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, registering a CAGR of 13.0% from 2022 to 2031. Almond oil extracted from sweet or bitter almonds is an excellent source of unsaturated fatty acids and phytosterols. It contains more vitamin E as compared to other nut oils and features excellent moisturizing properties. The growth of market is driven by rise in production of aromatherapy products, increase in preference of customers towards cosmetic products containing natural ingredients, urbanization, and growth in applications of almond oil in the pharmaceutical industry.
Changes in lifestyles and rise in disposable incomes are other factors, which supplement the growth of the almond oil market growth. However, high price of almond oil may hinder the market growth. Nevertheless, growth in demand from emerging economies such as China and India and government regulations supporting the use of natural and organic ingredients in cosmetic formulations provides great opportunities for the market growth.
The change in the forecast is primarily impacted by reduced consumption of beverages out-of-home premises and the disruption of supply chain. The retail prices of almond oil is expected to grow, which will be evident in the period between 2021 and 2022, thereby supporting the recovery of the global market. In addition, the consumption of almond oil is expected to increase, as people use almond oil in cosmetics industry as an excipient, reepithelization agent, lubricant, and sebum-restoring agent. Strong global concerns about the pandemic have largely but negatively influenced the global almond oil industry.
Natural ingredients are highly popular for the manufacturing of cosmetics, perfumes, and food products in the food & beverage and fragrance & personal care industries. Synthetic substances result in lung diseases, skin allergies, respiratory problems, and alter brain functions. Almond oil do not cause side effects, as it is of natural origin. Unlike synthetic oil, naturally produced almond oil neither affects the body functions nor leaves toxic residues in the body, which, in turn, boost the use of almond oil in cosmetic formulations across the globe.
The industry growth is driven by an increase in the demand for natural substances over synthetic substances. Government organizations, such as FDA, have initiated initiatives to increase the use of natural ingredients in food, pharmaceuticals, and cosmetics.. Favorable government regulations have paved way for new entrants and increased the market penetration of existing stakeholders. Hence, favorable government initiatives and regulations offer lucrative growth opportunities to market players in the industry.
By Type
Bitter almond oil segment would witness the fastest growth, registering a CAGR of 13.7% during the forecast period.
According to the almond oil market analysis, the market has been segmented on the basis of type, application, distribution channel and region. By type, the almond oil market is segmented into sweet almond oil and bitter almond oil. by application, the market is segmented into food preparation, cosmetic, pharmaceutical, and others. On the basis of distribution channel, the market is categorized into hypermarkets & supermarkets, food specialty stores, pharmacy, cosmetic discounters, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the market is segmented into sweet almond oil and bitter almond oil. Sweet almond oil constitute a major almond oil market share. Sweet almond oil is used in cosmetics industry as an excipient, reepithelization agent, lubricant, and sebum-restoring agent for products, which are aimed at hygiene and treatment of sensitive/children’s skin. It is further considered to be a medium for administering essential oils to the elderly, children, and anybody who cannot tolerate alcoholic solutions.
By Application
Others segment would witness the fastest growth, registering a CAGR of 14.2% during the forecast period.
On the basis of application, the cosmetic segment dominated the global market and is expected to retain its dominance during the almond oil market forecast period. Almond oil, widely utilized in cosmetic formulations, is manufactured by grinding kernel and pressing the oil out. It conditions the skin and improves the texture and absorption of body lotions, face creams, fragrance ingredients, cleaning products, soaps, bath oils, hair care products, makeup, and sun tanning products. Continuous development of body and skin care products is expected to provide infinite possibilities for use of almond oil in the forecast period.
On the basis of distribution channel, the almond oil market is categorized into hypermarkets & supermarkets, food specialty stores, pharmacy, cosmetic discounters, and others. Cosmetic discounters segment is projected to dominate the market accounting for more than 34% 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 &cosmetic discounters along with doctors’ advice to use almond oil for treatment of skin diseases such as psoriasis or acne is expected to boost the sales through these distribution channels.
By Distribution Channel
E-commerce segment would witness the fastest growth, registering a CAGR of 7.5% during the forecast period.
Asia-Pacific is the fastest growing region in terms of both revenue and volume in the global almond oil market. Increase in health concerns of consumers in the developing countries, such as India and China, is expected to fuel the growth of the Asia-Pacific almond oil market. Increase in use of almond oil as an essential oil in a variety of applications such as pharmaceuticals and aromatherapy has contributed to the region's market growth.
The key leading players operating in this market include 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.
By Region
North America would witness the largest segment registering a major share of 36.7% during the forecast period.
COVID-19 Impact Analysis
- COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
- Almond oil market is one of the least negatively impacted market due to pandemic.
- Countries across the globe imposed lockdowns, and curfews, which has hugely impacted lifestyles, health & wellbeing, and also affected the manufacturing industries.
- Import and export restrictions on goods and lockdown measures imposed by governments are key challenges exporters face during the pandemic.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current almond oil market trends, estimations, and dynamics of the market size from 2020 to 2031 to identify the prevailing opportunities.
- Porter’s Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing Almond oil market opportunities.
- Drivers and restraints are analyzed depending on type in the almond oil market.
Almond Oil Market Report Highlights
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Analyst Review
The almond oil industry is gradually growing over the past decade. Various CXOs from leading companies perceive that large-scale adoption of almond oil in industrial, commercial, and household applications drives the industry. Commercial developments in rejuvenation therapies and pharmaceutical industry, particularly in the developing economies, are expected to boost the adoption of almond oil.
The developing economies in the Asia-Pacific, African, and Latin American are expected to provide lucrative opportunities to market players. Large population base, urbanization, high disposable income, improved government funding in the healthcare sector, and increase in awareness about the benefits of almond oil are expected to fuel the market growth in these regions. However, concerns related to the high costs of almond oil, especially in countries such as Cuba, North Korea, and Uzbekistan as well as Asia-Pacific countries such as India and China, are expected to hamper the market growth.
The Almond Oil market will expand from 2022 – 2031 at a CAGR of 13%.
The market value of Almond Oil market by the end of 2031 is $5,584.4 million.
Rise in demand for aromatherapy products and growth in use of almond oil in cosmetic formulations are the top impacting factors of Almond Oil Market growth.
The top leading 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.
The segments of Almond Oil market are Type, Application and Distribution Channel.
Product launch, Acquisition, and merger are the growth strategies of the Almond Oil Market players.
Sweet almond oil accounted for more than half of the almond oil market, in terms of revenue, from 2022 - 2031.
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