Bergamot Oil MarketBergamot Oil Market to Register Steady Growth During 2017 to 2022
Fact.MR has compiled a market research study on the bergamot oil market that delivers compelling insights regarding the evolving global landscape. The report foresees that the bergamot oil market is expected to witness a moderate CAGR of 3.9%. Steady demand in the fragrance industry, emerging applications in the supplements and growing utilization of natural ingredients in the pharma sector are expected to propel the bergamot oil market.
Myriad of applications across multiple industries is the prime driver identified in the report to support the steadily growing market for bergamot oil. Fact.MR study shows that the bergamot oil market is expected to witness 1.2x growth and surpass US$ 29 million by 2022 end.
Natural segment in the bergamot oil market is estimated to be the largest and account for nearly two-thirds of the market in 2017. Steady demand for natural ingredients in the personal care and cosmetic products is driving the demand for natural bergamot oils in these industries. In addition, consumer preference for label transparency and the natural product trend continue to propel demand for natural bergamot oil. Ongoing demand for organic ingredients is projected to translate into one-third of the revenue share of organic segment and to reach US$ 11 million by 2022 end.
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Application in aromatherapy segment is expected to lead the market with nearly one-fifth share of the market. Perennial popularity of aromatherapy and extensive utilization of essential oils have been identified as key factors responsible for the dominating position of aromatherapy application.
Europe dominated the bergamot oil market in terms of revenue in 2017 and the trend is projected to continue throughout the forecast period. With over 90% of bergamot production and growing demand for organic products, the European bergamot oil market is expected to grow at a steady CAGR of 4.9% during the forecast period. However, recent updates in the EU cosmetics legislation and uncertainty regarding the bergamot oil’s classification under safe natural fragrance ingredients is expected to influence the future growth trajectory of the European bergamot oil market.
North America market will continue to grow at a steady pace and account for nearly US$ 7.5 million by 2022 end. Report opines that FDA regulations regarding fragrance additives are limited to maintaining the ingredients safe for consumers and their mention in product labels. Due to favorable regulations, steadily rising fragrance industry is reporting higher demand for bergamot oil in North America.
Potential health benefits of bergamot oil have led to its increasing application in the pharma sector where the bergamot oil is being explored as an active pharmaceutical ingredient. In addition, important biological properties of bergamot oil components are being used in the supplements industry for the manufacture of cardio-protective supplements.
According to the report, the bergamot oil market is marked by a handful of exporters as the production of bergamot fruit is concentrated in three countries of Italy, Ivory Coast and Brazil. Concentrated production and a handful of exporters are prime factors influencing the supply-demand equation in the bergamot oil market. As leading stakeholders in the bergamot oil market continue to make heavy investments in the fragrance ingredients, business strategies are mainly focused on the expansion of production facilities. Compliance with the regulatory standards is also an important factor that influences the production strategies of the bergamot oil manufacturers.
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Few of the key market players identified in the bergamot oil market report include Citrus and Allied Essences Ltd., do Terra International, Fischer S/A - Com. Ind. e Agricultura (Citrosuco Paulista SA), Lionel Hitchen Essential Oils Ltd., Mountain Rose Herbs, Inc., Citromax Flavors, Inc. (Citromax S.A.C.I.), Symrise AG, Bontoux S.A.S., Young Living Essential Oils LC and Citrus Oleo.