Global Almond Oil Market Assessment, By Type [Sweet Almond Oil, Bitter Almond Oil], Application [Food Preparation, Cosmetic, Pharmaceutical, Others], Distribution Channel [Online, Offline], By Region, Opportunities and Forecast, 2016-2030F

Global Almond Oil Market Assessment, By Type [Sweet Almond Oil, Bitter Almond Oil], Application [Food Preparation, Cosmetic, Pharmaceutical, Others], Distribution Channel [Online, Offline], By Region, Opportunities and Forecast, 2016-2030F

Global almond oil market is projected to witness a CAGR of 7.1% during the forecast period 2023-2030, growing from USD 2.6 billion in 2022 to USD 4.5 billion in 2030. Consumers' growing concern for nutrition and overall health has raised demand for natural and organic products with clean labels, non-GMO, and plant-based ingredients. The diet-conscious population is shifting towards almond oils owing to the health benefits, which include regulating blood pressure, improving sugar control, and strengthening the bones. Incorporating almonds into diet can serve as a driving force for improved gut health, potentially enhancing immunity and vitality.

Additionally, the growing demand from developing countries, like China and India, along with government regulations that encourage the use of natural and organic ingredients in cosmetic formulas, present great opportunities for the market to expand. It is anticipated that growing knowledge of the negative effects of chemicals found in cosmetics, like phthalates and parabens, will encourage the use of almond oil as a natural functional ingredient in the formulation of personal care products.

Consumer awareness of health and nutrition has increased over the past few years, driving the demand for natural and organic products with clean labels and non-GMO, plant-based ingredients. Additionally, as living standards and lifestyles change, new markets for the product are emerging in developing nations, like China and India. New opportunities for market players will arise from the implementation of strict regulations, such as a ban on harmful chemicals in cosmetics along with supporting efforts to use organic and natural ingredients in personal care product formulations.

Rising Health Awareness of Consumption of Almond Oils

Almond oil has become well-known for being an important part of heart health promotion. It has the potential to lower the risk of abnormal heart rhythms, or arrhythmias, which could otherwise result in sudden death. Almond oil has demonstrated promise in reducing blood pressure, reducing triglyceride levels, and delaying the development of atherosclerotic plaque. Almond oil has become increasingly popular as people prioritize preventive care and embrace healthier alternatives to live more wholesome lives. It is notable for its abundant supply of vital vitamins, proteins, and minerals, offering a comprehensive approach to well-being. Almond oil has been investigated for its potential to treat diseases like cancer, asthma, and depression and its cardiovascular benefits, demonstrating its role in improving general well-being.

Higher Usage of Almond Oil in Cosmetic Products to Boost Demand

Being highly rich in nutrients including Vitamin E, magnesium and many more, almonds offer multiple benefits to hair and skin. Cosmetic manufacturers increasingly use cosmetic manufacturers as a significant ingredient. Some manufacturers offer a range of almond-based products and are further planning to expand their product portfolio to meet the consumer demand for cosmetics with natural ingredients. In line with it, Bajaj Consumer Care announced in June 2022 aiming to expand its Almond drops brand category and launched a moisturizing soap under its umbrella. More than 85 percent of the company’s rev enue came from its almond drops brand in 2022.

Natural Ingredients

In the food and beverage, personal care, and fragrance industries, and natural ingredients have become increasingly popular in cosmetics and perfumes. The negative effects of synthetic substances, which can cause lung conditions, skin allergies, respiratory problems, and cognitive changes, are partially to blame for this increase.

Almond oil, on the contrary, is extracted from nature and is renowned for being safe with no negative effects. It is a favored option in international cosmetic formulations as it doesn't interfere with biological processes or leave any harmful residues. The increasing inclination of consumers towards natural ingredients is driving the industry's expansion, signifying a notable departure from synthetic substitutes.

Supports in Maintaining Healthy Body Weight

For physical wellbeing, it is important to maintain a healthy weight, and almond oil can be a helpful ally in this endeavor. When trying to lose weight, many people steer clear of fats, but eating the correct kinds of fats can help. It has been demonstrated that consuming a healthy quantity of whole almonds in one's diet can aid in weight loss. Almond oil may also aid in fat loss when added to a diet. It has been demonstrated that diets high in monounsaturated and polyunsaturated fats reduce body fat and encourage weight loss. According to the World Obesity Atlas 2023, nearly 4 billion people are expected to be overweight by 2035. It suggests that overweight and obesity will cost the global economy over USD 4 trillion of potential income by that year end.

Through the study of Healthline, Almond oil is packed with vitamin E, magnesium, phosphorus, and copper, and is a potent antioxidant that combats free radicals, reduces inflammation, and enhances immunity. With omega-3 fatty acids, it supports healthy cholesterol and memory, potentially reducing the risk of cancer and heart disease. This versatile oil offers a holistic approach to well-being.

Almond Oil to Reduce UV Damage

Getting a lot of exposure to the sun’s ultraviolet (UV) rays can cause premature skin aging. UV rays can lead to fine lines, wrinkles, and dark spots on the skin. Research has shown that almond oil might be effective at slowing down premature aging caused by sun damage. Almond oil is an effective barrier, protecting the skin from harmful UV rays. In addition, the vitamin E contained in the oil has antioxidant properties that prevent cell damage from UV rays. Through the study of World Health Organization (WHO) by 2020, over 1.5milion cases of skin cancers were diagnosed and over 12,000 skin cancer associated death were reported. Almond oil has the ingredients of like Vitamin K and Vitamin E which are a good source and are also used in cosmetic and skin care products, thus using Sun protection is recommended when the ultraviolet index is 3 and above as Simple and effective prevention measures are available.

Impact of COVID-19

The COVID-19 pandemic impacted the almond oil market globally. Lockdowns and decline in the economy impacted supply and demand. Logistics, limited labor availability, and restricted access to processing facilities impeded the production of almond oil. A surge in demand for health and wellness products, such as almond oil, coincided with a shift in consumer spending and resulted in financial uncertainties that affected purchasing power. Export limitations and fluctuating commodity prices impacted the market for almond oil. The market changed in response to the pandemic by embracing e-commerce and placing a strong emphasis on product safety. Overall, the almond oil market was volatile, and it was necessary to adapt to shifting consumer preferences and financial circumstances

Key Players Landscape and Outlook

The global almond oil market is highly competitive, with several domestic and international players. These companies offer a quality range of oil products and compete on numerous factors such as product quality, price, branding, packaging, and marketing. The outlook for the almond oil market is positive with the growth expected to continue in the coming years. The demand for natural and organic almond oil products is expected to increase as consumers become more conscious about the impact of synthetic chemicals on their health and the environment, as almond oil is used for cooking as well as for cosmetic purposes.

Big players in the market are investing in hair care start-ups to strengthen their portfolio as well as helping the start-ups to expand at a global level. Dabur recently ventured into a strategic partnership in 2022 that exemplifies its commitment to quality and growth. Under the arrangement, Dabur provides its high-quality almond oil, and makeup , skin care, hair care, fragrances, and personal grooming products that promotes and sells the product in its stores. The revenue generated from these sales is then shared between the two parties. This mutually beneficial partnership expands Dabur's market reach and offers the retail chain a sought-after product for its customers. It demonstrates Dabur's innovative approach to bolstering their revenue and delivering their exceptional almond oil to a broader consumer base.