The global cedarwood oil market generated $303.8 million in 2020, and is estimated to generate $587.3 million by 2030, witnessing a CAGR of 6.6% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
Rise in application in aromatherapy and surge in demand for natural products drive the growth of the global cedarwood oil market. However, high cost of the oil, government ban on the trade of cedarwood, and lack of awareness regarding the cedarwood oil impede the market growth. On the contrary, growth in penetration of online retailers and rise in awareness regarding benefits of the oil create new opportunities in the coming years.
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Leading players in the global cedarwood oil market discussed in the research include Finetech Industry Limited, Essential Oils, Grayden Industries, Inc., Foreverest Resources Ltd., Mother Herbs (P) Ltd., Venus Enterprises Limited, Orchid Chemical Supplies Ltd., Falcon Essential Oils, A.G. Industries, and SVA Organics.
Covid-19 Scenario:
- The Covid-19 pandemic had a negligible effect on the cedarwood oil sector. Government-imposed lockdowns, on the other hand, led to the shutdown of production facilities, supply chain disruptions, and a drop in exports and imports.
- As China is a major supplier of cedarwood oil, the Covid-19 outbreak hampered cedarwood oil imports into European countries. However, the medical properties of cedarwood oil have resulted in a surge in demand in North America and Europe.
The report offers detailed segmentation of the global cedarwood oil market based on technique, end use, industry, and region.
Based on technique, the steam distillation segment held the highest market share in 2020, accounting for more than four-fifths of the total share, and is projected to maintain its leadership status during the forecast period. However, the cold press segment is estimated to grow at the fastest CAGR of 9.6% from 2021 to 2030. The report also includes an analysis of the carbon dioxide distillation segment.
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Based on industry, the spa and relaxation segment accounted for the largest share in 2020, contributing to more than two-thirds of the global cedarwood oil market, and is expected to maintain its lead position during the forecast period. However, the pharmaceuticals segment is projected to portray the highest CAGR of 8.1% from 2021 to 2030.
Based on region, North America contributed the highest share in 2020, accounting for nearly two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, the Asia-Pacific region is projected to manifest the largest CAGR of 7.4% during the forecast period.
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