The global almond oil market is expected to reach $2,680 million by 2023, according to this report by Allied Market Research.
The report states that the market was valued at $1,118 million in 2016, and is projected to reach $2,680 million by 2023, growing at a CAGR of 13.2% from 2017 to 2023. The sweet almond oil segment dominated the market in 2016, with more than half share, in terms of revenue.
What's Driving Demand?
The rise in the demand of aromatherapy products, as well as the growth in use of almond oil in cosmetic formulations is driving the market -- across the globe. This is due to the rising consumer interest in natural ingredients.
However, high price of almond oil, especially bitter almond oil as it is extracted from exotic species hinder the market growth. Nevertheless, growth in demand for almond oil from emerging economies such as India and China and favorable government regulations, which encourage use of natural ingredients in cosmetic formulations provide great potential for market expansion.
Types of Almond Oil & Uses
Almond oil is widely utilized in the production of face creams, body lotions, hair oils, and various other cosmetic products for moisturizing and cleansing.
Sweet almond oil accounted for more than half of the market, in terms of revenue, in 2016 as it is being widely utilized in pharmaceutical, skin care, and color-cosmetic industries owing to its healthy moisturization properties and natural stability. It can be utilized as reepithelization agent, excipient, and sebum restoring agent in cosmetic industry. Sweet almond oil is rich in fatty acids, which favor restoration of skin lipid balance and thus is utilized in various skin treatments.
The Cosmetic Segment
The cosmetic segment holds the largest share of the almond oil market, in terms of revenue. It is expected to grow at a CAGR of 13.5%.
Driving this category is the increased use of almond oil in cosmetic formulations due to rise in preference of consumers toward organic and healthy ingredients. Favorable government regulations, which encourage the use of natural ingredients in these formulations also assist in supplementing the growth of the cosmetic segment.
Almond Oil Products
The prominent market 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.
Desert Essence, a Certified B Corp. based in Hauppauge, NY, markets Sweet Almond Body Wash by Desert Essence Organics, shown above.