary, the increasing application in the field of medicine and the growing adoption of eco-friendly & sustainable products to offer growth opportunities for expansion of the patchouli oil market in the 2023-2032 forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $43.4 million |
| Market Size in 2032 | $64.4 million |
| CAGR | 4.1
% |
| No. of Pages in Report | 290 |
| Segments covered | Type, Application,
and Region |
| Drivers | Increasing demand for cosmetics & personal care products globally Growing adoption of patchouli oil in aromatherapy Rising trend among people for natural remedies to relax and enhance mental wellbeing |
| Opportunities | Growing application in the new field like medicine Rising adoption of environmentally friendly and sustainable solutions |
| Restraints | Increasing production costs and strict import laws in various nations |
COVID-19 Scenario
The outbreak of the COVID-19 pandemic has had a significant impact on the growth of the global patchouli oil market. The epidemic led to disruptions in global supply chains, which affected the availability of raw materials and the delivery of finished products. With people maintaining social distancing and staying at home there was a significant decrease in demand for fragrance products. The reduced need for cosmetic products and the closure of non-essential businesses further contributed to this declining growth of the patchouli oil market. However, e-commerce became a key channel for cosmetic sales during the epidemic. Therefore, cosmetic brands with strong online presence were better positioned in the crisis in order to reach consumers.
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Type: Light Patchouli Oil Sub-segment Projected to Hold Major Market Share by 2032
The light patchouli oil sub-segment accounted for the highest market share of 62.8% in 2022 and is expected to continue to dominate during the forecast period. This is mainly because light patchouli oil offers an airer & softer sensation while preserving the essence of the classic aroma. Thus, it is a perfect option for anyone who wants the captivating charm of patchouli without the overwhelming richness. Besides, this type of patchouli oil has several advantages, such as the ability to improve mood, encourage relaxation, and reduce tension.
Application: Cosmetics & Personal Care Sub-segment to Flourish Immensely by 2032
The cosmetics & personal care sub-segment generated the highest patchouli oil market share of 41.6% in 2022 and is predicted to continue to dominate in terms of market share by 2032. This is mainly due to the growing usage of patchouli oil in new ways in the self-care & beauty industries. This oil is a preferred component in fragrances, lotions, and skincare products. Besides, the antibacterial, anti-inflammatory, and astringent properties of patchouli oil make it beneficial in cosmetics formulations.
Region: Europe Market to be the Most Dominant by 2032
The Europe region accounted for the highest share of 41.5% in the global patchouli oil market in 2022 and is expected to hold the major market share during the forecast period. This is majorly because patchouli oil is widely used in Europe owing to its unique olfactory profile, which can give odors depth and richness. In addition, patchouli oil is frequently utilized in perfumes, colognes, and other fragrance items in the region. In addition, natural and organic products, including patchouli oil are gaining popularity in Europe as it is one of the many essential oils that have seen a rise in demand for aromatherapy and holistic health methods.
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Leading Players in the Patchouli Oil Market:
Van Aroma Takasago International Corporation PT. INDESSO AROMA Eastern Agencies Aromatics Pvt. Ltd. Nusaroma PT. Djasula Wangi Treatt Plc, Givaudan Treatt Plc PT. Botanagra Indonesia Firmenich SA
The report provides a detailed analysis of the key players of the global patchouli oil market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Country Reports We Have in this Industry:
U.S. Patchouli Oil Market Opportunity Analysis and Industry Forecast, 2022-2032 Canada Patchouli Oil Market Opportunity Analysis and Industry Forecast, 2022-2032 Mexico Patchouli Oil Market Opportunity Analysis and Industry Forecast, 2022-2032 Europe Patchouli Oil Market Opportunity Analysis and Industry Forecast, 2022-2032 UK Patchouli Oil Market Opportunity Analysis and Industry Forecast, 2022-2032
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