Global Apricot Kernel Market – Industry Trends and Forecast to 2029

Global Apricot Kernel Market, By Type (Bitter, Sweet), Application (Edible, Medicinal, Others) End- Users (Business to Business, Cosmetics, Food and Beverage, Bakery, Confectionary and Business to Customer), Distribution Channel (Store Based Retailing, Modern Grocery Retailers, Convenience Store, Forecourt Retailers, Hypermarkets, Supermarkets, Traditional Grocery Retailers, Food Specialist, Independent Small Grocers, Other Grocery Retailers and Online), – Industry Trends and Forecast to 2029

Market Analysis and Size

Apricot kernel can be found in cosmetics, medicine, and oil. Apricot has numerous nutritional and medicinal benefits; these properties have made apricot kernel powder the best option for cancer medications. As a result of this, demand for apricot kernel has begun to rise in the region over the last two decades, depending on application usage and availability.

Data Bridge Market Research analyses that the apricot kernel market which was growing at a value of 0.6 billion in 2021 and is expected to reach the value of USD 0.89 billion by 2029, at a CAGR of 5.00% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.

Report Scope and Market Segmentation

Market Definition

Apricot kernel is the internal portion of the seed found in apricot fruit that is white when fresh and brown when dried. It is high in fatty acids, fibre, antioxidants, minerals, vitamins, and other nutrients. Apricot kernel has numerous health benefits, including improving skin health, digestive function, metabolism, vision enhancement, and lowering the risk of diabetes.

Apricot Kernel Market Dynamics

Drivers

• Growing application of apricot kernels in the food industry due to its numerous benefits

Consumer health concerns about the rising prevalence of lifestyle disorders such as obesity, diabetes, and gastroesophageal reflux disease (GERD), among others, are driving demand for apricot kernel. Aside from that, the growing baking industry has accelerated the use of apricot kernel in the preparation of a variety of baked goods such as apricot bread, amaretto cookies, apricot-almond finger biscuits, and so on. Furthermore, the growing popularity of vegan food trends is increasing demand for apricot kernel-based snacks, oatmeal, muffins, scones, salads, and so on.

• High prevalence of organic ingredients such as apricot in the personal care industry

A significant increase in the cosmetic and personal grooming sector is also driving apricot kernel adoption in skincare, haircare, and lip care products. The growing consumer preference for vegan and animal cruelty-free personal grooming products is driving up demand for apricot kernel-containing face masks, scrubs, creams, lotions, and so on. In the coming years, the increasing use of apricot kernel to produce essential oils for various applications in the cosmetics and personal grooming sectors will drive market growth.

Opportunity

Mergers and acquisitions between apricot oil suppliers and end-use industries, as well as high investment in the food, cosmetics, and pharmaceutical industries, are some of the factors driving the global apricot oil market. Due to the region's rapidly growing economy and population, market players in the apricot oil market have a significantly high opportunity in Asia-Pacific.

Restraints

On the other hand, fluctuating raw material costs, volatile inventory, and political instability in apricot-producing countries will most likely limit market growth in the coming years. Furthermore, the high cost of apricots will pose additional growth challenges during the forecast period.

This apricot kernel market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the apricot kernel market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Apricot Kernel Market

COVID-19, or Novel Coronavirus, has not only disrupted human movement, but also the production and trade of major market products. Production halts and lockdowns at the regional and national levels have had an impact on global demand for apricot kernel. For the market to resurrect, production activities must resume at full force, which is possible after the fourth quarter of FY2020. Not only has siding demand been halted, but supply has also been halted in order to normalise market prices, which is expected to normalise overall production costs, post-market resurrection. Overall, the supply chain for apricot kernel powder has been disrupted and is expected to remain so until the end of the fourth fiscal quarter.

Global Apricot Kernel Market Scope

The apricot kernel market is segmented on the basis of type, application, end-users and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Bitter
• Sweet

Application

• Edible
• Medicinal
• Others

End-Users

• Business to Business
• Cosmetics
• Food and Beverage
• Bakery
• Confectionary
• Business to Customer

Distribution channel

• Store Based Retailing
• Modern Grocery Retailers
• Convenience Store
• Forecourt Retailers
• Hypermarkets
• Supermarkets
• Traditional Grocery Retailers
• Food Specialist
• Independent Small Grocers
• Other Grocery Retailers
• Online

Apricot Kernel Market Regional Analysis/Insights

The apricot kernel market is analysed and market size insights and trends are provided by country, type, application, end-users and distribution channel as referenced above.

The countries covered in the apricot kernel market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America accounts for a sizable revenue share in the global apricot oil market because of the region's high health consciousness. Asia-Pacific is expected to grow at a relatively high rate in the apricot oil market because of its rapidly growing population and increased demand for aromatherapy and healthy oil options.

The Middle East and Africa are expected to contribute a relatively small revenue share to the global apricot oil market, despite registering a significant CAGR over the forecast period. Overall, the global apricot oil market is expected to grow at a positive rate over the forecast period.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Apricot Kernel Market Share Analysis

The apricot kernel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to apricot kernel market.

Some of the major players operating in the apricot kernel market are:

• KENKKO CORPORATION (U.K.)
• ApricotKing (U.S.)
• BATA FOOD (Turkey)
• NationalRaisin Company (U.S.)
• Anatolia A.S. (Turkey)
• ZIBA FOODS (U.S.)
• Kayisicioglu Apricot (Turkey)
• Traina Home Grown (U.S.)
• Sun-Maid Growers of California (U.S.)
• Red River Foods (U.S.)
• PURCELL MOUNTAIN FARMS (U.S.)
• B & R Farms (U.S.)
• Jutai Foods Group Limited (India)
• Golden Apricots (U.S.)
• Retaj Agro Farms (India)
• TAKKAIAH AND CO. (India)