Bergamot Oil Market to Reach US$ 31.5 Billion by 2027 as Demand for Organic Aromatherapy Products Burgeons
NEW YORK, Oct. 10, 2022 /PRNewswire/ -- The global bergamot oil market is expected to reach US$ 21.2 Billion in 2022 and is likely surpass a valuation of US$ 31.5 Billion by 2027. Sales in the market are likely to grow at 8.2% CAGR during the assessment period (2022-2027) as preference for organic and natural ingredients continues to rise.
According to the study, organic variant of bergamot oil is anticipated to remain the most preferred owing to the growing focus on health and wellness. As per Fact.MR, the demand for organic products is expected to burgeon considerably over the forecast period. As per the study, more than 3/5th of revenue is expected to be contributed by organic bergamot oil.
For instance, according to European Union, organic farming accounted for nearly 14.7 million hectares of agricultural land in 2020. Further, as per FAO, organic agriculture is now practiced in nearly 187 countries. Bergamot oil is widely used an ingredient in a plethora of organic products, owing to which its demand is expected to be in sync with rising popularity of organic products.
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Regionally, Europe and North America are likely to maintain their position as the leading markets for bergamot oil during the assessment period. Collectively, these two regions are likely to account for nearly 60% of total bergamot oil market in 2027. Growing awareness regarding health benefits of bergamot oil and rising application in pharmaceutical sector will create lucrative opportunities for leading firms in Europe and North America.
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Competitive Landscape:
Bergamot oil manufacturers are upgrading to effective methods of oil extraction to meet the growing demand. Further, to boost their overall business, manufacturers are focusing on launching new and innovative products.
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In its latest study, Fact.MR offers a detailed analysis of the global bergamot oil market for the forecast period of 2022 to 2027. This study also divulges key drivers and trends promoting the sales of bergamot oil through detailed segmentation as follows:
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