Cedarwood Oil Market Forecast and CAGR
The cedarwood oil market is expected to show rapid growth in the next 10 years (2021-2031). Numerous benefits attached to the usage of this oil are the key reasons for the expansion of this market. It helps to reduce stress, heal the problems related to the skin and hair and soothes the body and mind All of these reasons positively influence the demand.
Cedarwood oil can be derived from stumps, wood or roots. It can be put to various uses in industries such as medical, cosmetics and skin care. This oil consists of different properties like anti-fungal, anti-inflammatory and antiseptic. These are associated with several health benefits, due to which an increase in demand is expected in the near future.
What is Driving Demand for the Cedarwood Oil?
In today’s era, cedarwood oil is the perfect natural substance that consumers could use to avail different benefits. These include better concentration, improving hair growth, treating oily skin and acne problems, eradicate stress and anxiety. Alongside, it also aids in curing sleeping problems.
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Other than the health benefits, this oil can also be used in making strong insect repellants, killing bacteria, making cosmetic products, beauty soaps and perfumes. It is also useful in aromatherapy which is used to promote calmness of the mind which is soothing for the soul.
All these perks procured from using the cedarwood oil are contributing to the upliftment of demand in the market.
Covid-19 Impact on Global Cedarwood Oil Market
The pandemic caused by the novel coronavirus has hugely impacted the economy. It has deeply affected almost every second sector across the world and these effects are going to be seen for a long period of time. Economic growth is hampered because of the disruptions it caused which shook the whole world.
A fall in the revenue of different companies in different sectors has been observed. Every third business was downsized and some were shut down due to the hefty losses incurred by them. It has resulted in the downfall in the operations of even successful businesses and has disturbed the development of the economy.
The lockdown in different countries ceased the operations of different sectors and almost every industry was put at a halt. But, as of now, in the case of this market, the situation is getting better gradually due to the proper availability of raw materials which is helping in the smooth flow of production.
The US and Canada Demand Outlook for Cedarwood Oil Market
In this region, cedarwood oil is derived from Juniperus ashei or mexicana (Texas cedar), Juniperus virginiana (Eastern red cedar or Virginia cedar) and Thuja plicata (Western red cedar). Virginia cedarwood oil have many benefits like using it as a massage oil, for making shampoos for humans and animals, for insect repellants and many more. All these benefits contribute to driving the demand for the cedarwood oil market.
Europe Cedarwood Oil Market outlook
The increase in consumption of cedarwood oil is seen to be the maximum in this region which resulted in higher demand. Countries such as Germany and Italy are anticipated to show extensive growth in the coming years. Consumers there, have widely accepted this oil due to the various benefits it offers them which includes aromatherapy, treatment for the skin problems and improving the sleeping patterns.
Who are the Key Manufacturers of the Cedarwood Oil Market?
Some of the leading manufacturers in this market are
- Grayden Cedar Works
- Henan Allgreen Chemical Co.Ltd
- ORCHID Chemical Supplies Ltd
- Finetech Industry Limited
- Shanghai Eykits
- Foreverest Resources Ltd
- SSS biotic.com
- Venus Enterprise Limited
- Wuhan Shenqu Biological Chemical Co. Ltd.
- Essential oil in.
- Mother Herbs & Agro Products.
New product launches and product innovations are the key strategies adopted by the manufacturers to expand their operations in the market. For example, Foreverest Resources Ltd has started launching new products that are made from bio-based raw materials that are very beneficial for the human body. These new launches will help them to cater to the needs of their customers and enhance their loyalty.
- Aroma therapy
- Cosmetics and skin care products
By Industrial Use
- Spa & Relaxation
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- Northern Africa
- South Africa
- Other Africa
- North America
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