Almond Oil Market is Expected to Reach $5,584.4 Million by 2031-Allied Market Research

According to a new report published by Allied Market Research, titled, “Almond Oil Market by Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2022–2031,”    

The global almond oil market size was valued at $1,456.3 million in 2020, and is projected to reach $5,584.4 million by 2031, growing at a CAGR of 13.0% from 2022 to 2031. The sweet almond oil segment dominated the almond oil market in 2020, with more than half share, in terms of revenue.   

Almond oil is extracted from kernels of Prunus Dulcis tree using cold-pressed method. Presence of various vitamins such as Vitamin E, B, and A; minerals; proteins; and omega fatty acids make this oil an all-purpose essential and carrier oil, which is utilized in food preparation, pharmaceutical and cosmetic industries. The demand for almond oil is increasing across the globe due to its health advantages and high nutritional value.   

Rise in demand for aromatherapy products and growth in use of almond oil in cosmetic formulations due to increase in preference for natural ingredients are the primary factors that drive the almond oil market across the globe. Almond oil is widely utilized in the production of face creams, body lotions, hair oils, and various other cosmetic products for moisturizing and cleansing. Urbanization, increase in applications in pharmaceutical industry, and changes in lifestyle are other factors that supplement the market growth. However, high price of almond oil, especially bitter almond oil, as it is extracted from exotic species, hinder the almond oil market growth. Nevertheless, growth in demand for almond oil from emerging economies such as India and China and favorable government regulations, which encourage use of natural ingredients in cosmetic formulations provide great potential for market expansion.

On the basis of almond oil market analysis, the market is segmented based on type, application, distribution channel, and region. By type, the market is segmented into sweet almond oil and bitter almond oil. On the basis of application, the market is classified into food preparation, cosmetic, pharmaceutical, and others. On the basis of distribution channel, the market is segmented into hypermarkets & supermarkets, food specialty stores, pharmacy, cosmetic discounters, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Sweet almond oil accounted for more than half of the almond oil market, in terms of revenue, in 2020 as it is being widely utilized in pharmaceutical, skin care, and color-cosmetic industries, owing to its healthy moisturization properties and natural stability. It can be utilized as reepithelization agent, excipient, and sebum restoring agent in cosmetic industry. Sweet almond oil is rich in fatty acids, which favor restoration of skin lipid balance, and thus is utilized in various skin treatments.

Cosmetic segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 12.7% during the almond oil market forecast period. Use of almond oil is increasing in cosmetic formulations due to rise in preference of consumers toward organic and healthy ingredients. Favorable government regulations that encourage the use of natural ingredients in these formulations also assist in the growth of the cosmetic segment.  

Cosmetic discounters segment is projected to dominate the market accounting for more than 35% share growing at significant CAGR of 12.2% from 2022 to 2031. Increase in availability of almond oil through hypermarkets & supermarkets, food specialty stores, pharmacy, and cosmetic discounters, coupled with advice by doctors to use almond oil for treatment of skin diseases such as psoriasis or acne is expected to boost the sales through these distribution channels.

North America and Asia-Pacific collectively contributed more than half of the share to the global almond oil market revenue in 2020. In the same year, Asia-Pacific was the fastest growing market owing to urbanization and growth in income of people.

The prominent market players are AOS Products Private Limited, Ashwin Fine Chemicals & Pharmaceuticals, Blue Diamond Growers, Inc., Caloy Quality Natural Oils, Eden Botanicals, Jiangxi Baicao Pharmaceutical Co., Ltd., Jiangxi Xuesong Natural Medicinal Oil Co., Ltd., Liberty Vegetable Oil Company, Mountain Ocean, NOW Foods, and Proteco Oils.  

Key findings of the study   

• On the basis of type, the sweet almond oil segment dominated the almond oil industry in 2020, and is expected to retain its dominance throughout the forecast period.
• By application, the cosmetic segment led the global almond oil market demand in 2020, and is expected to retain its dominance throughout the forecast period.
• On the basis of on distribution channel, the cosmetic discounters segment dominated the global market in 2020, and is expected to retain its dominance throughout the forecast period.
• Region-wise, North America accounted for highest almond oil market share in 2020, and is expected to grow at a CAGR of 12.5%.