New York, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The global copaiba essential oil market is projected to be valued at US$ 4,109.5 ‘000 by the end of 2022. The market is further anticipated to exhibit a CAGR of 4.9% and a top valuation of US$ 6,601.0 ‘000 by the end of 2032.
Revenue from the sales of copaiba essential oil accounted for around 0.5% to 1% value share of the global essential oil market in 2021.
Demand for copaiba essential oil has developed and expanded over the years, due to which, this essential oil market is anticipated to expand at the rate of 4.9% during the forecasted period 2022-2032.
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Factors such as increasing disposable income of consumers, rising urbanization, growing utilization in holistic healing treatment, and continuous changing trends in the food and beverage industry are also driving market expansion.
Key Takeaways from Market Study
- The Canadian market for copaiba essential oil is anticipated to experience a growth rate of 5.7% during the forecast period (2022-2032) and reach a market valuation of around US$ 259.2 ‘000 by 2032.
- In the South Asian market, India holds the highest market share of 44.5% and will experience promising growth of 6.9% during the forecast period (2022-2032).
- The business to consumer segment in the distribution channel category holds a market value of around US$ 388.3 ‘000 currently and is projected to reach US$ 693.4 ‘000 by the end of 2032.
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Market Landscape
The copaiba essential oil market is characterized by a significant number of regional players accounting for a majority of the market share. Companies involved in the manufacturing of copaiba essential oil are emphasizing the utilization of advanced and state-of-the-art manufacturing techniques to offer high-quality standards of this oil.
- In November 2021, Beraca incorporated new technologies that allowed the company to expand its manufacturing facilities in Ananindeua, Pará. These new facilities are based on a complex multipurpose bio-extractor that allows the processing of products that are native to local biodiversity, along with other ingredients that are of natural origin and are highly demanded by consumers.
- In July 2022, doTERRA, a prominent player in the essential oil industry, announced its plan of extending its global footprint by implementing a new operational hub in India. This expansion strategy would enable the company to increase its consumer base in the South Asian region.
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