The global borage oil market is expected to reach USD 54.9 million by 2024, according to a new report by Grand View Research, Inc. Increasing demand for natural ingredient-based cosmetics, nutraceuticals and dietary supplements are expected to foster the market growth over the forecast period. Gamma linolenic acid (GLA) rich borage oil also possesses extraordinary anti-inflammatory properties, which makes it a preferred ingredient for cosmetics and skin ointments. Borage oil is also used for direct human consumption through capsules or as a food supplement.
Canada and the UK enjoy strategic advantage of high altitude and favorable weather where borage growers can grow good quality seeds at comparatively lower cost than the other countries. However, the crop has a high risk of failure due to unpredictable rains and frost in the region which results in drastic raw material supply fluctuations for borage oil production.
Medical emerged as the leading application segment and accounted for 38.7% of total market volume in 2015. Myriad of health benefits offered by the use of borage oil has contributed towards its greater penetration in this industry, and this trend is expected to continue over the forecast period. The segment is also expected to witness the highest growth of 5.4% from 2016 to 2024.
Various regulations promoting the use of natural ingredients in pharmaceuticals and food applications are expected to trigger the borage oil demand over the forecast period. However, German Federal Health Agency limits borage oil consumption to not more than 1mg per day.
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Further key findings from the study suggest:
- Global borage oil market demand was 1,637.4 tons in 2015 and is expected to reach 2,564.4 tons by 2024, growing at a CAGR of 5.1% from 2016 to 2022
- Increasing demand for natural ingredient-based cosmetics and food additives has resulted in considerable borage oil consumption in the cosmetic and dietary supplement applications.
- Asia Pacific was the leading regional market with demand share estimated at 33.0% in 2015. Increasing cosmetic and medicament production in the region is expected to drive borage oil demand. Asia Pacific is also expected to witness the highest growth of 5.5% from 2016 to 2024.
- Global borage oil market is fragmented in nature due to the presence of numerous small-scale manufacturers. The value chain is mainly dominated by borage seed providers as it is the only raw material used. In spite of China being a leading borage grower, oil manufacturers strive to obtain good quality seeds from UK and Canada to gain the competitive advantage of high-quality oil used for premium applications.
- Key market participants include Aromex industries, Connoils LLC., Desert Whale Jojoba Company, K. K. Enterprise, Oilseed extraction, Nordic naturals, Soyatech International Pvt. Ltd., AOS Products Pvt. Ltd., and Icelandirect Inc.
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