Apricot is a fruit belonging to family Rosaceae and subfamily Prunoidea generally considered as stone fruit. They are rich in beta-carotene, fibers, vitamin C, antioxidants, and many other nutrients. Turkey is the foremost producer of apricot in the world. It is a type of fruit that is highly consumed either as fresh fruit or in the form of the dried canned product. Several products are manufactured from apricots such as jam, syrup, apricot kernels, apricot oil, and dried apricots. As the technology has advanced the extraction of essential oil from the kernel (40-50% oil) and seed cake of apricot fruit has increased. Apricot kernel refined oil is used as a constituent of cosmetic products such as creams, body lotions, moisturizers, face packs, hair oil, shampoo, balms, soap, and others. The medicinal properties of the apricot kernel have also expanded its use for treating certain medical conditions.
COVID-19 Scenario Analysis:
- The COVID-19 pandemic has impacted the procurement of apricot fruits from other countries due to the export and import ban. The procurement of the apricot fruit has slowdown due to government regulations.
- The production and extraction of apricot oil are affected due to the shortage of manpower in several plants due to the lockdown scenario.
- The supply chain has been disrupted due to the shortage of supply of apricot oil to the various sectors reliable on apricot oil as an ingredient.
- The distribution channels such as supermarkets and retail stores had to shut down due to the social distancing norms thereby, affecting the sales and revenue of the apricot oil market.
- The post COVID-19 scenario is anticipated beneficial for the apricot oil market due to its high nutritional properties. Apricot kernel is used as one of the ingredients for the traditional treatment of the coronavirus in China.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Apricot oil is commercially manufactured in recent times and is widely used in various sectors as a raw ingredient for several products. The oil is cold-pressed from the seeds of the fruit which preserves the nutrient content and quality of the apricot oil. The use of apricot oil has widened in cosmetics, food & beverages, and the pharmaceutical industry. The increase in awareness about the health benefits of apricot, advancement in the extraction process of apricot oil, high nutritional value and medicinal properties, use of apricot oil in various cosmetics, production of food-grade apricot oil, use of healthy oil for culinary purpose, advantages of oil for nourishing skin and hair, increased consciousness for healthy skin, the surge of organic and plant-based cosmetics, investment in R&D, high disposable income, a faster rate of absorption, extensive use as a massage oil, and value addition are the key drivers that lead toward the growth of the global apricot oil market. However, the availability of substitute oil such as almond oil, the high price of the end product, side effects of the oil, traditional processing practices, regulatory hurdles, and increased competition hinders the market growth.
The global apricot oil market trends are as follows:
Apricot oil in various industries
Apricot kernel consists of protein, carbohydrates, crude fiber, dietary fiber, saturated and unsaturated fatty acids, oleic acid, linolenic acid, palmitic acid, stearic acid, arachidic acid, and others which makes it highly beneficial and the oil extracted from it is widely used. Apricot oil is a rich source of vitamin E, vitamin K, antioxidants, oleic acids, linolenic acids, histidine, lysine, phenylalanine, valine, leucine, crystine, tryptophanmethionine, and others thereby exhibiting properties such as anti-tussive, anti-pyretic, anti-inflammatory, anti-bacterial, anti-septic, revitalizing, anti-aging, and others. It is used for the treatment of several conditions such as asthma, cough, eye inflammation, joint stiffness, infertility, blood clotting, constipation, sore skin, eczema, and other infections.
Apricot oil is generally natural vegetable oil which has a light yellow or golden color, light texture, high stability, and odorless. The emollient properties of the oil make it useful and widely consumed as skin and hair care products, for maintaining softness, nourishment, reduce aging and wrinkles, cure acne-prone skin, moisture retention, cleansing of skin and hair, and others. The apricot oil is also used as a natural flavor in various food products such as sauce, cooking oil, bakery and confectionary, and others. In addition, the oil is used as a flavor in tobacco, adhesives, fuel additives, and varnishes.
Key Benefits of the Report:
- This study presents the analytical depiction of the global apricot oil industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global apricot oil market share.
- The current market is quantitatively analyzed to highlight the global apricot oil market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed global apricot oil market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Apricot Oil Market Research Report:
- What are the leading market players active in the apricot oil market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Apricot Oil Market Report Highlights
By Industry Vertical
By Distribution Channel
Key Market Players
Aura Cacia, Starwest Botanicals, Nature’s Alchemy, Life-Flo, Now Foods, Hobe Labs, Greenwood Essential, Organix., Forest Essentials, Physicians Formula, AMD Oil Sales, Deep Steep, Shea Moisture, Frontier Natural Products Co.