The onset of COVID-19 has increased the awareness about mental and physical health among the masses. The demand for natural sources has increased substantially in the food, oil, and cosmetic industries. Essential oils play a crucial role in uplifting the human sensory system. Further, these oils are used in various therapeutics and medical verticals due to their characteristic involving skin and health benefits. Palmarosa oil is one of the most recommended essential oils promoting psychological wellness. Among the race of various essential oils such as tea tree oil, peppermint oil, lavender oil, and others, palmarosa oil stands out due to its multi-benefit profile. It bears stressbuster properties which can be incorporated in aromatherapy. The rising need for psychological wellness is likely to promote the growth of the palmarosa oil market during the forecast period of 2021-2031.
Analysts at TMR are striving to provide an exhaustive report through pinpoint analysis for changing competitive dynamics of the palmarosa oil market. Further, the report provides a detailed perspective on the key factors driving the palmarosa oil market and throws light e-market restraints. This analysis offers predictions about the growth trajectory of the palmarosa oil market during the forecast period. . The market outcomes have been systematically included in the report for the CXOs to grasp the current situation of the palmarosa oil market. The COVID-19 pandemic has changed the growth equations of many industries and sectors in different ways. The growth projections of the palmarosa oil market have also been affected due to the pandemic. Hence, to educate the CXOs about the changes, the COVID-19 impact on the palmarosa oil market has been covered in the report.
Palmarosa oil contains a high amount of geraniol in medicinal solutions and aromatherapy. The aroma of palmarosa oil is helpful in skincare and provides stress relief. It also has antifungal and therapeutic properties. All these characteristics cater to palmarosa oil in various applications such as cosmetics, aroma oils, medicinal products, bioenergy, and others. Further, the extraction process of palmarosa oil is gaining traction due to the increase in demand for oils with high nutritional quality is expected to drive the palmarosa oil market. Additionally, palmarosa oil in the cosmetic industry is likely to provide massive growth opportunities to the palmarosa oil market. Palmarosa oil is being widely used in Ayurveda treatments and spas due to its stress buster properties which may further open lucrative avenues for the palmarosa oil market. Apart from this, various organizations are taking initiatives in spreading awareness about the benefits of palmarosa oil, which may augur the growth of the palmarosa oil market.
The global palmarosa oil market has been segmented as North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa based on the regions. Palmarosa oil has been mainly found in countries such as India in the Asia Pacific region. Hence the use of palmarosa oil in the Asia Pacific as a native oil has shown a massive increase. Its use in ayurvedic treatments and essential oils has expanded, providing new opportunities in this region. The initiatives by government bodies for the promotion of natural products can prove to be a game-changer for the palmarosa oil market across the globe. The rising awareness among the masses about the benefit of palmarosa oil is likely to propel the growth of the global palmarosa oil market.
The players in the palmarosa oil market are investing heavily in research and development activities as they form a crucial part of growth. The trend among oil manufacturers is the growing influence of oil extraction by retaining its original properties. The research and development activities conducted by the market players to improve the manufacturing processes may assist in the growth of the palmarosa oil market. Further, new advances in oil refining processes and applications in cosmetics, ayurvedic medicines, and aromatherapies are likely to create lucrative opportunities for the players operating in the palmarosa oil market.
Some of the key players operational in the palmarosa oil market are Wilmar International, Felda Global Ventures Holdings, Kuala Lumpur Kepong Berhad, Sime Darby Plantation, and others.
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Palmarosa Oil Market
