Global almond oil market is growing rapidly, mainly due to the rising usages of oil in cosmetics and personal care industries. Due to its high nutritional values, taste, and health benefits, almond oil is also used in medicines indicated to treat body and skin inflammation and regulate cholesterol. Resultantly, the almond oil market is garnering exponential traction, witnessing a massive consumption and demand across the globe.
The US almond oil market has experienced substantial growth in recent years, fueled by increasing consumer awareness regarding its health benefits and widespread applications. Market reports indicate a steady rise in demand, with the market size estimated to be worth millions of dollars. The growth is attributed to factors such as the rising popularity of natural and organic products and the expanding use of almond oil in various industries, including cosmetics, pharmaceuticals, and food & beverages.
According to Market Research Future (MRFR), the global Almond Oil Market is projected to reach USD 6.2 Billion by 2032. In its COVID-19 Analysis of the market, MRFR also asserts that the almond oil market would register a 12.80% CAGR during the assessment period (2023- 2032). Substantial investments made by industry players to improve extraction techniques play a causal role in market development, improving the quality of the oil.
Food and beverage is the second-largest end-use industry of almond oil after personal care products. Increase in the almond-based food products boosts the growth of the market. Rising consumption of almond oil in nutraceuticals and health supplements acts as a significant tailwind for the market increase. Rise in the global population and economy are some of the major factors triggering the growth of the global almond oil market.
Additionally, the growing production of almonds due to the increasing government initiatives and the adoption of genetically modified seeds to increase yield is positively impacting the market growth. Besides, massive consumption of almond powder residue after oil extraction in animal feed is expected to lead to the growth of the market in the future.
Global Almond Oil Market - Segments
The report is segmented into four dynamics:
By Type: Bitter and Sweet.
By Process: Cold Press and Hot Press.
By Application: Food & Beverage, Cosmetics & Personal Care, and others.
By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Almond Oil Market - Regional Analysis
North America dominates the global almond oil market. The largest market share attributes to the increasing awareness among consumers about the goodness of almond oil and the growing demand for natural and highly nutritious ingredients. Industry players operating in the region are increasingly focusing on the manufacturing and distribution channels to making almond accessible to customers across the globe.
The US and Canada are among the major markets contributing to the regional market growth. The North American almond oil market is estimated to retain its dominance over the global market throughout the assessment period.
The Asia Pacific region accounts for a significant share in the global almond oil market. This growth of the market attributes to the growing demand from the cosmetics & personal care and food & beverage industry. India is the next largest exporter of almond oil after China. The nation is also working on increasing the almond oil production by expanding the area and yield.
While the area expansion is achieved through crop diversification in the grain mono-cropping area, yield increase is obtained by adopting advanced technology. The APAC almond oil market is expected to register the highest CAGR during the forecast period.
Global Almond Oil Market - Competitive Analysis
Highly competitive, the global almond oil market appears fragmented, with several well-established players forming a competitive landscape. To gain a larger competitive share in the market, strategic initiatives such as mergers & acquisitions, partnerships, collaboration, product launch, and expansion remain the key trends of these fervent players.
Manufacturers operating in end-use markets are increasingly focusing on their research and development activities to launch new and innovative products containing almond oil. They make substantial investments to drive RD activities for advent derivation techniques or advance their current extracting technologies. They also invest heavily to expand their footprints in the global market by forming a strategic partnership or collaboration with distributors.
Major Players:
Key Almond Oil Market Players are include Proteco Oils (Australia), Florapower GmbH & Co. KG (Germany), Eden Botanicals (US), Caloy, Inc. (US), Henry Lamotte Oils GmbH (Germany), Jiangxi Baicao Pharmaceutical Co., Ltd (China), Liberty Vegetable Oil Company (US), AOS Product Pvt. Ltd. (India), Ashwin fine Chemicals & Pharmaceuticals (India), California Nut Oil Milling Company (US), Gustav Heess Oleochemische Erzeugnisse GmbH (Germany), Parchem Fine and Specialty Chemicals, Inc. (US), Sydney Essential Oil Co. (Australia), ConnOils LLC (US), and Bo International (India), among others.
Industry/ Innovation/ Related News
June 22, 2022 ---- The Bombay Stock Exchange (BSE - India) introduced unique contracts on almonds in the commodity derivatives segment. Unique in a true sense, the move is on the back of BSE's successful launch of contract on spot gold prices. BSE further plans to consolidate its position in the commodity derivatives segment with a set of new contracts.
India has emerged as one of the top importers of almonds in the world. While California almonds have more than 75 %t market share, as much as 18 percent comes from Australia. Although the almond market is small, BSE looks for hedging from importers and consumers. The crop is in the farming stage and would reach the market by the end of September 2022 when the festive season starts in the country.
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