According to the report, the global tea tree oil market generated $38.8million in 2017, and is estimated to reach $59.5million by 2025, registering a CAGR of 5.6% from 2018 to 2025.The report offers anextensive analysis of changing market trends, top winning strategies, business performance, Porter’s Five Forces, and competitive scenario.
Surge in demand for natural cosmetic products and rise in demand from the pharmaceutical industrydrive the growth of the global tea tree oil market. However, concerns over the quality of the product and probability of unbalanced supply-demand chain hinder the market growth. On the other hand, untapped markets and rise in number of millennial population create new opportunities in the coming years.
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Covid-19 scenario:
- The demand for tea tree oils has been increased in the months of coronavirus pandemic due to its application in the manufacturing of hand sanitizers, vaporizers or HVAC inserts, and surface cleaning products.
- On the other hand, the FDA and the FTC has banned the direct sale of essential oils in the U.S. due to the rumors among the consumers that the tea tree oil prevent, treat, cure, or diagnose COVID-19.
The report offers a detailed segmentation of the global tea tree oilmarket based onapplication, end user, grade, and region.
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Based on end user, the cosmetic companiessegment contributed to the largest share in 2017, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, thepharmaceutical companiessegment is expected to register the highest CAGR of 6.6% from 2018 to 2025.
Based on grade, the pharma/cosmetic gradesegment accounted for the largest share in 2017, holding nearly two-thirds of the total share, and is expected to maintain the largest share throughout the forecast period. However, the therapeutic gradesegment is estimated to portray the highest CAGR of 6.3% during the forecast period.
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