Lemongrass Oil market will be USD 38.1 billion in 2023 and grow at a CAGR of 5.90% from 2023-2030: Cognitive Market Research
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Introduction of Lemongrass Oil Market
The growing interest in herbal and natural remedies, rising demand for essential oils, increasing demand in the food and beverage industry, rising demand for organic products, increasingly adopting healthier lifestyles, used in traditional medicine systems, globalization of cuisine, increasing export opportunities, climate change, and sustainability concerns and ongoing research and innovation into health benefits of lemongrass are the primary drivers driving the market growth.
Key Insights from Lemongrass Oil Market Report
The Global Lemongrass Oil market will be USD 38.1 billion in 2023 and grow at a CAGR of 5.90% from 2023 to 2030.
Rising investments in affordable oil extraction methods to Provide Viable Market Output
A significant market driver for Lemongrass Oil has been rising investments in affordable oil extraction methods. It can be attributed to the growing demand for lemongrass oil in various industries, including aromatherapy, cosmetics, and food and beverage. These investments are primarily focused on improving the efficiency and cost-effectiveness of oil extraction processes, such as steam distillation and cold-pressing.??
For instance, in December 2018, students from TU Delft and Amrita conducted a field survey in Kerala, India, to identify locally available resources containing renewable energy sources to design and build a sustainable and low-cost oil distillation unit. The team developed a solar thermal-based steam distillation unit to distill oil from the lemongrass plant. This new solar-powered steam distillation unit will help villagers extract oil without a huge investment in equipment set-up.
Producers can increase their lemongrass oil output by developing more affordable and sustainable methods, making it more accessible and cost-competitive for a wider range of applications. It supports expanding the lemongrass market and meets the rising consumer demand for natural and botanical-based products across different sectors.
The Lemongrass Oil market has been revolutionized because of rising product innovations. These innovations encompass various industries, from food and beverages to cosmetics and pharmaceuticals. Companies are continually exploring new ways to incorporate lemongrass into their products due to its versatile flavor and potential health benefits. Lemongrass-infused teas, culinary seasonings, essential oils, and skincare products have gained popularity, expanding the market's scope.?
For instance, in April 2021, the U.S.-based brand Commit Haircare introduced the debut product of its Rooted in Strength Collection. The product is its Spring to Life Oil, which has key essential oil ingredients such as lemongrass oil, aloe oil, rice bran oil, and rosemary oil.
Additionally, research into the medicinal properties of lemongrass, such as its potential to alleviate anxiety and aid digestion, further fuels its demand. As consumer preferences for natural and exotic flavors continue to grow, these innovations are expected to play a pivotal role in boosting the global lemongrass market.
Market Dynamics For the?lemongrass oil market
The constraints of price fluctuations due to climate constrain the Lemongrass Oil market. Lemongrass cultivation is sensitive to weather conditions, and temperature, rainfall, and humidity variations can significantly impact crop yields and quality. Unpredictable weather events like droughts or excessive rainfall can lead to supply shortages, driving prices upward. Climate change exacerbates these issues, making lemongrass production vulnerable to extreme weather patterns. As a result, market participants face increased uncertainty and risks, making stabilizing prices, planning investments, or predicting future market conditions challenging.?
Impact of COVID–19 on the lemongrass oil market?
The reduced demand from the food and beverage industry, lockdowns, and supply chain disruptions led to decreased production and distribution. However, the market showed resilience due to the growing popularity of herbal remedies and increased demand for lemongrass in the healthcare sector. This shift in consumer behavior and the eventual easing of pandemic restrictions are expected to drive market recovery and growth in the post-pandemic era.
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COMPETITIVE LANDSCAPE: LEMONGRASS OIL MARKET
The market for Lemongrass Oil has a very diverse competitive environment. Prominent companies are engaged in research and development, product innovation, and strategic partnerships to gain a competitive edge. Increasing demand for lemongrass in the food and beverage, essential oils, and personal care industries is driving market growth.?
Top Companies Market Share in Lemongrass Oil Industry:
Lemongrass Oil Market Analysis
Type Segment Analysis:
According to Cognitive Market Research, pure oil is the item that is utilized the most frequently in the market for Lemongrass Oil. It is derived through steam distillation of fresh or dried lemongrass leaves. It is known for its strong and distinctive lemony aroma and is a popular choice in the aromatherapy and essential oils industry. Pure lemongrass oil is valued for its therapeutic properties, including its use as a natural insect repellent and stress reliever and its potential as an anti-inflammatory and antifungal agent.?
Blend is the second-most used product. They are created by combining lemongrass oil with other essential oils or fragrances to create unique scents and enhance their therapeutic benefits. Blends may include oils like lavender, eucalyptus, or peppermint, offering a broader range of aroma therapeutic applications. These blends are commonly used in the production of cosmetics, personal care products, and household cleaners.?
Application Segment Analysis:
According to Cognitive Market Research, food & beverages are the most extensively used application in the Lemongrass Oil market. It is commonly used in various culinary applications, particularly in Asian cuisine. Lemongrass imparts a refreshing, citrusy flavor to dishes and is a popular choice in soups, curries, and marinades. Additionally, it is used to make lemongrass tea, a popular herbal beverage known for its soothing and aromatic qualities. The demand for lemongrass in this segment is driven by its unique flavor profile and its association with healthier, natural ingredients.?
The Lemongrass Oil for fragrances offering ranks second in usage. It is known for its fresh, citrusy, and uplifting aroma. Fragrance products, including perfumes, candles, and cosmetics, often incorporate lemongrass oil for its pleasant scent and aromatherapy benefits. The fragrance segment experiences demand for lemongrass due to the increasing preference for natural and botanical scents in personal care and household products.?
Grade Segment Analysis:
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North America? accounted for a share of more than 35% of the global revenue?in 2023
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for a share of more than 35% of the global revenue due to several variables. The North American region dominates the market for Lemongrass Oil. The growth is due to increasing demand for natural flavors and herbal products. Additionally, the growing interest in ethnic cuisines and health-conscious lifestyles contributes to the region's lemongrass market expansion. Sustainable farming practices and diverse product offerings further bolster the North American lemongrass market's outlook. According to Cognitive Market Research, due to its versatile use in culinary and medicinal applications, the United States is anticipated to hold a strong position in the North American area. With a growing interest in ethnic cuisines and natural remedies, lemongrass has found its place in various products and dishes. This trend will likely continue, making the United States a key region for lemongrass consumption and trade.
The region's increasing demand for its culinary and medicinal applications creates a considerable demand for Lemongrass Oil, which promotes global trade and business growth. Additionally, the popularity of Asian cuisine and using lemongrass as a flavoring agent have contributed to its rising prominence. Sustainable farming practices and expanding lemongrass cultivation in regions with favorable climates have played a vital role in meeting the demand. The European lemongrass market is poised for continued expansion in the coming years.
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9 个月Thanks a lot for posting!