The global almond oil market size is expected to register revenue of USD 1.6 billion from 2019 to 2025, according to a new report by Million Insights. Rising awareness about the adverse effect of harmful chemicals in personal care and cosmetics products has majorly propelled the demand for organic and natural beauty products. In addition, almond oil has tremendous nutritional properties, as it is a good source of vitamin E, phytosterols, and fatty acid. This product has a wide range of applications including personal care & cosmetics, food & beverage, and aromatherapy.
Sweet almond oil is projected to grow with the fastest CAGR of more than 12.0% during the forecast period due to rising applications in the personal care and cosmetic industry. The manufacturers are engaged in product development and product launches. For example, in 2018, Orange Square Company Limited known as ‘Olverum’ introduced ‘The Dry Body Oil’ and ‘The Body Oil’ in its essential oil segment
Asia Pacific is anticipated to grow with the highest CAGR of more than 12.5% over the forecast period. In recent years, manufacturers have been investing in product development and product launches in developing countries. For example, in 2019, Bajaj Corp Ltd introduced oil for head cooling in India. The company has implemented several strategies for product launches such as marketing campaigns and celebrity endorsement to increase awareness about products among consumers. This initiative is projected to boost the regional almond oil market growth in the next few years.
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Further key findings from the report suggest:
• The sweet oil segment is anticipated to grow with CAGR of 12.3% during the forecast period due to rising application in personal care and cosmetic products.
• By application, the personal care and cosmetics segment is estimated to generate over USD 950.0 million by 2025. Increasing demand for chemical-free and natural products is expected to fuel the segment growth.
• Asia pacific is projected to grow with the highest CAGR over the forecast period due to implementation of promotional and marketing strategies by manufacturers
• The major players operating in the market are Ashwin Fine Chemicals & Pharmaceuticals; Jiangxi Baicao Pharmaceutical Co., Ltd; Bajaj Corp Ltd; Dabur India Ltd; Proteco Oils; Frontier Natural Products Co-op; Caloy, Inc.; Eden Botanicals; Indian Natural Oils, and Blue Diamond Growers.
Million Insights has segmented the global almond oil market on the basis of product, application, and region:
Almond Oil Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)
Almond Oil Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)
• Personal Care and Cosmetics
• Food Industry
Almond Oil Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa