Clove Oil

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Clove Oil Industry Benchmarks

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The average annual savings achieved in Clove Oil category is 4.60%

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The industry average payment terms in Clove Oil category for the current quarter is 120.0 days

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    Clove Oil market report transcript

    Clove Oil Global Market Outlook:

    CLOVE OILS MARKET SIZE (2022) - $185.49 Million

    CLOVE OIL Availability (2022–2026) - 1,900 – 2,200 MT per year

    Market Drivers:

    • Increasing demand for natural products
    • Awareness regarding health and wellness.

    Industry Trends:

    Sustainability initiatives and technology investments to improve yield rates

    Industry Overview: Essential Oils

    Global essential oil production is estimated to grow at a CAGR of 8.8 percent from 2023 to 2027, and it is primarily driven by the growth of a few key essential oils, such as orange oil, mint oils, clove oil, and patchouli oil. Robust growth of end-use industries, such as food & beverage, personal care & cosmetics, and aromatherapy, has translated into an upswing in the demand for the product. The orange segment is the highest contributor in the global essential oils market share, which is estimated to reach $5.7 billion by 2027, at a CAGR of 8.6 percent from 2023 to 2027.

    • Global essential oil production is estimated to grow at a CAGR of 8.8 percent from 2023 to 2027

    • In terms of demand, Asia Pacific is expected to witness the highest growth of approx. 9 percent from 2023 to 2027

    • Orange oil leads the segment by market share of approx. 29 percent and is projected to grow at approx. 8.6 percent/year. The food & beverages segment leads all applications with over 30 percent

    • Europe and Asia Pacific lead in terms of market share (over 40 percent) and projected growth (approx. 9 percent/year)

    • Growing consumer awareness is a key driving factor for the global essential oil market over the speculated period. A major shift from synthetic to natural additives is seen due to the growth in the organic products industry

    • Growing use of essential oil in the preparation of natural flavors and fragrances, on the account of their increasing demand across key end-use industries, is also expected to fuel the market growth

    Porter's Analysis on Clove Oil

    Supplier Power

    • The clove oil market is highly concentrated in the South East Asian market, mainly Indonesia, where the supply of clove oil to the global market is more than 75 percent

    • Clove supply is expected to shrink, due to unfavorable rains in major clove producing regions. Also, harvesting and drying of cloves is a huge concern among producers. Thus, supplier power is higher

    Barriers to New Entrants

    • High cost of production and competition from existing producers are the major barriers to market entry

    • Production requires large amounts of raw material to yield significant quantities of oil and often requires large capital investments to process, extract, and store the oil

    • Production of clove oil is highly integrated with Tier I raw material and access to raw material is a barrier to new entrants

    Intensity of Rivalry

    • Distillers of clove oil in Indonesia are consolidated with top 15 players holding more than 50 percent of the market share

    Threat of Substitutes

    • Substitutes to essential oils are synthetic aroma chemicals

    • Essential oils used for medicinal purposes cannot be substituted but those used for imparting scents are often substituted with synthetic alternatives

    • Fragrances used in personal care products, like shampoos, soaps, etc., are less regulated than those used in the food and pharmaceutical industry

    Buyer Power

    • Clove oil is used predominantly by cigarette and dental industries. Hence, the buyer has more power in determining the prices

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