The anticipated value of the almond oil market in 2023 is projected to reach USD 1.356 billion, with estimates indicating a substantial increase to USD 3.9 billion by 2033. From 2023 to 2033, the global almond oil industry is forecasted to experience a CAGR of 11.0%.
Growth is attributed to the government organizations, such as the FDA, which have initiated initiatives to increase the use of natural ingredients in food, pharmaceuticals, and cosmetics.
Almond oil extracted from sweet or bitter almonds is an excellent source of unsaturated fatty acids and phytosterols. It contains more vitamin E than other nut oils and has excellent moisturizing properties.
The market's growth is driven by a rise in the production of aromatherapy products, an increase in customers' preference toward cosmetic products containing natural ingredients, and urbanization. Moreover, growth in applications of almond oil in the pharmaceutical industry.
Changes in lifestyles and rise in disposable incomes are other factors that supplement the growth of the almond oil market growth. However, the high price of almond oil may hinder market growth. Nevertheless, the increase in demand from emerging economies such as China and India and government regulations supporting using natural and organic ingredients in cosmetic formulations provide great opportunities for market growth.
The almond oil industry gained much traction in recent years owing to extensive applications in the cosmetics & personal care industry. Since the previous decade, there has been an increased tilt toward natural and organic ingredient formulations.
On the contrary, excessive almond oil consumption or usage may lead to weight gain, increased cholesterol, or the possibility of developing allergic reactions.
Almond Oil Market (2018 to 2022)
| Attributes | Details |
|---|---|
| Market HCAGR | 3.5% |
| Market Size - 2018 | USD 1.13 billion |
| Market Size - 2022 | USD 1.303 billion |
Almond Oil Market (2023 to 2033)
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 11% |
| Market Size - 2023 | USD 1.356 billion |
| Market Size - 2033 | USD 3.9 billion |
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The almond oil market witnessed significant growth between 2018 and 2022. Increasing consumer awareness about the health benefits of almond oil, such as its high vitamin E content and potential for improving skin and hair health, drove the market expansion. The growing demand for natural and organic cosmetic products further fueled the market growth.
The almond oil industry is expected to continue its upward trajectory. Factors such as rising disposable incomes, changing lifestyles, and the growing preference for natural and sustainable skincare products are anticipated to expand the market in the coming years.
Trailblazers of Success: Prominent Drivers Shaping the Demand for Almond Oil
The reduced consumption of beverages out-of-home premises and the disruption of a supply chain is one of the key factors expected to boost the market growth of almond oil during the forecast period.
In the forthcoming years, the consumption of almond oil is expected to increase as people use almond oil in the cosmetics industry as an excipient, reepithelization agent, lubricant, and sebum-restoring agent, which is another factor that is anticipated to accelerate the market growth of almond oil over the analysis period.
Almond oil does 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, is expected to propel the use of almond oil in cosmetic formulations across the globe.
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 the way for new entrants and expanded the market penetration of existing stakeholders.
Favorable government initiatives and regulations are anticipated to offer lucrative growth opportunities to almond oil manufacturers. All these factors are expected to fuel the growth of the almond oil market during the forecast period.
From Orchard to Bottle: Overcoming Hurdles in the Almond Oil Industry
Despite its extensive applications across various industries, the almond oil market needs challenges or obstacles. The high cost of almond oil is one of the key factors expected to impede the market growth of almond oil during the forecast period.
Despite Spain being a leading almond producer in Europe and the state of California in the United States, North America, and Europe find it expensive to source almond oil. This is mostly due to an inhospitable climate across most regions of the continents.
The ideal temperature for cultivating almonds ranges from 30 to 35o C, and cool winters for plant growth and kernel filling. While almond flowers can typically tolerate low temperatures up to -2.2 o C, blossoms at the petal fall stage are damaged at 0.5 o C to -1.1 o C. Hence, they need to rely on imports of almond oil, which are often costly.
Excessive almond oil consumption or usage may lead to weight gain, increased cholesterol, or the possibility of developing allergic reactions. The symptoms of an allergic reaction caused due to almond oil might include nausea, diarrhea, difficulty breathing, and difficulty swallowing.
| Attributes | Details |
|---|---|
| United States Market Share - 2023 | 21.10% |
| Australia Market Share - 2023 | 2.3% |
North America is expected to hold significant growth opportunities for almond oil and reach a share of 25.5% in 2023. In the forthcoming decade, the almond oil market in North America is anticipated to receive impetus as consumers gravitate towards consuming more natural or organic food products. The shift towards organic is especially prevalent in the cosmetics industry, with dawning consumer awareness regarding the adverse impacts of chemical cosmetics and concerns about animal cruelty.
Almond oil formulations are incorporated into the pharmaceutical industry due to their purported anti-inflammatory, immunity-boosting, and anti-hepatotoxicity effects. Studies have linked almond oil consumption with improvements in bowel activity, thus, proving an effective antidote to irritable bowel syndrome. Furthermore, almond oil consumption reduces chronic cancer risk and elevates levels of so-called good cholesterol.
| Attributes | Details |
|---|---|
| Japan Market Share - 2023 | 4.5% |
| China Market CAGR (2023 to 2023) | 9.8% |
| India Market CAGR (2023 to 2023) | 11.5% |
Asia Pacific is expected to grow with lucrative growth opportunities and reach a significant share of 23.4% in 2023. The almond oil industry in the Asia Pacific is a speedy-growing region in terms of revenue and volume in the global almond oil business. An increase in consumers' health concerns in developing countries, such as India and China, is expected to fuel the growth of the Asia Pacific almond oil industry.
The increase in almond oil as an essential oil in various applications such as pharmaceuticals and aromatherapy has contributed to the region's market growth.
The market is expected to surge rapidly in Asia Pacific, attributed to the region's dominant position concerning almond and almond oil production. Given almond oil's extensive moisturizing properties, applications abound in the cosmetics & personal care industry.
| Attributes | Details |
|---|---|
| Germany Market Share - 2023 | 8% |
| United Kingdom Market CAGR (2023 to 2023) | 12.5% |
Regarding regional platforms, Europe holds an enormous market share in the almond oil industry. The region is expected to surge to over 34.6% share from 2023 to 2033.
Germany may emerge as the most promising almond oil investment destination in forthcoming years. In contrast, given its dominant position, Spain is expected to lead the market throughout the region. Besides being used in cosmetic formulations, almond oil is consumed in its pure form throughout the region.
With a rising proportion of the population becoming gluten intolerant, healthcare practitioners are advocating the consumption of almond oil. Hence, its popularity is increasing throughout the region. The disease affects an estimated 1% of adults and children in Europe. A flourishing organic personal care sector, fueled by growing awareness regarding the benefits of natural and chemical-free ingredients, is expected to open new avenues.
The Middle East & Africa are expected to provide significant growth opportunities for the almond oil industry and reach a share of 12.3% in 2023.
The contributing factors to the market's growth in the region are its gluten-free quality and increasing popularity in the usage of almonds for producing food products such as bakery, breakfast cereals, snacks, and others. In addition, investing more in research and development to utilize almonds in this region contributes to its growth.
| Segment | Type |
|---|---|
| Segment Name | Sweet Almond Oil |
| Segment Share | 60.30% |
The significant product category, sweet oil, is to develop at a CAGR of 13.3% due to its expanding use in the pharmaceutical, personal care, and cosmetics industries. Almond oil is a fantastic source of copper, magnesium, phosphorus, and vitamin E. Antioxidants are abundant in them, strengthening immunity and reducing inflammation. In addition to treating mouth, bladder, uterus, spleen, and breast cancers, it can also be used as a moderate laxative. It is frequently used to treat dry, chapped, and irritated skin in cosmetic products.
A 39.7% market share was held by bitter almond oil in 2023. Although this version is purified to remove these dangerous ingredients before usage, it still contains poisonous compounds. This kind of almond oil has several health advantages, including the ability to prevent the formation of fungi, alleviate pain and muscle spasms, eliminate intestinal worms and germs, have a calming effect, and function as a purgative. The substance can also flavor edibles after the poisons are removed.
| Segment | Distribution Channel |
|---|---|
| Segment Name | Hypermarkets/Supermarkets |
| Segment Share | 35.60% |
The almond oil market is segmented into several categories: hypermarkets and supermarkets, food specialty stores, pharmacies, cosmetic discounters, and other retail channels. From 2023 to 2033, the hypermarkets/supermarkets sector is expected to dominate, accounting for a sizable share and rising at a substantial CAGR of 13.2%.
Sales through these distribution channels are projected to increase with almond oil availability in hypermarkets, supermarkets, food specialty stores, pharmacies, and cosmetic discounters. Sales of almond oil have surged due to medical professionals advising its usage in treating skin conditions like psoriasis or acne.
| Segment | End Use |
|---|---|
| Segment Name | Commercial Use |
| Segment Share | 68.30% |
There are many vital almond oil manufacturers in the almond oil industry, such as Tropical Almond, AAK, Flora, Go Jaivik Ingredients, Orgatma Organic Science, PR Enterprises, HaaliAgro, and AOS Products, among others, that are working hand-in-hand to provide the best-in-class Acrylic BoxCleaes for enhancing the global arena.
Many global start-ups in the almond oil business are stepping forward to match the requirements of the Almond Oil domain.
How can Manufacturers Scale their Businesses in the Almond Oil Market?
Due to numerous domestic and international competitors, the market needs to be more cohesive. To increase their consumer base, seasoned almond oil manufacturers and recent newcomers are introducing specialized products with added nutritional benefits. The almond oil manufacturers’ creative strategies are intended to improve their position in the market.
Leading almond oil manufacturers are expanding their geographic reach to achieve maximum technological penetration and client reach, particularly in industrialized nations. Other crucial success aspects that businesses have been concentrating on include establishing research and development centers and strategic alliances with investment firms to provide new creative technology in response to client demand. The almond oil manufacturers may likely focus on technological innovation geared towards underserved markets, particularly emerging nations.
Prominent Almond Oil Manufacturers
| Company | Bajaj Consumer Care Ltd. |
|---|---|
| Strategy | Launch |
| Details | In June 2022, Bajaj Consumer Care Ltd. announced its plans to launch new products in different categories under its flagship Bajaj Almond Drops brand as it seeks to tap into the equity of the popular hair oil label, according to a top company official. |
| Company | Blue Diamond Growers |
|---|---|
| Strategy | Partnership |
| Details | In February 2019, Blue Diamond Growers declared its partnership with Grupo Lala Sign. This partnership results in the distribution and sales of Almond Breeze. |
Europe is likely to lead the almond oil industry.
The market size is estimated to cross USD 3.9 billion by 2033.
The almond oil industry is likely to record a value of USD 1.356 billion in 2023.
The almond oil industry is likely to secure a CAGR of 11% through 2033.
The primary consumer of almond oil is the cosmetics industry.
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Almond Oil Market
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