Global Myrtle Oil Market - 2023-2030

Overview

Global Myrtle Oil Market reached US$ 982.12 million in 2022 and is expected to reach US$ 1349.27 million by 2030, growing with a CAGR of 4.05% during the forecast period 2023-2030.

Global consumers' increasing health and environmental concerns raised the demand for natural products. Consumers are seeking natural, healthier and safer products to promote a healthy lifestyle. The less dependence of consumers on synthetic and chemical ingredients and the need for environmentally friendly and sustainable product production contributed to the higher range of natural product expansion.

Myrtle oils are used as a great natural alternative for multiple commercial synthetic products. The superior quality and properties of naturally sourced ingredients have increased their value in various applications. Myrtle oil is used in multiple product preparations of food, cosmetics and other personal care products.

Manufacturers are using various strategies and promote the product in the market highlighting the benefits of this natural ingredient and its potential benefits. The high promotional activities of natural and environmentally friendly products from celebrities and influencers help in expanding the market growth.

Dynamics

Increasing Demand for Natural and Organic Products

Natural and organic products are gaining popularity among the global consumer. With the increased awareness regarding the adverse effects associated with the use of synthetic chemicals-based products on human health and the environment, consumers are avoiding the use of those products and are actively adopting the use of natural and organic products.

Myrtle oil, being a natural and organically sourced ingredient, is highly valued and demanded in the production of desired natural and organic food and personal care products. It is used as an alternative to the chemical in various product preparations. Manufacturers are adopting ethical and sustainable sourcing practices at the industrial level to meet consumer demand.

With the increasing demand, various companies are expanding their product offerings with the launch of new product developments that are incorporated with myrtle Oil. For instance, In February 2022, Down Under Enterprises, an essential oil manufacturer from Australia, announced the launch of its Organic Lemon Myrtle Oil.

Increasing Applications of the Myrtle Oils

With the high end-user awareness regarding the benefits associated with the use of myrtle oils, there is a greater expansion of the use of myrtle oils in multiple applications. Expanding applications of myrtle oils are increasing the demand for the product in the market. The beneficial and potential properties of myrtle oil help improve its use in the production of multiple products.

Myrtle oils provide fresh, sweet and slightly camphoric aroma. The aromatic properties of the myrtle oil drive its use in aromatherapy. It is useful to provide a calm mind by relieving tension and anxiety. The antibacterial and anti-inflammatory effects provide effective benefits in dealing with asthma and respiratory infections.

In the food and beverage industry, myrtle oil is used as a flavouring agent. The distinctive lemon flavor of the oil helps in the production of lemon-flavoured favorable sweets, cocktails and soft drinks. The antimicrobial and skin care effective properties boost its use as a natural ingredient in skincare and cosmetics products. The favorable aromatic properties also improve its use in the production of deodorants and room fresheners.

Limited Availability of Myrtle Oil and High Competition from Other Oils

The myrtle plants are sensitive to various climate parameters such as temperature, humidity and others. The change in climatic conditions can have a huge impact on plant growth and quality. The myrtle plants are restricted to specific geographic areas due to their climatic sensitivity. This, in turn, limits their availability to the product for most end-use applications. In addition, the limited availability also results in the higher cost of the product, hindering the market growth.

With the high demand for natural and organic ingredients from all types of industries, there is intense competition among the various types of oils with the same application characteristics. The myrtle oil market also faces greater competition in the market from multiple oils such as tea tree and others. With the lower availability and high price of this myrtle oil, end-users may choose price effective available substitute for myrtle oil.

Segment Analysis

The global myrtle oil market is segmented based on type, distribution channel, application and region.

Increased Consumer Preference towards Natural Skincare Products

The global myrtle oil market is segmented based on application into aromatherapy, cosmetic & personal care and food & beverage. The cosmetic & personal care segment accounted for the largest share of the global myrtle oil market. The increased consumer awareness regarding the adverse effects of synthetic chemical-based products on their skin and personal health reduced the importance of such products and diverted the focus towards natural and organic products.

Globally, there is a vigorous rise in the demand for clean and natural beauty standards, driving the need for natural skincare ingredients. Myrtle oil is used as a popular natural alternative for commercial skincare products due to its cleansing and astringent properties as used in regular applications to benefit the skincare essential to deal with dull skin and acne.

Geographical Penetration

Increasing Consumer Focus on Health and Wellness

Asia-Pacific region dominated the global myrtle oil market. The myrtle is native to tropical southern Asia. It is grown in India, China and Southeast Asia, providing abundant availability of raw materials required for myrtle oil production. Also, the increasing technological developments and the use of advanced oil extraction methods in this region help in enhancing product use.

Improved consumer focus on health and wellness has increased the demand for health-promoting products. The role of myrtle oil in providing benefits for personal health and in maintaining better environmental sustainability nature has increased its value in the market. The high focus of consumers on natural and organic products drives the demand for various natural oils such as myrtle and others to meet the demand for natural ingredients in producing natural products.

Developing countries such as India and China and focusing on improving organic and natural products. For instance, in 2022-2023, India produced around 2.9 million MT of certified organic products, where oil seeds and fibres were given much importance. Massive industrialization and high industrial developmental activities taking place in this region provide greater opportunities for the market to penetrate large-scale sectors.

Competitive Landscape

The major global players in the market include Aromaland, Moksha Lifestyle Products¸Young Living Essential Oils, LC¸Lush Retail Ltd., Mountain Rose Herbs, Edens Garden, doTERRA Holdings, LLC, AOS Products Pvt. Ltd., Zea and Lemon Myrtle Fragrances.

COVID-19 Impact Analysis

The COVID-19 pandemic had a moderate impact on the global myrtle oil market. Just like all other industrial sectors, the myrtle oil market also faced several challenges in the pandemic situation due to unsupportive conditions. There was a temporary halt in production activities during lockdown situations, as a result of strict government regulations towards lockdown.

The restricted transport facilities halted the sourcing of raw materials. In addition to the lack of resources, there were also strict conditions for production halt due to the temporary shutdown of the production industries. The market players faced challenges due to reduced product sales for a while. On the other hand, consumers were left with a high healthcare responsibility to conserve their health and wellness.

The health consciousness among consumers has improved the demand for natural products that don't harm the body but show positive health impacts. The need for natural remedies for anxiety and some respiratory problems has developed the need for numerous natural oils including myrtle oil during pandemic conditions.

By Type

• Organic
• Conventional

By Form

• Online
• Offline

By Application

• Aromatherapy
• Cosmetic & Personal Care
• Food and Beverage
• Other

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In December 2023, the Barcelona Perfumery Congress 2023, presented est Natural Ingredient for Fragrance Award to Cosmo International Fragrances. The company is exclusively awarded for its Myrtle Inca Essence.
• In May 2023, Fragrance Spring 23 announced the launch of Roundup, various products developed with multiple aquatic and effervescent floral and fruit openings and highlighted with the aroma of myrtle as a herbaceous decadence.
• In March 2022, Essentially Australia brand, announced the launch of Mango Myrtle oil, which smells like a green mango and is provided as a ready-to-use essential oil.

Why Purchase the Report?

• To visualize the global myrtle oil market segmentation based on type, distribution, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of myrtle oil market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global myrtle oil market report would provide approximately 61 tables, 56 figures and 234 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies