Market Overview
The global lavender extracts market is projected to register a CAGR of 5.38% and reach a value of USD 337.9 million by 2028.
Market Dynamics
The global usage of dietary supplements is likely to boost the expansion of the lavender extracts market. In aromatherapy, lavender extracts have a vital role in pain management, cardiovascular disease treatment, sleeplessness, and cold and cough management. A number of food and beverage items, including functional beverages, are also made using lavender extracts.
A variety of reasons are predicted to contribute to the continued expansion of the skin care industry. Skin care products are seeing an uptick in sales due to increased demand among young people and women, as well as an increase in cases of societal discrimination based on skin tone. The increasing number of working women in developing nations is also a factor in the expansion of the skin care business. It is also predicted that the market for men's grooming products will continue to rise strongly in the next years due to strong growth in developed as well as developing economies, all of which will contribute to significant future growth in the skincare market.
A rise in disposable income is also predicted to boost sales of skin care products during the forecast period, according to the study authors. Natural skin care products have been a popular trend in developed markets for a few years now, and the notion is quickly gaining traction in emerging economies as well.
In the near future, price fluctuations and a lack of raw material availability could put a damper on the worldwide lavender extracts market's expansion. Key competitors in the worldwide lavender extracts market are benefiting from a growing demand for organic food and drinks from consumers.
Segmental Analysis
There are two types of lavender extracts in the world: powder and oil. In 2020, the oil segment had the biggest market share.
The worldwide Lavender Extracts Market Outlook has been divided into organic and conventional segments based on the type of lavender extract used. The organic segment is expected to grow at a CAGR of 5.62 percent over the projection period.
Food and beverage, personal care, pharmaceuticals, and aromatherapy are some of the main applications for lavender extracts in the world's markets. In 2020, the aromatherapy segment held the most market share.
Regional Overview
In 2020, Europe's lavender extracts market is expected to have the largest global share. The increase in the usage of botanical extracts in aromatherapy products is a factor in the growth of the lavender extracts market in this region. Further bolstering the regional market is the fact that Bulgaria, France, Ukraine, and Spain are all big lavender-producing nations. Lavender extracts are in high demand in Spain and Italy, where the food processing industry is well developed. Lavender extracts are becoming increasingly popular in bakery items, and the growing vegan population in Europe, combined with the strong demand for healthy food ingredients, is fueling expansion in the regional Lavender Extracts Market Insights.
Manufacturers of lavender extracts should expect a lucrative market in Asia-Pacific. The increase of the regional market can be seen in the expansion of the regional food service business. Lavender extracts market expansion is being fueled by new culinary items and the subtle sweetness and fresh perfume of lavender in baked goods. Stress and exhaustion, two prevalent side effects of modern living, have long been treated using aromatherapy in China and India. During the projected period, demand for lavender extracts in the region is expected to rise as a result of these reasons.
Competitive Dynamics
Prominent players in the global lavender extractsmarket include 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), NorexFlavours Private Limited (India), and K. K. Enterprise (India).
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