Vietnam Spikenard Essential Oil Market (2024-2030) | Outlook, Growth, Analysis, Revenue, COVID-19 IMPACT, Value, Size, Forecast, Trends, Companies, Share & Industry

Market Forecast By End Use (Household Care, Healthcare, Cosmetics And Personal Care), By Functions (Antibacterial, Antifungal, Anti-inflammatory), By Distribution Channel (Supermarkets/hypermarkets, Convenience Stores, Specialty Stores, Pharmaceuticals, Online Retail) And Competitive Landscape

Product Code: ETC347550 Publication Date: Dec 2023 Updated Date: Jan 2024 Product Type: Report
Publisher: 6Wresearch No. of Pages: 70 No. of Figures: 35 No. of Tables: 5

Topics Covered in the Vietnam Spikenard Essential Oil Market

Vietnam Spikenard Essential Oil Market report thoroughly covers the market by end use, by functions, and by distribution channel. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Vietnam Spikenard Essential Oil Market Synopsis

Vietnam Spikenard Essential Oil Market is anticipated to grow significantly in the next few years due to its increasing demand, especially in developed countries like the United States and Germany. Spikenard essential oil is extracted from Spikenard plant - a woody, flowering plant native to the Himalayas, China, and Vietnam. In Vietnam, Spikenard is widely cultivated in the northern provinces, particularly in Yen Bai and Lao Cai.

According to 6Wresearch, the Vietnam Spikenard Essential Oil Market size is anticipated to grow at a CAGR of 5.35% during the forecast period of 2024-2030. One of the main drivers of the Vietnam spikenard essential oil market is its increasing demand in the cosmetics and personal care industry due to its anti-inflammatory and antimicrobial properties. Also, the country’s favorable government policies supporting the expansion of the essential oil industry also fuel the Vietnam Spikenard Essential Oil Market Growth, as it provides incentives to long-term foreign investors. Additionally, the growing trend towards natural products as a healthy lifestyle choice is increasing the demand for spikenard essential oil globally. The latest trends in the Vietnam spikenard essential oil industry include the increasing demand for certified organic and sustainable products.

Consumers are becoming more aware of the potential harm that synthetic chemicals can cause to their health and the environment. As a result, they are seeking natural products that are sustainably sourced, organic, and cruelty-free. However, the limited supply of raw materials could lead to price fluctuations and scarcity. The high cost of production and long development times also pose significant challenges for producers. In addition, the lack of awareness among consumers about the benefits of spikenard essential oil and its uses may pose challenges to demand in the short term. The opportunities in the Vietnam spikenard essential oil industry include the growing global demand for essential oils, the increasing trend towards sustainable and natural products, and the expansion of the cosmetics and personal care industry.

Government policies and schemes introduced in the Vietnam Spikenard Essential Oil Market

The government has implemented various policies and schemes to increase its Spikenard Essential Oil Market of Vietnam. For instance, the "Organic Agriculture Development Project," provides farmers with technical assistance, training, and guidance on organic farming techniques to grow high-quality plants. They also provide farmers with financial assistance in the form of loans, subsidies, and marketing assistance. Moreover, the government has established the "Vietnamese Essential Oils and Aromatherapy Association" to promote the essential oil market in the country. This association provides a platform for manufacturers to connect with buyers and offers guidance and technical support. Furthermore, the "Vietnamese Certification Center" certifies essential oil products based on their quality and purity.

Prominent players in the Vietnam Spikenard Essential Oil Market

The Spikenard Essential Oil Market in Vietnam has several players such as Nardia Laboratory, Young Living, dōTERRA, Jroma, and Floracopeia. Young Living and dōTERRA are prominent international essential oil companies that have also established their presence in the Vietnam essential oil market.

Market by End Use

According to Pallavi, Senior Research Analyst, 6Wresearch, the household care market segment is the leading segment of Spikenard oil. This segment is anticipated to maintain its growth trajectory owing to the surging demand for sustainable home cleaning products.

Market by Functions

By Functions, the antibacterial effect segment is anticipated to dominate the Vietnam Spikenard Essential Oil Market Share over the forecast period. Its use as a natural antibacterial agent is prevalent in the household care and personal care segments. The antifungal effect segment is expected to grow steadily over the forecast period owing to its use in cosmetics and personal care segments.

Key Attractiveness of the Report

  • 10 Years Market Numbers.
  • Historical Data Starting from 2020 to 2023.
  • Base Year: 2023.
  • Forecast Data until 2030.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report

  • Vietnam Spikenard Essential Oil Market Outlook
  • Market Size of Vietnam Spikenard Essential Oil Market, 2023
  • Forecast of Vietnam Spikenard Essential Oil Market, 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Revenues & Volume for the Period 2020 - 2030
  • Vietnam Spikenard Essential Oil Market Trend Evolution
  • Vietnam Spikenard Essential Oil Market Drivers and Challenges
  • Vietnam Spikenard Essential Oil Price Trends
  • Vietnam Spikenard Essential Oil Porter's Five Forces
  • Vietnam Spikenard Essential Oil Industry Life Cycle
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By End Use for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Household Care for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Healthcare for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Cosmetics And Personal Care for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Functions for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Antibacterial for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Antifungal for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Anti-inflammatory for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Distribution Channel for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Supermarkets/hypermarkets for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Convenience Stores for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Specialty Stores for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Pharmaceuticals for the Period 2020 - 2030
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Online Retail for the Period 2020 - 2030
  • Vietnam Spikenard Essential Oil Import Export Trade Statistics
  • Market Opportunity Assessment By End Use
  • Market Opportunity Assessment By Functions
  • Market Opportunity Assessment By Distribution Channel
  • Vietnam Spikenard Essential Oil Top Companies Market Share
  • Vietnam Spikenard Essential Oil Competitive Benchmarking By Technical and Operational Parameters
  • Vietnam Spikenard Essential Oil Company Profiles
  • Vietnam Spikenard Essential Oil Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By End Use

  • Household Care
  • Healthcare
  • Cosmetics And Personal Care

By Functions

  • Antibacterial
  • Antifungal
  • Anti-Inflammatory

By Distribution Channel

  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Specialty Stores
  • Pharmaceuticals
  • Online Retail
Frequently Asked Questions About the Market Study: FAQs
The growing interest in natural products, increasing demand for aromatherapy, and rising awareness about the health benefits of essential oils are some of the factors driving the growth of the market.
Some of the key players include ABC Oil, Gia Nghia Spikenard, Evergrowing, Khoi Nguyen, and Thai Son.
One of the major challenges faced by the market is the availability of raw materials. The Spikenard plant is not cultivated on a large scale, and this limits the production of the essential oil.
Vietnam Spikenard Essential Oil is used in aromatherapy, perfumery, and medicinal purposes.
Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com
1 Executive Summary
2 Introduction
2.1 Key Highlights of the Report
2.2 Report Description
2.3 Market Scope & Segmentation
2.4 Research Methodology
2.5 Assumptions
3 Vietnam Spikenard Essential Oil Market Overview
3.1 Vietnam Country Macro Economic Indicators
3.2 Vietnam Spikenard Essential Oil Market Revenues & Volume, 2020 & 2030F
3.3 Vietnam Spikenard Essential Oil Market - Industry Life Cycle
3.4 Vietnam Spikenard Essential Oil Market - Porter's Five Forces
3.5 Vietnam Spikenard Essential Oil Market Revenues & Volume Share, By End Use, 2023 & 2030F
3.6 Vietnam Spikenard Essential Oil Market Revenues & Volume Share, By Functions, 2023 & 2030F
3.7 Vietnam Spikenard Essential Oil Market Revenues & Volume Share, By Distribution Channel, 2023 & 2030F
4 Vietnam Spikenard Essential Oil Market Dynamics
4.1 Impact Analysis
4.2 Market Drivers
4.3 Market Restraints
5 Vietnam Spikenard Essential Oil Market Trends
6 Vietnam Spikenard Essential Oil Market, Segmentations
6.1 Vietnam Spikenard Essential Oil Market, By End Use
6.1.1 Overview and Analysis
6.1.2 Vietnam Spikenard Essential Oil Market Revenues & Volume, By Household Care, 2020 - 2030F
6.1.3 Vietnam Spikenard Essential Oil Market Revenues & Volume, By Healthcare, 2020 - 2030F
6.1.4 Vietnam Spikenard Essential Oil Market Revenues & Volume, By Cosmetics And Personal Care, 2020 - 2030F
6.2 Vietnam Spikenard Essential Oil Market, By Functions
6.2.1 Overview and Analysis
6.2.2 Vietnam Spikenard Essential Oil Market Revenues & Volume, By Antibacterial, 2020 - 2030F
6.2.3 Vietnam Spikenard Essential Oil Market Revenues & Volume, By Antifungal, 2020 - 2030F
6.2.4 Vietnam Spikenard Essential Oil Market Revenues & Volume, By Anti-inflammatory, 2020 - 2030F
6.3 Vietnam Spikenard Essential Oil Market, By Distribution Channel
6.3.1 Overview and Analysis
6.3.2 Vietnam Spikenard Essential Oil Market Revenues & Volume, By Supermarkets/hypermarkets, 2020 - 2030F
6.3.3 Vietnam Spikenard Essential Oil Market Revenues & Volume, By Convenience Stores, 2020 - 2030F
6.3.4 Vietnam Spikenard Essential Oil Market Revenues & Volume, By Specialty Stores, 2020 - 2030F
6.3.5 Vietnam Spikenard Essential Oil Market Revenues & Volume, By Pharmaceuticals, 2020 - 2030F
6.3.6 Vietnam Spikenard Essential Oil Market Revenues & Volume, By Online Retail, 2020 - 2030F
7 Vietnam Spikenard Essential Oil Market Import-Export Trade Statistics
7.1 Vietnam Spikenard Essential Oil Market Export to Major Countries
7.2 Vietnam Spikenard Essential Oil Market Imports from Major Countries
8 Vietnam Spikenard Essential Oil Market Key Performance Indicators
9 Vietnam Spikenard Essential Oil Market - Opportunity Assessment
9.1 Vietnam Spikenard Essential Oil Market Opportunity Assessment, By End Use, 2023 & 2030F
9.2 Vietnam Spikenard Essential Oil Market Opportunity Assessment, By Functions, 2023 & 2030F
9.3 Vietnam Spikenard Essential Oil Market Opportunity Assessment, By Distribution Channel, 2023 & 2030F
10 Vietnam Spikenard Essential Oil Market - Competitive Landscape
10.1 Vietnam Spikenard Essential Oil Market Revenue Share, By Companies, 2023
10.2 Vietnam Spikenard Essential Oil Market Competitive Benchmarking, By Operating and Technical Parameters
11 Company Profiles
12 Recommendations
13 Disclaimer
 
Market Forecast By End Use (Household Care, Healthcare, Cosmetics And Personal Care), By Functions (Antibacterial, Antifungal, Anti-inflammatory), By Distribution Channel (Supermarkets/hypermarkets, Convenience Stores, Specialty Stores, Pharmaceuticals, Online Retail) And Competitive Landscape
Product Code: ETC347550 Publication Date: Aug 2022 Product Type: Market Research Report
Publisher: 6Wresearch No. of Pages: 75 No. of Figures: 35 No. of Tables: 20

Vietnam Spikenard Essential Oil Market Synopsis

The Vietnam spikenard essential oil market is a niche segment within the broader essential oils industry. Spikenard oil is known for its aromatic properties and is used in perfumes, cosmetics, and aromatherapy. The market for spikenard essential oil is driven by the growing popularity of natural and organic products, as well as the increasing interest in aromatherapy and traditional medicine. The production of spikenard oil involves specific cultivation practices and extraction methods, making it a specialized segment with potential for growth in response to consumer preferences for natural fragrances.

Drivers of the Market

The Vietnam spikenard essential oil market is witnessing steady growth primarily due to the increasing awareness and demand for natural and organic products. Consumers are becoming more health-conscious, seeking alternatives to synthetic fragrances and chemical-based cosmetics. Spikenard essential oil is well-regarded for its therapeutic properties, including stress relief and skin benefits, which have contributed to its popularity. Additionally, the growing interest in aromatherapy and traditional Vietnamese medicine has further fueled the demand for spikenard essential oil. Furthermore, Vietnam favorable climate for spikenard cultivation and the expansion of essential oil extraction facilities in the country are propelling the market`s growth.

Challenges of the Market

In the Vietnam spikenard essential oil market, challenges revolve around sustainable sourcing and quality control. Spikenard is a plant that requires careful cultivation and harvesting practices to ensure a consistent supply of high-quality essential oil. Environmental factors and changing weather patterns can impact crop yields. Furthermore, maintaining a balance between meeting demand and preserving the natural habitat of spikenard plants is a significant challenge in this market.

COVID-19 Impact on the Market

The COVID-19 pandemic had a mixed impact on the Vietnam Spikenard Essential Oil Market. In the initial stages, the market faced disruptions in the supply chain due to lockdowns and restrictions. This led to a temporary decline in production and distribution. However, as the pandemic continued, there was an increased interest in essential oils and aromatherapy, leading to a resurgence in demand for Spikenard essential oil. This shift in consumer behavior helped the market recover, and it eventually witnessed steady growth as people turned to natural remedies for relaxation and stress relief.

Key Players in the Market

The Vietnam Spikenard Essential Oil market features local players like Agarwood Vietnam and Vinagro. Agarwood Vietnam specializes in the production of spikenard essential oil and other aromatic products, sourcing its raw materials sustainably. Vinagro, a subsidiary of Vinachem, is also a notable player, contributing to the production and distribution of essential oils in Vietnam. These companies play a vital role in meeting the growing demand for natural and aromatic products.

Key Highlights of the Report:

  • Vietnam Spikenard Essential Oil Market Outlook
  • Market Size of Vietnam Spikenard Essential Oil Market, 2021
  • Forecast of Vietnam Spikenard Essential Oil Market, 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Revenues & Volume for the Period 2018 - 2028
  • Vietnam Spikenard Essential Oil Market Trend Evolution
  • Vietnam Spikenard Essential Oil Market Drivers and Challenges
  • Vietnam Spikenard Essential Oil Price Trends
  • Vietnam Spikenard Essential Oil Porter's Five Forces
  • Vietnam Spikenard Essential Oil Industry Life Cycle
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By End Use for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Household Care for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Healthcare for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Cosmetics And Personal Care for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Functions for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Antibacterial for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Antifungal for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Anti-inflammatory for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Distribution Channel for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Supermarkets/hypermarkets for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Convenience Stores for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Specialty Stores for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Pharmaceuticals for the Period 2018 - 2028
  • Historical Data and Forecast of Vietnam Spikenard Essential Oil Market Revenues & Volume By Online Retail for the Period 2018 - 2028
  • Vietnam Spikenard Essential Oil Import Export Trade Statistics
  • Market Opportunity Assessment By End Use
  • Market Opportunity Assessment By Functions
  • Market Opportunity Assessment By Distribution Channel
  • Vietnam Spikenard Essential Oil Top Companies Market Share
  • Vietnam Spikenard Essential Oil Competitive Benchmarking By Technical and Operational Parameters
  • Vietnam Spikenard Essential Oil Company Profiles
  • Vietnam Spikenard Essential Oil Key Strategic Recommendations
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