Almond oil Market size is estimated to be $1.7 billion in 2019, growing at a CAGR of 13.2% during the forecast period 2020-2025. Almond oil is extracted from either sweet or bitter almonds and is a major source of unsaturated fatty acids and phytosterols. It comparatively contains more vitamin E as compared to other nut oils and features exceptional moisturizing properties. The development of almond oil market is being driven by increase in demand of almond oil from aromatherapy products, rapid urbanization, upsurge in preference of customers towards cosmetic products containing natural ingredients, and rise in applications of almond oil in the pharmaceutical industry. Changing lifestyles coupled with the rising disposable incomes are other key factors boosting the growth of the almond oil market growth. However, high price of almond oil may hamper the market growth. Nevertheless, rise in demand from emerging economies including China & India along with government regulations supporting the use of natural and organic ingredients in cosmetic formulations will provide new avenues for the market growth.
By Product- Segment Analysis
By Product, Sweet oil is the largest as well as fastest growing product segment and is anticipated to exhibit a CAGR of 14.3% from 2019 to 2025, driven by increasing application in personal care, cosmetics, and pharmaceutical sectors. This are substantially rich in antioxidants, that boost immunity and act as an anti-inflammatory, thus driving segment growth. Sweet oil can also be used as a mild laxative and a remedy for cancer related to bladder, breast, spleen, uterus, and mouth. It is widely used in cosmetics, especially to treat dry, chapped, and irritated skin therefore, significantly driving segment growth. On the other hand, bitter almond oil contains toxic chemicals, but is refined to eradicate harmful components before usage. Inhibition of fungal growth, treatment for pain and spasms, effective in killing intestinal worms and bacteria, holding a sedative effect, and an effective purgative are some of the features exhibited by bitter almond oil supporting this segment growth.
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By Application- Segment Analysis
By Application, personal care and cosmetics is the largest and fastest growing segment attributed to the significant increase of almond oil usage in the industry. Natural ingredients are being widely preferred in cosmetics with governments globally prohibiting the use of harmful chemicals. In April 2014, the European Commission amended Annex II of Cosmetics Regulation (EC) No. 1223/2009 is prohibiting five types of parabens in cosmetic products that include isobutylparaben, isopropyl paraben, benzylparaben, phenylparaben, and pentylparaben. These stringent government policies are subsidizing the growth of almond oil in the personal care and cosmetics sector. Food industry application is set to witness substantial growth in the forecast period 2020-2025 by the virtue of significant involvement of players in product innovation. For instance, in December 2017, Blue Diamond Grower’s global Ingredients division, announced the launch of 100% pure sweet almond oil in the market.
Geography- Segment Analysis
Europe holds the major market share in 2019 accounting for 33.9% of the global market in 2019. Almonds have been acquiring popularity in European countries including Germany, France and U.K. on the account of their gluten-free characteristics and therefore, is projected to expand product usage in various applications like snacks, bakery, and breakfast cereals. Food processing units in Europe are expected to include this functional ingredient in manufacturing numerous food products owing to its appealing taste, crunchiness, and steady supply. Furthermore, the positive outlook of the organic personal care sector in the region, fueled by increasing awareness regarding the benefits of natural and chemical-free ingredients, is expected to open new avenues for the regional market growth.
Drivers – Almond Oil Market
Increasing Demand Among Cosmetic Manufacturers
Major driver influencing the increased demand for almond oil globally is its wide usage in cosmetic products due to high requirement of natural ingredient used in face creams, body lotions, hair oil and in many other products for cleansing as well as moisturizing purpose. Attributed to widespread health benefits of almond oil, it has diverse uses as a body oil, facial oil, baby oil, and aromatherapy. Increasing urban population coupled with rise in standard of living are some other factors driving the demand for almond oil, since, these days’ consumers are more cognizant towards products comprising natural ingredient and that offers various health benefits.
Growing Demand in Aromatherapy
Growing demand for almond oil in aromatherapy due to its anti-fungal and antibacterial properties drives the demand for the almond oil market. The use of almond oil in aromatherapy offers several health benefits such as reduced anxiety, relieve depression, better cognitive performance and induces sleep. Further, the use of almond oil as an essential oil in aromatherapy due to its wide range of health benefits and growing popularity of spa amongst customers is projected to motivate the growth of almond oil market.
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Challenges – Almond Oil Market
High Prices of Almond Oil
High prices of almond that is raw material for production almond oil in the major factor that may hinder the market growth. According to economics times, Almond price has seen remarkable growth of 4.4 per cent in the 11-year period from 2007 to 2018. The annualized volatility of almond spot prices is 13.23 per cent over the past three years.
Almond Oil Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in almond oil Market. Almond Oil Market top 10 companies are AOS Products Private Limited, Ashwin Fine Chemicals & Pharmaceuticals, Blue Diamond Growers, Inc., Caloy Quality Natural Oils, Eden Botanicals, Jiangxi Baicao Pharmaceutical Co., Ltd, Bajaj Corp Ltd, Dabur India Ltd, Frontier Natural Products Co-op and Proteco Oils
In April 2019, Pip & Nut Ltd launched a vegan almond butter under its brand name Cherry Bakewell in U.K. This product is palm oil free and contains only oil extracted from almonds
Rapid acceptance of almond oil for treatment of skin diseases including pimples, eczema is the key factor propelling the market growth. This oil is also beneficial for the treatment of diabetes, gastro enteritis, kidney problems, gastric ulcers and facial neuralgia. They are also considered as a useful food therapy for anemia.
The sweet almond segment is projected to witness growth at fastest CAGR during the forecast period 2020-2025 owing to its exceptional lubrication capacity and thus is widely applied in treatment of dry as well as sensitive skin.
Asia Pacific almond oil market is anticipated to have the highest CAGR during the study period owing to untapped industry potential in this region. Rise in health concerns of consumers in the emerging countries including India and China, is anticipated to fuel the Asia-Pacific almond oil market.
Key players and new entrants of this market are both offering customized products with additional nutritional properties for expansion of their customer base. Players are also relying on innovative steps to strengthen their foothold and gain market share.
Related Reports :
A. Edible Oil Market
B. Almond Ingredients Market
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