Apricot oil Market Forecasts to 2028 – Global Analysis By Type (Cold pressed method and Solvent extraction method), Distribution Channel, Application and By Geography

Apricot oil Market Forecasts to 2028 – Global Analysis By Type (Cold pressed method and Solvent extraction method), Distribution Channel, Application and By Geography

According to Stratistics MRC, the Global Apricot Oil Market is accounted for $955.1 million in 2022 and is expected to reach $1712.5 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
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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