USD 3.10 billion
Almond Oil Market Size, Share, Growth Analysis, By Type(Sweet Almond Oil and Bitter Almond Oil), By Application(Cosmetics & Personal Care and Pharmaceuticals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2233 |
Region:
Global |
Published Date: March, 2024
Pages:
198
|Tables:
59
|Figures:
75
Almond Oil Market Insights
Global Almond Oil Market size was valued at USD 3.51 billion in 2023 and is poised to grow from USD 3.97 billion in 2024 to USD 9.39 billion by 2031, growing at a CAGR of 13.10% during the forecast period (2024-2031).
The global market for almond oil is projected to witness significant growth due to increasing consumer awareness regarding the detrimental effects of synthetic chemicals commonly found in cosmetics, such as parabens and phthalates. This growing awareness is driving the adoption of almond oil as a natural and functional ingredient in the formulation of personal care products. In recent years, consumers have become more conscious of their health and nutrition, leading to a surge in demand for natural and organic products. This trend includes a preference for non-GMO, plant-based ingredients and products with clean labels. Additionally, changing lifestyles and improving living standards, particularly in emerging economies like India and China, have created new opportunities for almond oil in the market. Stringent regulations, including bans on harmful chemicals in cosmetics, coupled with initiatives promoting the use of organic and natural ingredients in personal care products, will further boost prospects for market players. Almond oil stands out as an excellent source of vitamin E, omega fatty acids, minerals, phytosterols, and unsaturated fatty acids. These properties contribute to its exceptional moisturizing abilities, making it highly beneficial for aromatherapy applications. To meet the increasing demand from consumers, key manufacturers are introducing new products in the market. For example, Wikka, a skincare brand specializing in aromatherapy, launched a range of products in June 2015 specifically designed for the monsoon season. These products, such as Beauty Potion, Blemished Skin Exfoliate, and Hair Nourishing Potion, utilize enriched extracts of almond, avocado, wheat germ milk, and aloe vera. Notably, these offerings are derived from natural sources and are free from harmful chemicals, making them ideal for aromatherapy purposes.
US Almond Oil Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Sweet Almond Oil
Fastest Growth
Sweet Almond Oil
Growth Rate
13.10% CAGR
Global Almond Oil Market ($ Bn)
Country Share for North America Region (%)
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Almond Oil Market Segmental Analysis
Global Almond Oil Market is segmented by type, application, and region. Based on type, the market can be segmented into sweet almond oil, and bitter almond oil. Based on application, the market is segmented into cosmetics and personal care, and pharmaceuticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Almond Oil Market Analysis by Type
By type, the market can be segmented into sweet almond oil and bitter almond oil. Sweet almond oil dominated the almond oil market. It is widely preferred due to its mild aroma, versatile applications, and numerous benefits for skincare, haircare, and overall health. Rising consumer awareness about the benefits of sweet almond oil for moisturizing, nourishing, and improving skin and hair health.
Bitter almond oil is the fastest-growing segment in the almond oil market. Growing demand from the fragrance and flavor industries, where bitter almond oil is used for its strong aroma and distinctive flavoring properties. Increasing utilization of bitter almond oil in the production of perfumes, soaps, lotions, and other cosmetic products.
Almond Oil Market Analysis by Application
By application, the market can be segmented into cosmetics and personal care, and pharmaceuticals. The cosmetics and personal care segment is the dominating sector in the global almond oil market. Almond oil is widely used in skincare, haircare, and cosmetic products due to its excellent moisturizing, nourishing, and emollient properties. Rising demand for anti-aging and natural skincare products, where almond oil's antioxidant properties are valued.
The pharmaceutical segment is the fastest-growing sector in the almond oil market. Increasing research and development activities to explore the potential health benefits of almond oil in pharmaceutical formulations, such as topical creams, ointments, and medicinal oils. Growing recognition of almond oil's anti-inflammatory, antimicrobial, and antioxidant properties, making it an attractive ingredient for pharmaceutical applications.
Global Almond Oil Market By Type
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Almond Oil Market Regional Insights
North America dominated the global market. The region's dominance can be attributed to several factors. Firstly, there is a growing consumer preference for natural and organic products, driven by increasing awareness about the harmful effects of synthetic chemicals in cosmetics. This has led to a rise in demand for almond oil as a natural ingredient in personal care products. Furthermore, North America has a well-established personal care industry and a high disposable income among consumers, which contributes to the demand for premium and natural products. The region also has a strong presence of key market players and a robust distribution network, facilitating the availability and accessibility of almond oil products.
The Asia-Pacific region is witnessing rapid growth in the almond oil market and is expected to be the fastest-growing region during the forecast period. Several factors contribute to this growth. Firstly, there is a significant shift in consumer preferences towards natural and organic products in countries like India and China. Rising disposable incomes, urbanization, and changing lifestyles have led to an increased demand for premium personal care products containing natural ingredients, including almond oil.
Global Almond Oil Market By Region
- Largest
- Fastest
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Almond Oil Market Dynamics
Almond Oil Market Drivers
Rising consumer awareness regarding the harmful effects of synthetic chemicals in cosmetics
- The rising consumer awareness regarding the harmful effects of synthetic chemicals in cosmetics is a key driver in the global almond oil market. With a growing preference for natural and organic ingredients, consumers are seeking alternatives like almond oil for personal care products. This shift in consumer behavior is propelling the demand for almond oil, as it is considered a natural and functional ingredient with moisturizing properties. The increasing awareness and demand for chemical-free and sustainable products are expected to drive the market growth in the coming years.
Almond Oil Market Restraints
Potential limitations in almond production due to environmental factors
- One of the key restraints in the global almond oil market is the potential limitations in almond production due to environmental factors. Almond trees require specific climatic conditions and a sufficient supply of water, making them susceptible to drought and other weather-related challenges. Additionally, fluctuations in almond yields can impact the availability and pricing of almond oil. Furthermore, the high cost of almond oil compared to synthetic alternatives may restrain its widespread adoption, particularly in price-sensitive markets.
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Almond Oil Market Competitive Landscape
The global almond oil market is characterized by a diverse range of players, including both established companies and emerging players. These companies are focused on product innovation and development to cater to the evolving consumer demands for natural and organic personal care products. Additionally, strategic collaborations, partnerships, and mergers are observed to strengthen market positions and expand geographical presence. Moreover, market players are investing in marketing and promotional activities to create awareness about the benefits of almond oil and gain a competitive edge in the market.
Almond Oil Market Top Player’s Company Profiles
- AAK AB (Sweden)
- AOS Products Pvt. Ltd. (India)
- Caloy, Inc. (US)
- Croda International Plc (UK)
- Flora Manufacturing and Distributing Ltd. (Canada)
- Frontier Co-op (US)
- Gustav Heess GmbH (Germany)
- Henry Lamotte Oils GmbH (Germany)
- Jiangxi Baicao Pharmaceutical Co., Ltd. (China)
- Jiangxi Xuesong Natural Medicinal Oil Co., Ltd. (China)
- Liberty Vegetable Oil Company (US)
- NOW Foods (US)
- Olam International Limited (Singapore)
- Proteco Oils (Australia)
- Spectrum Organic Products, LLC (US)
- Surti Industries (India)
- The Lebermuth Company, Inc. (US)
- Virdhara International (India)
Almond Oil Market Recent Development
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In May 2024, according to its latest short-term outlook report for the agricultural sector, E.U. olive oil production is set to rise by seven percent compared to 2022/23, reaching 1,489,000 tons. Despite the increase, the current yield remains 28 percent below the average of the past five years.
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In February 2024, the vibrant celebrations of the 11th Almond Festival, Prime Minister Aziz Akhannouch spearheaded the inauguration of several developmental projects, underscoring the region’s commitment to progress and sustainability.
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In February 2024, Hammer supports AAK during the strategy development process.
- December 2023 A new range of infused almond oils with botanical blends for specific uses like relaxation, muscular rehabilitation, and sleep enhancement is introduced by California-based Almond Innovations.
- December 2023 In response to the increasing demand for natural hair care products, Australian company Essano launches a new line of cold-pressed almond oil and certified organic haircare products.
- December 2023 The French cosmetics giant L'Oréal has unveiled a new high-end face serum that promises to be hydrating and anti-aging. It contains hyaluronic acid and cold-pressed almond oil.
- In May 2023, U.S.-based natural products company Sundial Brands acquired the almond oil brand 'SheaMoisture' from Unilever, expanding its presence in the natural skincare market.
- In April 2023, Indian beauty brand Mamaearth raised $40 million in funding to expand its portfolio of personal care products, including almond oil-based skincare and hair care products.
- In February 2023, French multinational company L'Oréal launched a new range of hair care products enriched with almond oil, targeting consumers seeking natural and nourishing haircare solutions.
- In January 2023, Australian almond company Select Harvests secured a AUD 100 million investment to expand its almond orchard and processing capabilities, driven by increasing global demand for almonds.
Almond Oil Key Market Trends
- One key market trend in the global almond oil market is the growing demand for sustainable and eco-friendly packaging solutions. As consumers increasingly prioritize environmental consciousness, there is a shift towards packaging materials that are recyclable, biodegradable, or made from renewable sources. Market players are responding to this trend by adopting sustainable packaging practices and introducing innovative packaging designs that minimize environmental impact. This trend reflects the growing consumer demand for products that align with their values of sustainability and contribute to reducing plastic waste in the personal care industry.
Almond Oil Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global almond oil market analysis, the market is witnessing significant growth driven by increasing consumer awareness regarding the harmful effects of synthetic chemicals in cosmetics and a growing preference for natural and organic ingredients. North America dominated the market due to well-established personal care industry and high disposable income, while the Asia-Pacific region emerges as the fastest-growing market fueled by changing consumer preferences, regulatory support, and traditional usage of almond oil. However, environmental factors and potential limitations in almond production pose restraints. The market is highly competitive, with players focusing on product innovation, strategic collaborations, and marketing efforts to meet the evolving consumer demands and gain a competitive edge. Additionally, the trend towards sustainable packaging solutions reflects the growing environmental consciousness among consumers.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.51 billion |
| Market size value in 2031 | USD 9.39 billion |
| Growth Rate | 13.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Almond Oil Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Almond Oil Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Almond Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Almond Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Almond Oil Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Almond Oil Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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