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.
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.
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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.
By industry, pharmaceuticals is expected to be the most opportunistic segment. Various therapeutic and health benefits associated with cedarwood oil such as antiseptic, anti-inflammatory, diuretic, anti-fungal, and antispasmodic is projected to boosts its utilization in production of various medicines in the future.
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.
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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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The major players operating in the global cedarwood oil market are Essential Oils, Finetech Industry Limited, Foreverest Resources Ltd., Grayden Industries, Inc., Mother Herbs (P) Ltd., Orchid Chemical Supplies Ltd., Venus Enterprises Limited, A.G. Industries, Falcon Essential Oils, and SVA Organics.
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