Borage Seed Oil Market Forecasts to 2030 – Global Analysis By Type (Cosmetic Grade, Pharmaceutical Grade and Other Types), Extraction Method, Distribution Channel, Application, End User and By Geography

Borage Seed Oil Market Forecasts to 2030 – Global Analysis By Type (Cosmetic Grade, Pharmaceutical Grade and Other Types), Extraction Method, Distribution Channel, Application, End User and By GeographyAccording to Stratistics MRC, the Global Borage Seed Oil Market is accounted for $3.69 billion in 2023 and is expected to reach $6.62 billion by 2030 growing at a CAGR of 8.7% during the forecast period. The seeds of the borago officinalis plant, often known as starflower, are used to make borage oil. The oil is well-known in the nutritional supplement business because it has a high amount of gamma linoleic acid (GLA). Borage oil also has several therapeutic benefits, including anti-inflammatory and anti-thrombotic activities; as a result, it is used to treat inflammatory conditions like arthritis, atopic eczema, and lung irritation. Due to its advantageous qualities for skin care, borage oil is additionally utilised in cosmetics.

According to a study Borage seed oil has been shown in a research to have anticancer effects.The primary phenolics in Borage, rosmarinic, syringic, and sinapic acids, were used in this study to investigate the antimutagenic and anticarcinogenic properties of Borage seed oil on the human leukaemia cancer cell line.

Market Dynamics:

Driver:

Increasing pharmaceutical industry need for borage oil

A common ingredient in many pharmaceutical treatments used to treat stress and depression disorders, borege oil is frequently used in the pharmaceutical sector for specialised formulations used in several stress and depression medications. Additionally, this oil is utilised to treat multiple sclerosis, arthritis, and periodontitis. These are the main elements that are likely to raise the demand for borage oil in the pharmaceutical industry and accelerate market expansion.

Restraint:

Availability of substitutes

There are several alternatives to borage oil, such as other carrier oils, primrose oil, and others, which limits market expansion. Additionally, a borage oil overdose is harmful to health and may contain the pyrrolizidine alkaloid amabiline. Furthermore, due to its teratogenic effects and potential for premature labour, borage oil is not advised for usage during pregnancy. Therefore, these are the issues limiting the market's growth.

Opportunity:

Raising consumer consciousness

Increased nerve impulse transmission with the use of borage oil may be key to the treatment of Alzheimer's disease. Gamma-linoleic acid, vitamins, macronutrients, minerals, etc. are all abundant in this oil, making it the richest organic and natural source. Therefore, it is anticipated that expanding consumer knowledge of the advantages and rising application would open up profitable market prospects in both developing and developed nations.

Threat:

Problems related to borage oil

The market's expansion may be hampered by fluctuations in the price of the crude oil used in the manufacture of borage oil. Borage oil is hazardous in excess and may include the hepatotoxic pyrrolizidine alkaloid amabiline, which can cause liver damage. Furthermore, the market's expansion is constrained by strict quality standards, a scarcity of raw materials, rising demand for natural resources, and consequences associated to some borage oil.

Covid-19 Impact

The global borage oil market's expansion has been negatively impacted in a number of ways by the COVID-19 epidemic. Several significant countries' economies saw their growth slow down, which had an impact on consumer spending trends. The government-imposed lockdowns and shutdowns have severely impacted national and international transportation as well as the supply chains of numerous sectors throughout the world. Because of this, it is projected that a lack of raw materials will slow down the production of borage oils and have a negative effect on the market's expansion.

The cosmetic grade segment is expected to be the largest during the forecast period

The cosmetic grade segment is estimated to have a lucrative growth. The usage in cosmetic products is similar to that of pharmaceuticals. This provides particular qualities like protection from the sun or high temperature resistance in tropical areas. Additionally, the sales of personal and cosmetic care goods have increased due to rising urbanisation and rising disposable income among various people around the world. Therefore, the market's future development will be greatly influenced by these aspects.

The medical segment is expected to have the highest CAGR during the forecast period

The medical segment is anticipated to witness the fastest CAGR growth during the forecast period. For treating major illnesses like eczema, obesity, rheumatoid arthritis, premenstrual syndrome, etc., the sector uses it. It is also utilised in nutraceutical products, where it is either directly eaten or combined with other base oils, as well as anti-inflammatory medications and ointments. It is frequently used in cosmetic goods, primarily moisturisers, cleansers, anti-aging, skincare, body care, and hair treatments, because of its anti-inflammatory and antioxidant characteristics.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing production levels of nutraceuticals, pharmaceutical drugs, and cosmetics. Over the forecast period, it is anticipated that ongoing attempts by research organisations to determine the medicinal potential of borage oil will increase general consumption levels. Due to the significant number of young people in the area and their growing interest in natural supplements and healthcare, the market is expected to rise quickly in the next years.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to its favorable weather and soil conditions. Due to the growing number of customers who are health conscious and the increased consumption of nutritional supplements as a result of busy lifestyles, this area, which now holds a sizable portion of the market, is anticipated to maintain its position. The consumption of borage oil is anticipated to increase in the next years as a result of improving heath conditions and a growing youth population in Brazil.

Key players in the market

Some of the key players profiled in the Borage Seed Oil Market include Oilseed Extraction Limited, Desioleadores Españoles S.A., New Directions Aromatics Inc., Connoils LLC, The Kerfoot Group, Croda International Plc, Nordic Naturals, Clearspring Ltd., AOS Products Private Limited, Desert Whale Jojoba Company, Icelandirect Inc., Premium Crops, Avestia Pharma, Soyatech International and The Herbarie at Stoney Hill Farm, Inc.

Key Developments:

In June 2023, The Kerfoot Group has announced it will begin transitioning to Oleon in a bid to strengthen its ‘natural’ oil offering. Both companies are part of the international agro-industrial organisation the Avril Group based in France, which specialises in food, animal feed, energy and sustainable chemistry.

In February 2022, TruArc Partners, a private equity firm focused on the middle-market, has invested in New Directions Aromatics (New Directions) in partnership with Founder and CEO, Alex Thomas.

Types Covered:
• Cosmetic Grade
• Pharmaceutical Grade
• Other Types

Extraction Methods Covered:
• Solvent Extracted
• Cold Pressed

Distribution Channels Covered:
• Offline
• Online

Applications Covered:
• Pharmaceuticals
• Animal Feed
• Food & Beverages
• Cosmetics
• Dietary Supplements
• Other Applications

End Users Covered:
• Consumer
• Industrial
• Other End Users

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 2021, 2022, 2023, 2026, and 2030
- 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