The global lavender extracts market is projected to exhibit a CAGR of 5.38% during the forecast period of 2021 to 2028.
This Report has recognized the following companies as the key players in the global lavender extracts market: Ultra International B.V. (Netherlands), Biolandes SAS (France), Essential oils and herbs Ltd. (Bulgaria), Galen-N (Bulgaria), Frey + Lau GmbH (Germany), Lavender Oil Bulgaria (Bulgaria), Bontoux SAS (France), BMV Fragrances Pvt. Ltd. (India), Norex Flavours Private Limited (India), and K. K. Enterprise (India).
The global lavender extracts market is projected to be valued at USD 337.9million by 2028, recording a CAGR of 5.38% during the forecast period. The growth of the lavender extracts market is anticipated to be driven by several factors during the forecast period from 2021 to 2028. Lavender extracts are natural and can primarily be found in the form of essential oils. These are produced by distillation and have the characteristic fragrance of the lavender plant. Essential oils are also known as volatile oils, ethereal oils, and Aetherolea. There are different types of extraction techniques, such as extraction by distillation or by using steam, solvent extraction, absolute oil extraction, resin tapping, and cold pressing. Lavender extracts are usually used to produce perfumes, soaps, cosmetics, air fresheners, and other products. Its application in pharmaceutical products is increasing due to its antibacterial, antifungal, antiviral, and antimicrobial characteristics.
Worldwide lockdown due to the outbreak of COVID-19 has affected the farming practices, which has highly impacted the supply of the raw materials required to extract essential oils. This has led to the increased prices of raw materials for the manufacturers of lavender extracts. Moreover, the COVID-19 impact on logistics is also expected to contribute to the increased prices of raw materials. With barriers in the cross-border transportation of commodities in this pandemic situation,the manufacturers are highly dependent on local raw material suppliers, which increases the bargaining power of the suppliers. Thus, the increased raw material prices would lead to an increased price of lavender extracts in the next couple of years.
The global lavender extracts market has been segmented based on form, category, application, and region.
By form, the global lavender extracts market has been divided into powder and oil. The oil segment accounted for the largest market share in 2020.The demand for essential oil extracts is increasing due to several factors. The use of the oil form of lavender extracts is increasing in the food industry as they are stable, contamination-free, and clean. Additionally, oil extracts can be easily standardized by blending with different products. They are widely used to produce aromatherapy products.
Based on category, the global lavender extracts market has been segmented as organic and conventional. Between the two, the organic segment is projected to exhibit a higher CAGR of 5.62% during the forecast period. Lavender grown in an organic environment i.e., without the use of synthetic fertilizers are used to produce lavender extracts. Increasing demand for clean label ingredients is majorly aiding to the growth of organic lavender extracts market across the globe.
Based on application, the global lavender extracts market has been segmented into food and beverages, personal care, pharmaceutical, and aromatherapy. The aromatherapy segment accounted for the largest market share in 2020. The personal care segment captured the second largest market share in the same year.The fragrance from lavender extracts used in aroma therapy is believed to help promote calmness and wellness. Lavender extracts in aromatherapy also helps to reduce stress, anxiety, and possibly even mild body pain. In food & beverages, lavender extracts are used as flavoring agents and even preservatives in bakery & confectionery, dairy & frozen desserts, and sauces, dressings, and other food products. Therefore, wide applications of lavender extracts in culinary, cosmetics, supplements, and aromatherapy are boosting the market growth across the globe.
Geographically, the global lavender extracts market has been categorized as North America,Europe, Asia-Pacific,and the Rest of the World. As per CRI analysis, Europe constituted a dominant share of the lavender extracts market in 2020. Improvements in the lifestyles of the consumers prompt them to consume clean label products, which is fueling the growth of the regional market. Additionally, consumers have now become conscious regarding the ingredients that are used in daily products, such as personal care and aroma products, which in turn is positively impacting the growth of the lavender extracts market in Europe. Also, the market in Asia-Pacific offers lucrative opportunities for manufacturers of lavender extracts owing to high spending on R&D by market players in the region. The key manufacturers in North America emphasize promotional activities to create strong awareness among consumers regarding new products. Furthermore, innovations in lavender extract products are accelerating the growth of the North American market.The Middle East & Africalavender extracts market is projected to register a slow growth during the forecast period.Limited advancements in technology and low per capita spending capacity of the population in Africa are curbing the regional market growth.
Key Findings of the Study:
- The global lavender extracts market is projected to register a growth rate of 5.38%from 2021 to 2028.
- The oil segment is estimated to retain its prominent share till 2028 and is also projected to record the highest CAGR of 5.62% during the forecast period.
- The conventional segment accounted for the larger market share in 2020, whereas the organic segment is estimated to register a higher growth rate during the forecast period.
- The aroma therapy segment is estimated to retain its dominant share till 2028, where as the personal care segment is estimated to register a highest growth rate during the forecast period.