Apricot Oil Market
Apricot oil Market Forecasts to 2028 - Global Analysis By Type (Cold pressed method and Solvent extraction method), Distribution Channel, Application and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $955.1 MN |
|
Projected Year Value (2028) |
US $1712.5 MN |
|
CAGR (2022 - 2028) |
10.2% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Apricot Oil Market is accounted for $955.1 million in 2022 and is expected to reach $1,712.5 million by 2028 growing at a CAGR of 10.2% during the forecast period. Apricot oil is a type of vegetable oil derived from apricot kernels. It has a light amber colour and a moderate, sweet flavour. Apricot oil contains a high concentration of oleic acid and vitamin E and is commonly used in cosmetics and as a cooking oil. Apricot oil is also useful as a lubricant and in cosmetics. Apricot kernel refined oil is found in a variety of cosmetic goods, including creams, body lotions, moisturisers, face packs, hair oil, shampoo, balms, soap, and others. The therapeutic characteristics of the apricot kernel have also broadened its usage for treating specific medical disorders.
Market Dynamics:
Driver:
Increasing demand for Turkish apricot oil products
Apricots are largely grown in the Mediterranean and Central Asia, with Turkey being the leading producer. Apricot oil contains vitamins E and A, which have both been associated to healthy skin. Turkish apricot kernels are among the greatest in the world, and Turkish apricot oil is a one-of-a-kind product. In recent years, apricot production in Turkey has risen substantially, sustaining robust demand and propelling the market to tremendous growth.
Restraint:
Distribution challenges
Supermarkets, hypermarkets, and huge chains of discount or convenience stores have all become key distribution channels for apricot oil manufacturers and suppliers. Manufacturers are under strong pressure to reduce the costs and margins of apricot oil products, as retail retailers have a reduced profit margin. Retailers expect manufacturers to make frequent and smaller product deliveries in order to cut warehousing costs. Hence, this is the major factor restraining the segment growth.
Opportunity:
Clean labelling
The country of origin influences customer purchasing decisions, either directly or indirectly. However, the installation of labelling has resulted in significant financial losses for producers. These foods are available in grocery stores. To prevent losing clients, manufacturers of apricot oil must address issues about trust and ethics in such products. Because they are less expensive, private-label super foods are gaining popularity among consumers.
Threat:
Allergic reactions
Some people may be allergic to apricot oil, which can cause itching, redness and swelling of the skin. In rare cases, it can cause skin irritation, especially if used in excessive amounts or on damaged skin. Also, apricot oil can increase the skin sensitivity to sunlight, which can lead to sunburn or other types of skin damages. Moreover, if ingested, apricot oil can cause digestive issues such as diarrhea, stomach cramps and nausea, which is hampering the market expansion.
Covid-19 Impact
The COVID-19 pandemic has impacted the acquisition of apricot fruits from other nations due to an export and import prohibition. Due to government regulations, the procurement of apricot fruit has slowed. The production and extraction of apricot oil are hampered due to a lack of labour at numerous plants as a result of the lockdown scenario. The supply chain has been affected due to a shortage of apricot oil to the many sectors that rely on apricot oil as an ingredient. Due to societal distancing conventions, distribution channels such as supermarkets and retail outlets were forced to close, impacting the apricot oil market's sales and earnings.
The solvent extraction method segment is expected to be the largest during the forecast period
The solvent extraction method segment is estimated to have a lucrative growth. The solvent extraction method is used to extract oil from fruits without the need of any physical or chemical procedures. It is a solvent extraction procedure used to separate the oil from the solids. Dry distillation, liquid chromatography, supercritical fluid CO2 extraction, and microwave-assisted processing are all terms used to describe solvent extraction. The main advantage of this type is that it allows fruit farmers to produce high-quality products while incurring lower labour costs.
The cosmetics segment is expected to have the highest CAGR during the forecast period
The cosmetics segment is anticipated to witness the highest CAGR growth during the forecast period. The cosmetics industry is the primary consumer of apricot oil. Apricot oil is utilised in cosmetics because of its emollient characteristics. The oil is used in the production of soaps, shampoo, hair oil, and skin care products. It is also used as massage oil. It penetrates deep into the skin to keep it hydrated and prevent moisture loss. Because it contains vitamin A and other fatty acids, the oil can help to build the skin barrier, improve texture, and cure damaged skin.
Region with highest share:
North America is projected to hold the largest market share during the forecast period. Increasing health awareness among individuals, rising demand for apricot oil products, and increased usage of apricot oil for aromatherapy in nations such as the United States are factors that are projected to drive growth in the region's target market. Furthermore, the presence of significant players and high apricot oil production in the United States contributes to the growth of the global market in North America.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period. Rising demand for essential oils in various applications such as cosmetics, spa, hair care, and food goods is raising demand for apricot oil. Growing population and increasing disposable income are factors projected to fuel expansion of the worldwide market in the Asia Pacific region. This popularity of apricot oil in the region is effective in driving the market the coming years as well.
Key players in the market
Some of the key players profiled in the Apricot Oil Market include Greenwood Essential, Physicians Formula, Aura Cacia, Frontier Natural Products Co., Deep Steep, Starwest Botanicals, AMD Oil Sales, Life-Flo, Nature’s Alchemy, Hobe Labs, Now Foods, Josie Maran Cosmetics, Lotus Touch, Cococare, and Fit & Fresh.
Key Developments:
In April 2023, NOW® has been empowering the healthy living community for 55 years and the family-owned brand is thrilled to launch NOW® Kids + NOW® Baby, which is available DTC and at select retailers nationwide.
Types Covered:
• Cold pressed method
• Solvent extraction method
Distribution Channels Covered:
• Hypermarket/Supermarket
• Convenience store
• Internet Sales
• Other Distribution Channels
Applications Covered:
• Pharmaceuticals
• Food and Beverages
• Cosmetics
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Apricot Oil Market, By Type
5.1 Introduction
5.2 Cold pressed method
5.3 Solvent extraction method
6 Global Apricot Oil Market, By Distribution Channel
6.1 Introduction
6.2 Hypermarket/Supermarket
6.3 Convenience store
6.4 Internet Sales
6.5 Other Distribution Channels
7 Global Apricot Oil Market, By Application
7.1 Introduction
7.2 Pharmaceuticals
7.3 Food and Beverages
7.4 Cosmetics
7.5 Other Applications
8 Global Apricot Oil Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Greenwood Essential
10.2 Physicians Formula
10.3 Aura Cacia
10.4 Frontier Natural Products Co.
10.5 Deep Steep
10.6 Starwest Botanicals
10.7 AMD Oil Sales
10.8 Life-Flo
10.9 Nature’s Alchemy
10.10 Hobe Labs
10.11 Now Foods
10.12 Josie Maran Cosmetics
10.13 Lotus Touch
10.14 Cococare
10.15 Fit & Fresh
List of Tables
1 Global Apricot Oil Market Outlook, By Region (2020-2028) ($MN)
2 Global Apricot Oil Market Outlook, By Type (2020-2028) ($MN)
3 Global Apricot Oil Market Outlook, By Cold pressed method (2020-2028) ($MN)
4 Global Apricot Oil Market Outlook, By Solvent extraction method (2020-2028) ($MN)
5 Global Apricot Oil Market Outlook, By Distribution Channel (2020-2028) ($MN)
6 Global Apricot Oil Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
7 Global Apricot Oil Market Outlook, By Convenience store (2020-2028) ($MN)
8 Global Apricot Oil Market Outlook, By Internet Sales (2020-2028) ($MN)
9 Global Apricot Oil Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
10 Global Apricot Oil Market Outlook, By Application (2020-2028) ($MN)
11 Global Apricot Oil Market Outlook, By Pharmaceuticals (2020-2028) ($MN)
12 Global Apricot Oil Market Outlook, By Food and Beverages (2020-2028) ($MN)
13 Global Apricot Oil Market Outlook, By Cosmetics (2020-2028) ($MN)
14 Global Apricot Oil Market Outlook, By Other Applications (2020-2028) ($MN)
15 North America Apricot Oil Market Outlook, By Country (2020-2028) ($MN)
16 North America Apricot Oil Market Outlook, By Type (2020-2028) ($MN)
17 North America Apricot Oil Market Outlook, By Cold pressed method (2020-2028) ($MN)
18 North America Apricot Oil Market Outlook, By Solvent extraction method (2020-2028) ($MN)
19 North America Apricot Oil Market Outlook, By Distribution Channel (2020-2028) ($MN)
20 North America Apricot Oil Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
21 North America Apricot Oil Market Outlook, By Convenience store (2020-2028) ($MN)
22 North America Apricot Oil Market Outlook, By Internet Sales (2020-2028) ($MN)
23 North America Apricot Oil Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
24 North America Apricot Oil Market Outlook, By Application (2020-2028) ($MN)
25 North America Apricot Oil Market Outlook, By Pharmaceuticals (2020-2028) ($MN)
26 North America Apricot Oil Market Outlook, By Food and Beverages (2020-2028) ($MN)
27 North America Apricot Oil Market Outlook, By Cosmetics (2020-2028) ($MN)
28 North America Apricot Oil Market Outlook, By Other Applications (2020-2028) ($MN)
29 Europe Apricot Oil Market Outlook, By Country (2020-2028) ($MN)
30 Europe Apricot Oil Market Outlook, By Type (2020-2028) ($MN)
31 Europe Apricot Oil Market Outlook, By Cold pressed method (2020-2028) ($MN)
32 Europe Apricot Oil Market Outlook, By Solvent extraction method (2020-2028) ($MN)
33 Europe Apricot Oil Market Outlook, By Distribution Channel (2020-2028) ($MN)
34 Europe Apricot Oil Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
35 Europe Apricot Oil Market Outlook, By Convenience store (2020-2028) ($MN)
36 Europe Apricot Oil Market Outlook, By Internet Sales (2020-2028) ($MN)
37 Europe Apricot Oil Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
38 Europe Apricot Oil Market Outlook, By Application (2020-2028) ($MN)
39 Europe Apricot Oil Market Outlook, By Pharmaceuticals (2020-2028) ($MN)
40 Europe Apricot Oil Market Outlook, By Food and Beverages (2020-2028) ($MN)
41 Europe Apricot Oil Market Outlook, By Cosmetics (2020-2028) ($MN)
42 Europe Apricot Oil Market Outlook, By Other Applications (2020-2028) ($MN)
43 Asia Pacific Apricot Oil Market Outlook, By Country (2020-2028) ($MN)
44 Asia Pacific Apricot Oil Market Outlook, By Type (2020-2028) ($MN)
45 Asia Pacific Apricot Oil Market Outlook, By Cold pressed method (2020-2028) ($MN)
46 Asia Pacific Apricot Oil Market Outlook, By Solvent extraction method (2020-2028) ($MN)
47 Asia Pacific Apricot Oil Market Outlook, By Distribution Channel (2020-2028) ($MN)
48 Asia Pacific Apricot Oil Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
49 Asia Pacific Apricot Oil Market Outlook, By Convenience store (2020-2028) ($MN)
50 Asia Pacific Apricot Oil Market Outlook, By Internet Sales (2020-2028) ($MN)
51 Asia Pacific Apricot Oil Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
52 Asia Pacific Apricot Oil Market Outlook, By Application (2020-2028) ($MN)
53 Asia Pacific Apricot Oil Market Outlook, By Pharmaceuticals (2020-2028) ($MN)
54 Asia Pacific Apricot Oil Market Outlook, By Food and Beverages (2020-2028) ($MN)
55 Asia Pacific Apricot Oil Market Outlook, By Cosmetics (2020-2028) ($MN)
56 Asia Pacific Apricot Oil Market Outlook, By Other Applications (2020-2028) ($MN)
57 South America Apricot Oil Market Outlook, By Country (2020-2028) ($MN)
58 South America Apricot Oil Market Outlook, By Type (2020-2028) ($MN)
59 South America Apricot Oil Market Outlook, By Cold pressed method (2020-2028) ($MN)
60 South America Apricot Oil Market Outlook, By Solvent extraction method (2020-2028) ($MN)
61 South America Apricot Oil Market Outlook, By Distribution Channel (2020-2028) ($MN)
62 South America Apricot Oil Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
63 South America Apricot Oil Market Outlook, By Convenience store (2020-2028) ($MN)
64 South America Apricot Oil Market Outlook, By Internet Sales (2020-2028) ($MN)
65 South America Apricot Oil Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
66 South America Apricot Oil Market Outlook, By Application (2020-2028) ($MN)
67 South America Apricot Oil Market Outlook, By Pharmaceuticals (2020-2028) ($MN)
68 South America Apricot Oil Market Outlook, By Food and Beverages (2020-2028) ($MN)
69 South America Apricot Oil Market Outlook, By Cosmetics (2020-2028) ($MN)
70 South America Apricot Oil Market Outlook, By Other Applications (2020-2028) ($MN)
71 Middle East & Africa Apricot Oil Market Outlook, By Country (2020-2028) ($MN)
72 Middle East & Africa Apricot Oil Market Outlook, By Type (2020-2028) ($MN)
73 Middle East & Africa Apricot Oil Market Outlook, By Cold pressed method (2020-2028) ($MN)
74 Middle East & Africa Apricot Oil Market Outlook, By Solvent extraction method (2020-2028) ($MN)
75 Middle East & Africa Apricot Oil Market Outlook, By Distribution Channel (2020-2028) ($MN)
76 Middle East & Africa Apricot Oil Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
77 Middle East & Africa Apricot Oil Market Outlook, By Convenience store (2020-2028) ($MN)
78 Middle East & Africa Apricot Oil Market Outlook, By Internet Sales (2020-2028) ($MN)
79 Middle East & Africa Apricot Oil Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
80 Middle East & Africa Apricot Oil Market Outlook, By Application (2020-2028) ($MN)
81 Middle East & Africa Apricot Oil Market Outlook, By Pharmaceuticals (2020-2028) ($MN)
82 Middle East & Africa Apricot Oil Market Outlook, By Food and Beverages (2020-2028) ($MN)
83 Middle East & Africa Apricot Oil Market Outlook, By Cosmetics (2020-2028) ($MN)
84 Middle East & Africa Apricot Oil Market Outlook, By Other Applications (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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