The Latin America, Middle East and Africa Lemongrass Oil Market would witness market growth of 11.6% CAGR during the forecast period (2024-2031). In the year 2027, the LAMEA market's volume is expected to surge to 19.27 tonnes, showcasing a growth of 12.7% (2024-2031).
The lemongrass oil market in pharmaceutical and medicinal formulations is expanding rapidly due to its versatile uses, numerous advantages, and emerging market trends. In this sector, lemongrass oil is renowned for its therapeutic properties, making it a valuable ingredient in a variety of medicinal products. It is commonly used in formulations for treating digestive issues, due to its natural anti-inflammatory and antimicrobial properties. Thus, the Brazilian market would consumed 0.84 tonnes of this oil in Pharmaceuticals & Medicinal Formulations applications in 2023.
The Brazil market dominated the LAMEA Lemongrass Oil Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,932.1 Thousands by 2031. The Argentina market is showcasing a CAGR of 12.5% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 11.3% during (2024 - 2031).
Advancements in extraction technologies, such as steam distillation and CO2 extraction, have improved the efficiency and quality of lemongrass oil production. These innovations enable manufacturers to preserve the oil's beneficial compounds and enhance its purity and potency. Furthermore, innovations in formulation techniques, such as microencapsulation and nano emulsion, are expanding the applications of lemongrass oil in pharmaceuticals, cosmetics, and functional foods.
Also, the manufacture of lemongrass oil is among the essential oils industry's expanding emphasis on sustainability and ethical sourcing techniques. Concerns regarding fair trade procedures, biodiversity conservation, and environmental effects are growing among stakeholders and consumers. Companies are responding by implementing sustainable farming methods, supporting local communities, and obtaining certifications that validate their commitment to ethical sourcing of lemongrass oil.
Saudi Arabia has a rich history of using traditional medicine. Integrating lemongrass oil, a common component in traditional remedies, into modern pharmaceutical formulations bridges traditional practices with contemporary medicine, enhancing its demand. According to Saudi Arabia’s Industrial Center, the Saudi pharma industry has grown by almost 5% to reach about $10 B in size in 2022. Also, Under the Vision 2030 initiative, the Saudi government heavily invests in the healthcare and pharmaceutical sectors.
The Brazilian processed food industry is highly innovative and constantly developing new products. Lemongrass oil is incorporated into various novel food and beverage items, including ready-to-eat meals, snacks, and beverages. As per the U.S. Department of Agriculture, Brazil’s food processing sector registered revenues of US$208 billion in 2022, an increase of 16.6 percent compared to 2021. Therefore, the rising pharmaceutical industry and growing food processing sector in the region are driving the market's growth.
Free Valuable Insights: The Worldwide Lemongrass Oil Market is Projected to reach USD 90.8 Million by 2031, at a CAGR of 9.2%
Based on Type, the market is segmented into Pure Oil, and Blend. Based on Application, the market is segmented into Fragrances, Personal Care & Aromatherapy, Food & Beverages, Pharmaceuticals & Medicinal Formulations, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Type (Volume, Tonnes, USD Million, 2020-2031)
By Application (Volume, Tonnes, USD Million, 2020-2031)
By Country (Volume, Tonnes, USD Million, 2020-2031)
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