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cedarwood oil market
Allied market Research forecasts a 6.6% CAGR, as the global Cedarwood Oil market surges driven by increased demand in pharmaceuticals, spa & relaxation.
Rise in demand for natural and organic products in Europe and North America is presenting a strong potential of growth for cedarwood oil manufacturers.” - Allied Market Research
WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATE, February 13, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, titled,“Cedarwood Oil Market by Technique, End Use, and Industry: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global cedarwood oil market size is expected to reach $587.3 million by 2030, growing at a CAGR of 6.6% from 2021 to 2030.
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Cedarwood oil is gaining rapid traction among consumers and various manufacturers in pharmaceuticals, food & beverages, spa & relaxation, and personal care industries, owing to numerous therapeutic and medicinal properties found in the cedarwood oil. Cedarwood oil is extensively used in manufacturing of insect repellents, anti-bacterial products, perfumes, shampoos, colognes, and beauty soaps. Furthermore, consumers are increasingly using cedarwood oil in aroma therapy that promotes calmness and soothing of mind. Growth in applications of cedarwood oil is expected to boost growth of the global cedarwood oil market.
The cedarwood oil has anti-anxiety and anti-depressant properties, which fuels its demand in the spa & relaxation industry. Moreover, rapidly growing health and wellness tourism across the globe propels demand for the various therapies such as spa therapy, body massage, and aroma therapy. This boosts consumption of cedarwood oil. Furthermore, medicinal and therapeutic benefits associated of oil are expected to foster demand for cedarwood oil in the pharmaceutical industry, thereby contributing toward growth of the global cedarwood oil market.
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The outbreak of the COVID-19 pandemic had a neutral impact on the cedarwood oil industry. However, lockdown measures implemented by governments resulted in non-operation of production facilities, disruptions in supply chain, and decline in exports-imports. China is among the top suppliers of cedarwood oil and the origin of the COVID-19 in China hampered the import of cedarwood oil in European countries. On the other hand, medicinal benefits of cedarwood oil have resulted in a spike in demand in North America and Europe. Thus, there has been a neutral or very low impact of the COVID-19 on the cedarwood oil market.
Rise in penetration of e-commerce channels across the globe is expected to boost growth of the cedarwood oil market. E-commerce has made the distribution of cedarwood oil simpler than before. Consumers can browse different brands of cedarwood oil on e-commerce platforms and can easily order them from the comfort of their home. As the cedarwood oil is very underpenetrated product, e-commerce has enabled consumers to easily search and buy the desired brand of cedarwood oil.
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The market is segmented on the basis of technique, end use, industry, and region. By technique, the market is segregated into steam distillation, carbon dioxide distillation, and cold press. On the basis of end use, it is categorized into cosmetics & skincare, toiletries, aroma therapy, and others. Depending on industry, it is segmented into spa & relaxation, pharmaceuticals, and others. Region wise, the cedarwood oil market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, the Netherlands, Spain, Austria, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
By technique, steam distillation was the dominating segment, garnering a market share of 84.8% in 2020. This is attributed to increase adoption of steam distillation technique for production of cedarwood oil as this technique offers large scale production at industrial scale, helps to extract maximum oil from raw material and offers economies of scale.
On the basis of end use, cosmetics & skincare is estimated to be the fastest-growing segment during the forecast period. Skin benefits such as acne treatment and hair loss treatment offered by cedarwood oil propels its adoption in the production of skincare and cosmetic products across the globe.
Key Findings of the Study
The global cedarwood oil market size was valued at $303.8 million in 2020, and is projected to reach $587.3 million by 2030, registering a CAGR of 6.6% from 2021 to 2030.
By technique, the steam distillation segment was the highest contributor to the market, with $257.8 million in 2020, and is estimated to reach $484.7 million by 2030, at a CAGR of 6.3% during the forecast period.
By end use, the aroma therapy segment was the highest contributor to the market, with $119.8 million in 2020, and is estimated to reach $217.8 million by 2030, at a CAGR of 5.9% during the forecast period.
By industry, the spa & relaxation segment was the highest contributor to the market, with $205.9 million in 2020, and is estimated to reach $390.7 million by 2030, at a CAGR of 6.4% during the forecast period.
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Region wise, North America dominated the market, accounting for 37.5% of the cedarwood oil market share in 2020. U.S. is the leading producer and consumer of cedarwood oil in the globe. Increase in consumer awareness regarding availability of cedarwood oil, increase expenditure on health and wellness, and rise in prevalence of various skin and mental disorders are the major factors that boosts growth of the cedarwood oil market in the region.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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