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, 2017-2023, the global almond oil market was valued at $1,118 million in 2016, and is projected to reach $2,680 million by 2023, growing at a CAGR of 13.2% from 2017 to 2023. The sweet almond oil segment dominated the market in 2016, with more than half share, in terms of revenue.
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Almond oil is extracted from kernels of Prunus Dulcis tree using cold-pressed method. Presence of various vitamins such as Vitamin E, Vitamin B, and vitamin 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 of almond oil is on an increase across the globe due to its health benefits and high nutritional value.
Rise in demand of 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. Rapid urbanization, growth 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 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.
Sweet almond oil accounted for more than half of the market, in terms of revenue, in 2016 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 13.5%. Use of almond oil is increasing in cosmetic formulations due to rise in preference of consumers toward organic and healthy ingredients. Favorable government regulations, which encourage the use of natural ingredients in these formulations also assist in supplementing the growth of the cosmetic segment.
Key Findings of the Almond Oil Market:
- North America is expected to lead the market during the forecast period in terms of revenue, followed by Asia-Pacific.
- Sweet almond oil market volume is projected to grow with a CAGR of 12.5%, in terms of volume during the forecast period.
- The cosmetic segment is expected to show highest growth, registering a CAGR of 12.9% in terms of volume.
- Turkey accounted for 6.58% share in the LAMEA almond oil market in 2016.
- Mexico is projected to grow at a fastest rate in the North America almond oil market, registering a CAGR of 13.8%.
- Germany accounts for 10.20% share in the Europe almond oil market in 2016.
North America and Asia-Pacific collectively contributed more than half of the share to the global almond oil market revenue in 2016. In the same year, Asia-Pacific was the fastest growing market owing to massive 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.