March 2024
The March 2024 Market Report provides relevant insights on key market conditions for various products in the aromatics industry. Despite ideal growing conditions and a bountiful harvest, Ylang Ylang Essential Oil faces low demand amid a global economic downturn. Meanwhile, Chamomile Roman Essential Oil from China is experiencing favorable growing conditions and a persistent and strong market demand. Cedarwood Essential Oil (Atlas), however, is projected to witness a decline in yield due to gradual depletion of forests in Morocco. Palmarosa Essential Oil, which is harvested quarterly in India, continues to command a stable market presence, supported by consistent high demand. This month's report also highlights Perilla Seed Organic Carrier Oil, which is anticipated to have a steady market demand coupled with a marginal reduction in price.
Continue reading to stay up to date on the latest industry trends from the experts at New Directions Aromatics.
Ylang Ylang Essential Oil
Ylang Ylang Essential Oil is steam distilled from the flowers of the Cananga odorata plant grown in Madagascar. The crop is harvested between March and May and then again from September to November. Thriving in a tropical climate, the current growing conditions for Cananga odorata are favorable, leading to plentiful plant growth. Ylang Ylang grows best in light, medium, and heavy texture soils, and the weather conditions have been conducive to a robust harvest. Despite this, market demand for Ylang Ylang Essential Oil remains low, likely influenced by the ongoing global economic recession. The projected harvest yield is expected to be plentiful, similar to that of last year's crop.
Chamomile Roman Essential Oil (China)
Chamomile Roman Essential Oil is steam distilled from the flowers of the Anthemis nobilis cultivated in China, which are harvested in June. The plant thrives in a temperate continental climate, and the current growing conditions are favorable, making for a promising harvest. The Chamomile Roman crop requires sandy soil, and although specific data regarding this year's anticipated yield and market conditions remain unavailable, the current conditions indicate a trajectory of positive growth.
Palmarosa Essential Oil
Palmarosa Essential Oil is steam distilled from the grass of the Cymbopogon martinii var motia, a perennial crop cultivated in India and harvested four times a year. The growing conditions for Cymbopogon martinii var motia are currently favorable, contributing to stable cultivation. This year's forecasted harvest yield stands at approximately 1.2%, aligning with the average yield from the previous year. The market demand for Palmarosa Essential Oil remains high, reflecting its popularity. Despite fluctuations in growing conditions, the market for Palmarosa Essential Oil remains stable.
Cymbopogon martinii var motia thrives in brown soil and prefers the warm conditions of summers. Overall, the outlook for Palmarosa Essential Oil suggests steady production and sustained market demand.
Cedarwood Essential Oil (Atlas)
The Atlas variety of Cedarwood Essential Oil is steam distilled from the wood of the Cedrus atlantica, an evergreen tree native to Morrocco that is harvested throughout the year. This species of Cedarwood tree requires a Mediterranean climate and sandy soil for optimal growth, but the cedar forests in Morocco are depleting due to accidental fires and drought. This has resulted in a projected harvest yield that is lower compared to that of the previous year. Despite an annual demand of 25 tons from the industry, the broader market demand for Cedarwood Essential Oil exceeds 1000 tons per year.
Perilla Seed Organic Carrier Oil
Renowned for its rich Alpha-Linoleic Acid content, Perilla Seed Organic Carrier Oil is cold pressed from the seeds of the Perilla frutescens plant. Native to China, these organically grown seeds are harvested every September and October. These plants thrive in a warm, humid environment and require well-drained soil for optimal growth. Although the planting season has yet to begin, the projected harvest yield is expected to remain stable compared to last year. The market demand is for Perilla Seed Organic Carrier Oil is currently stable, although a slight decrease in price was observed over the past two months.