The global tea tree oil market is deemed to grow at a CAGR of 5.01% during the forecast period. The rising preference of natural cosmetics, rising demands for tea tree oil in pharmaceutical sectors, and increasing demands for aromatherapy, are driving the growth of the market.
There is a rising demand for tea tree oil with regard to its industrial usage. It is being used in agricultural and veterinary sectors, and is estimated to find growth in those sectors. The rising awareness of natural products with regards to cosmetics and skincare products, coupled with the government’s supportive regulations, is leading to an increasing preference for natural cosmetics. The rising number of millennials and their preference for natural cosmetics, and the diversified uses of tea tree oil, is estimated to provide ample opportunities for market growth. However, the wavering graph of supply-demand due to significant rise in demands, and the waning quality due to cheaper options, are expected to pose a threat to the growth of the market.
The global tea tree oil is assessed on the basis of markets across the regions, such as North America, Europe, Asia Pacific, and the Rest of World. Of these, Asia Pacific is the leading producer of tea tree oil in the global market. The rising demands from the growing population, the rise in urban class population and their demands due to increased economic growth, and increasing demands from flavors & fragrance industry, are expected to propel the market growth in the region.
Some of the major companies in the market are Jenbrook Pty Ltd, T.G.Cassegrain & Co Pty Ltd, Integria Healthcare Australia Pty Ltd, Naturally Australian Tea Tree Oil Pty Ltd (NATTO), Maria River Plantation, etc.
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