Global Cedarwood Market

Cedarwood Market Size, Share, Growth Analysis, By Nature(Organic, Conventional), By Extract Type(Oil, Powder, Others), By Application(Medical, Pharmaceutical, Cosmetics & Personal Care, Others), By Distribution Channel(Online, Offline), By Region - Industry Forecast 2024-2031

Report ID: SQMIG30A2006 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 116 | Figures: 77

Cedarwood Market Dynamics

Cedarwood Market Driver

  • The growth of the market is attributed to the increasing applicability of cedarwood across multiple application such as medical and pharmaceutical, cosmetics and personal care among others. The cedarwood extracts is extensively used as an ingredient in a wide variety of products such as deodorants, shampoos, colognes, and insect repellents. The enormous health and aesthetic advantages of cedarwood fuel its demand in a variety of sectors. The antiseptic, anti-inflammatory, diuretic, anti-fungal, antispasmodic, and insecticidal characteristics of cedarwood oil's constituents, such as cedrol, cedrine, and thujopsene, encourage its use as an ingredient in a variety of consumer products around the world. As a result, during the projected period, the aforementioned qualities are anticipated to fuel demand for cedarwood across a variety of industries.

Cedarwood Market Restraint

  • High costs associated with the cedarwood is one of the major aspects that restraints the growth of the global cedarwood market. Apart from this, the market growth is also hindered by the availability of alternative products and counterfeit products in the market.
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Cedarwood Market size was valued at USD 309.95 million in 2019 and is poised to grow from USD 330.41 million in 2023 to USD 587.3 million by 2031, growing at a CAGR of 6.6% in the forecast period (2024-2031).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Albert Vieille SAS', 'Biolandes SAS', 'DoTERRA International, LLC', 'Ultra International B.V.', 'India Essential Oils', 'Aromaaz International', 'Mother Herbs Private Limited', 'Cedarwood Oil Company', 'New Directions Aromatics Inc.', 'Mountain Rose Herbs', 'International Flavors & Fragrances Inc. (IFF)', 'Frager S.A.', 'Young Living Essential Oils LC', 'De Monchy Aromatics', 'Aromatics International', 'Plant Therapy Essential Oils', 'Hermitage Oils', 'Sydney Essential Oil Co. (SEOC)', 'Shaanxi Guanjie Technology Co., Ltd.', 'Tisserand Aromatherapy'

The growth of the market is attributed to the increasing applicability of cedarwood across multiple application such as medical and pharmaceutical, cosmetics and personal care among others. The cedarwood extracts is extensively used as an ingredient in a wide variety of products such as deodorants, shampoos, colognes, and insect repellents. The enormous health and aesthetic advantages of cedarwood fuel its demand in a variety of sectors. The antiseptic, anti-inflammatory, diuretic, anti-fungal, antispasmodic, and insecticidal characteristics of cedarwood oil's constituents, such as cedrol, cedrine, and thujopsene, encourage its use as an ingredient in a variety of consumer products around the world. As a result, during the projected period, the aforementioned qualities are anticipated to fuel demand for cedarwood across a variety of industries.

One of the significant trends that creates ample opportunities for the market growth is the growing trends of aromatherapy. Aromatherapy is also known as essential oil treatment. Aromatherapy is regarded as an alternative medical treatment that aids in the recovery from a variety of illnesses, including pain, cardiovascular, respiratory, skin, digestion issues, immune system, sleeplessness, anxiety, and wound-related issues. Women typically worry more about acne scars, and those who experience acne-related issues frequently choose therapeutic-grade essential oils. The market for aromatherapy is anticipated to encourage the growth for the cedarwood market in the upcoming years.

In 2021, North America is expected to have the biggest market share. The main drivers of the market expansion for cedarwood oil in the region include rising consumer knowledge of the product's availability, rising spending on health and wellbeing, and rising rates of various skin and mental problems. The Texas cedar, Juniperus ashei or mexicana, Eastern red cedar or Virginia cedar, and Thuja plicata are the sources of cedarwood oil in this region (Western red cedar). There are several uses for Virginia cedarwood oil, including preparing shampoos for people and animals, repelling insects, and more. The demand for cedarwood oil is boosted by each of these advantages. Hence, this is likely to contributed to the regional growth of the market.

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Global Cedarwood Market

Report ID: SQMIG30A2006

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