PATCHOULI OIL on the biz front

The global patchouli oil market is anticipated to grow at a CAGR of 4.1 per cent, according to a report by Allied Market Research.

In areport, titled, ‘Patchouli Oil Market: Global Opportunity Analysis and Industry Forecast, 2023-2032,’ the global patchouli oil market generated $43.4 million in 2022 and is pegged to generate $64.4 million by 2032, witnessing a CAGR of 4.1 per cent from 2023 to 2032.

Various therapeutic benefits associated with the use of patchouli oil, growing demand for personal care and cosmetic products, and the rising adoption of patchouli oil in aromatherapy are the factors contributing to its growth. High production costs and strict import/ export laws are the major challenges that might hinder this growth. The growing adoption of eco-friendly and sustainable products will prove helpful in the long run.

The pandemic disrupted the global supply chains, which affected the availability of raw materials and the delivery of finished products. But e-commerce proved to be a strong supporter of the beauty business during difficult times, and continues to significantly affect its growth.

“The light patchouli oil sub-segment accounted for the highest market share of 62.8 per cent in 2022 and is expected to continue to dominate during the forecast period. This is mainly because light patchouli oil offers an airer and softer sensation while preserving the essence of the classic aroma. Thus, it is a perfect option for anyone who wants the captivating charm of patchouli without the overwhelming richness. Besides, this type of patchouli oil has several advantages, such as the ability to improve mood, encourage relaxation and reduce tension,” the report said.

“The cosmetics and personal care sub-segment generated the highest patchouli oil market share of 41.6 per cent in 2022 and is predicted to continue to dominate in terms of market share by 2032. This is mainly due to the growing usage of patchouli oil in new ways in the self-care and beauty industries. This oil is a preferred component in fragrances, lotions and skincare products. Besides, the antibacterial, anti-inflammatory and astringent properties of patchouli oil make it beneficial in cosmetics formulations.”

Some of the key global manufacturers are Van Aroma, Takasago International Corporation, PT. Indesso Aroma, Eastern Agencies Aromatics Pvt Ltd, Nusaroma, PT. Djasula Wangi, Treatt Plc, Givaudan, Treatt Plc, PT. Botanagra Indonesia and Firmenich SA

The report pointed out that he Europe region commanded the highest share of 41.5 per cent in the global patchouli oil market in 2022. This will continue as patchouli oil is widely used in Europe owing to its unique olfactory profile, which can give depth and richness. Patchouli oil is also used in perfumes, colognes and other fragrances. However, the Asia-Pacific region is projected to be the most dominant by 2032.