Almond Oil Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMFB2619 | Last Updated On: Sep 27 2022 | Available Formats

> Global Almond Oil Market Expected to reach a high CAGR of 12.5% By 2029: DataM Intelligence

Global Almond Oil Market is segmented By Type (Sweet Almond Oil, Bitter Almond Oil), By Application (Cosmetics, Pharmaceutical, Food Preparation, Others), By Distribution Channel (Supermarkets/Hypermarkets, Food Specialty Stores, Cosmetic Discounters, Pharmacy, Others), By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview:

[150 Pages Report] The Global Almond Oil Market is estimated to reach at a high CAGR of 12.5%  during the forecast period (2022-2029).

Oleoresins Market - Strategic Insights

Metrics

Details

Market CAGR

12.5%

Segments Covered

By Type, By Application, By Distribution Channel and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Almonds are a rich source of oil and they are harvested from the Prunus Dulcis tree almond kernels. It is extracted using the cold-pressed method and comes in two different kinds, sweet almond oil, and bitter almond oil. It is a rich source of vitamin E, vitamin B, vitamin A, minerals, omega fatty acids, and proteins that make almond oil an all-purpose carrier and essential oil used in the food, cosmetics, and pharmaceutical industry. Currently, its demand is increasing as a natural ingredient in hair care, skincare and other cosmetics products due to its varied health benefits and high nutritional value. Implementing stringent regulations, such as a ban on hazardous chemicals in cosmetics, coupled with encouraging initiatives to use organic and natural ingredients in formulations of personal care products, would offer new market players opportunities. The global almond oil market is expected to grow at a CAGR of 12.5% during the forecast period (2022-2029)

Market Dynamics:

Increasing demand for almond oil owing to its various health benefits

The growing demand for aromatherapy that involves usage of essential oils for a variety of health conditions and becoming popular among spa customers is a major driver for the growth of almond oil market. Almond oil is beneficial in the treatment of skin diseases such as eczema, pimples. Such oils are also beneficial for the treatment of kidney problems, diabetes, gastric ulcers, gastro enteritis and facial neuralgia. They are also considered to be a useful food remedy for anemia. In addition, changes in lifestyles and rise in disposable incomes are the other factors, which supplement the growth of the almond oil market growth. Furthermore, rising awareness regarding the harmful effects of chemicals used in cosmetics, such as phthalates and parabens, is expected to promote the use of almond oil as a natural functional ingredient in the formulation of personal care products. Photoprotective measurement of almond oil on UVB irradiated mouse’s skin is one of the ongoing projects based on almond oil’s UV protection capability, and the researchers have even seen some successes. This project has the potential to open up a new segment under the almond oil market, which process advanced sun-screens.

However, production of almond oil is season dependent farming, so raw materials are hard to produce, and so the demand for almonds are high, and the cost follows demand. 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. This results in a high initial investment in the almond oil market, thus hindering the market growth.

Market Segmentation

Sweet almond oil constitute a major almond oil market share and is witnessing a consistent growth in demand

Sweet almond oil is known as fixed oil while bitter almond oil is acknowledged as an essential oil. Fixed oils are carrier oils, which are widely utilized as base oils in various applications whereas essential oils are extracts generated from plant materials and are usually utilized for scent & aromatherapy. Sweet almond is an excellent lubricant and thus is extensively applied in treatment of dry and sensitive skin. It is also beneficial in allergy & skin irritation problems as it lubricates, calms, and protects scaly or worn skin owing to its natural emollient properties.

Bitter almond oil accounted for a share of XX% in the global almond oil market in 2020. This variant contains toxic chemicals but is refined to remove these harmful components before use. There are several health benefits of this type of almond oil; it inhibits fungal growth, treats pain and spasms, kills intestinal worms and bacteria, has a sedative effect, and is an effective purgative. After removing the toxins, the product can also be used to flavor edibles.

Geographical Penetration

Asia Pacific evolved as the largest market for almond oil

Asia Pacific is the largest market for almond oil with a share of nearly 40% in global sales value in 2020. The primary factor behind this region’s dominance is that key manufactures in this region are focusing on various strategies such as product launches, product innovations and others. For instance, in April 2019, India-based Bajaj Corp Ltd launched a new cooling oil in the hair care segment under the brand name ‘Bajaj Cool Almond Drops Hair Oil’. This product is non-sticky and much lighter than the original variant. The combination of menthol and camphor keeps the head cool and nourishes the hair. This product launch helped the company gain a stronger foothold in the emerging market of India.

On the other hand, almonds have been gaining popularity in European countries such as Germany, France and the U.K. on account of their gluten-free characteristics and this is expected to expand product usage in various applications like bakery, snacks, and breakfast cereals. Food processing units in Europe are expected to include this functional ingredient in manufacturing various food products owing to its crunchiness, appealing taste, and steady supply. Furthermore, the positive outlook of the organic personal care sector in the region, fueled by growing awareness regarding the benefits of natural and chemical-free ingredients, is expected to open new avenues.

Competitive Landscape

The global almond oil market is fragmented in nature owing to the presence of a large number of domestic as well as foreign players. Well-established players and new entrants are both offering customized products with added nutritional properties in order to expand their customer base. Manufacturers are also relying on innovative steps strengthen their foothold in the market. For instance, Blue Diamond Growers, Global Ingredients Division announced the launch of 100% pure sweet almond oil in the market. According to the company, this product helps enhance massage oils, personal care products, and cosmetics and is an essential ingredient for healthier hair, softer skin, and more luxurious cosmetics. In April 2019, Pip & Nut Ltd launched a vegan almond butter under the brand name Cherry Bakewell in the U.K. This product is free from palm oil and contains oil extracted from almonds.

Major product manufacturers are increasing their geographical reach, especially in developed countries so as to gain maximum technology penetration and customer reach. Establishment of R&D centers and strategic partnerships with investment companies to launch new innovative technologies as per customer demand are other critical success factors companies have been focusing on. For instance, in February 2019, Blue Diamond Growers declared its partnership with Gropo Lala Sign. This partnership will result in distribution and sales of Almond Breeze.

COVID-19 Impact: Pandemic had a dual impact on global almond oil market

As this virus continues to spread rapidly at a global level, countries across the globe are trying to prevent further contagion by taking measures, such as social distancing, contact tracing, self-quarantining, surveillance, communication, and testing. The supply and demand for almond oil in the global market has shifted as a response to the coronavirus crisis, with an increasing uncertainty related to prices.

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