Apricot Oil Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1555
Global Apricot Oil Market size is likely to expand at a prominent CAGR in the forecast period. Apricot oil, extracted from apricot fruit seeds, is generally blended with various other essential oils. The prime factor responsible for propelling the global apricot oil market size in future is the rising demand for essential oils in different applications such as spa, skin care & cosmetics, hair care and food products.
Growing awareness about the health benefits related to apricot oil among diet and health conscious consumers is anticipated to positively influence the apricot oil market over the forecast period. Also, the increasing demand for cosmetics & numerous skin care products as well as relaxation and spa activities among consumers shall fuel the product demand in the forecast timespan.
Moreover, amplified consumer spending is being observed in recent years on products ranging from food to personal care products (especially cosmetics). This is due to the changing lifestyle patterns, that can be attributed to increased disposable income of consumers. This transformation in consumer behavior is anticipated to drive the food and cosmetics industry growth significantly. For instance, the global cosmetic industry is likely to exhibit growth more than 5% by 2024. This trend will subsequently contribute in overall apricot oil market growth over the forecast timeframe.
The major challenges to apricot oil market size in future is the high amount of amygdalin content in it which gets converted to cyanide in body. Headache, nausea, vomiting and dizzy feeling are some of the side effects of cyanide poisoning, thus limiting its utilization in edible applications.
The product finds application in several industries such as food, medical, cosmetics and others such as pharmaceutical and spa. Personal care segment is projected to lead the overall apricot oil market in the coming years. The product has many medicinal advantages such as use in treatment of wheezing cough and fever, reducing earache and inflammatory properties that aid in relaxing sore muscles. In pharmaceutical industry, it is mainly used as sedative and carrier oil in pharma products. The product is a prime ingredient in aromatherapy due to its Vitamin E content.
In food applications, it is used for salad dressing and several other food preparations. The product is a good dietary supplement due to large amount of antioxidants and fatty acids in it. The edible apricot oil is widely used for cooking as it is low in cholesterol content and good for cardiac health.
In case of cosmetics, the product goes into massage oils, soaps, creams, balms, skin care lotions, etc. as a flavor and fragrance ingredient owing to its mild and non-irritant characteristics. As it is readily absorbed by skin, it is preferred in body lotions and moisturizers. For hair care segment, the product is used in treating dermatitis and dandruff. Due to its anti-ageing and antioxidant properties it helps to reduce visibility of wrinkles, lines, blemishes, dark circles and puffiness around the eyes. Baby care products segment is also a huge opportunity for apricot oil market growth as it is used for massaging babies and children due to its moisturizing and anti-inflammatory properties. It is also used as substitute for almond oils.
North America was the leading consumer of the global apricot oil market in 2016. Increased health awareness among consumers and high living standards attributing to the high per capita income was the major factor propelling industry growth in the region. The apricot oil market in Europe is likely to witness substantial gains in the forecast period owing to the rapidly growing beauty products industry and consumer preference for rich in quality products. Asia Pacific shall be the fastest growing region for apricot oil market by 2024 owing to the rising product demand in personal care products segment.
The prominent market share contributors functional in apricot oil market are AMD Oil LLC, Aura Cacia, Falcon, Statfold Seed Developments Limited, Herbal Bio Solutions, Gopiraj International Limited and Green Field Oil Factory. Other companies include Proteco Oils, Larenim, Lotus Touch, Starwest Botanicals, NOW Foods, MyChelle and Nature's Alchemy.
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