The global lemongrass oil market was valued at USD 50.29 million in 2023 and is projected to grow from USD 55.11 million in 2024 to USD 123.73 million by 2032, exhibiting a CAGR of 10.64% during the forecast period. This information is provided by Fortune Business Insights™ in its report titled “Lemongrass Oil Market, 2024-2032.”
The traditional herb lemongrass oil contains components such as flavonoids and ketones. As public awareness of the benefits of traditional medicines and herbal remedies increases, the use of lemongrass oil is expected to rise. Its known benefits include alleviating headaches and improving skin conditions. The growing popularity of aromatherapy is likely to enhance consumer acceptance, and the expanding applications of lemongrass oil in the food and beverage and pharmaceutical industries are anticipated to further drive market growth in the coming years.
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Segments
Type, Application, and Region are Studied
The lemongrass oil market is segmented by type into blend and pure oil. Based on application, it is classified into pharmaceuticals and medicinal formulations, fragrances, personal care and aromatherapy, food and beverages, and others. Regionally, the market is divided into Europe, North America, Asia Pacific, South America, and the Middle East and Africa.
Report Coverage
The study provides a comprehensive overview of the latest advancements and key market categories. It includes a detailed analysis of the impact of COVID-19 on the market, as well as the factors driving and restraining industry growth. Additionally, the report explores geographical trends and the strategies employed by leading companies in the market.
Drivers and Restraints
Bringing Down the Cost of Oil Extraction to Promote Market Growth
The demand for lemongrass oil is projected to grow, driven by advancements in extraction techniques and a rise in extraction activities. Increased investment in innovative extraction technologies is expected to further support product adoption. For example, students from TU Delft and Amrita University conducted a field study in Kerala, India, exploring local resources and renewable energy to design a cost-effective oil distillation plant. Moreover, rising consumer awareness of the health benefits of lemongrass oil is likely to fuel its demand. However, high production costs may pose challenges to market growth.
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Regional Insights
Increasing Attention to Technological Advancements to Promote European Market Development
Europe is expected to maintain its leadership in the global lemongrass oil market, driven by a strong emphasis on technological innovation. Valued at USD 15.96 million in 2020, the European market is set for substantial growth in the years ahead. Key industry players in the region benefit from advanced laboratories and production facilities, allowing them to offer a wide variety of products, which could further propel market expansion.
In North America, rising consumer demand for natural beauty and skincare products is projected to boost the adoption of lemongrass oil. Additionally, lifestyle changes and an increasing preference for healthier food and other natural products are likely to fuel market growth in the region.
Competitive Landscape
Businesses Reveal New Products to Increase Market Share
Leading companies in the lemongrass oil sector are launching new products to strengthen their market presence. For example, in January 2021, doTERRA announced plans to expand its storefronts in India to increase revenue and broaden its customer base. Additionally, the adoption of automated production equipment is expected to reduce costs, labor, and resource consumption, while improving product quality. Companies are also focusing on strategies such as partnerships, acquisitions, and mergers to further grow their market share and enhance their competitive edge.
Industry Development
- June 2021: An American company called MOXE recently unveiled their newest line of essential oil-based shower mists. Customers can enjoy a soothing experience by spraying the mist on walls with this practical spa solution.
List of Key Players Profiled in the Report
- The Lebermuth Company (Indiana, U.S.)
- doTERRA (Utah, U.S.)
- Young Living Essential Oils (Utah, U.S.)
- Aura Cacia (Lowa, U.S.)
- Edens Garden Inc. (California, U.S.)
- Mountain Rose Herbs (Oregon, U.S.)
- NOW Health Group, Inc. (Illinois, U.S.)
- Phoenix Aromas & Essential Oils LLC (New Jersey, U.S.)
- Ultra International B.V. (Netherlands, Europe)
- Plant Therapy Essential Oils (Idaho, U.S.)
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