Global Borage Oil Market, By Forms (Oil, Capsules, Gels), Distribution Channel (Online, Offline, Others), Application (Pharmaceuticals, Cosmetics, Food & Beverages, Others) – Industry Trends and Forecast to 2029.
Borage Oil Market Analysis and Size
The global borage oil market is expected to witness significant growth during the forecast period. The market is fragmented due to the presence of several small-scale manufacturers. Borage oil is mainly used for skin disorders such as red, itchy rash on the scalp (seborrheic dermatitis), eczema (atopic dermatitis) and a type of skin condition called neurodermatitis. The growing demand for products imparted with organic and natural ingredients, along with the rise in the use of personal and home care products by consumers with increasing per capita income and lifestyle changes are expected to drive the market's growth rate during forecast period.
Data Bridge Market Research analyses that the borage oil market was valued at USD 45.63 billion in 2021 and is expected to reach USD 73.28 billion by 2029, registering a CAGR of 6.10 % during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Borage Oil Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Forms (Oil, Capsules, Gels), Distribution Channel (Online, Offline, Others), Application (Pharmaceuticals, Cosmetics, Food & Beverages, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, 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
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Market Players Covered
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AOS Products Pvt. Ltd. (India), ConnOils LLC (U.S.), Icelandirect, LLC (U.S.), Premium Crops (Germany), RENKERT OIL (U.S.), Avestia Pharma (India), Malteurop (France), Soyatech International (India), Deve Herbes (India), Nature's Way Products, LLC (U.S.), Natural Factors USA (U.S.), At Greenlife Limited (U.K.), The Herbarie at Stoney Hill Farm, Inc. (U.S.), Rutland Biodynamics Ltd. (Scotland)
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Market Opportunities
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Market Definition
Borage oil is derived from starflower or borage which is wildflower from the Boraginaceae family. Borage oil has a faintly pleasant odor and golden-yellow in color. It is well-known due to several medicinal values and health benefits. Borage oil is an extract which is made from the Borago officinalis plant seeds. Borage oil is prized due to its high gamma linoleic acid (GLA) content. This content can help to reduce inflammation tied to several diseases.
Global Borage Oil Market Dynamics
Drivers
- Rising demand of borage oil from the pharmaceutical sector
Borage oil is widely used in the pharmaceutical industry for specific formulations for instance, used in several stress and depression medicines and as a major component in various pharmaceutical products for the treatment of stress and depression issues. Borage oil is also used in the treatment of periodontitis, arthritis and multiple sclerosis. These are the major factors which increase the demand of borage oil in pharmaceutical sector are expected to boost market growth rate.
- Growing demand of borage oil in cosmetic and personal care sector
The increasing demand for borage oil in the cosmetic and personal care industry will bring huge development opportunities for the borage oil market. The usage in cosmetic products is similar to that of pharmaceuticals. This serves special quality such as high temperature resistance in tropical regions or sun protection. Furthermore, the rising urbanization and the increasing disposable income of various individuals over all the globe which have led to a rise in the sales of personal and cosmetics care products. Hence, these factors will significantly shape the growth of the borage oil market.
- Rising demand of dietary supplements
Dietary supplements are high in demand due to consumers' awareness and acceptance of these supplements. Dietary supplements are available in several forms such as powders, meal and capsules supplements. Borage oil capsules are also consumed for direct GLA supplements. The aging population is anticipated to be a major factor for the demand of food supplement and will also have a higher demand in the fitness sector.
Opportunities
- Increasing consumer awareness regarding borage oil benefits
Borage oil can increase the transmission of nerve impulses, which may be important in curing Alzheimer’s disease. Borage oil is the richest natural and organic source of gamma-linoleic acid, vitamins, macronutrients, minerals, etc. Therefore, growing consumer awareness regarding benefits and rising application of Borage oil is expected to create lucrative opportunities for the targeted market in the developing and developed regions.
Furthermore, the rising production of borage oil for commercial usage will also create several opportunities, leading to the growth of the borage oil market during the forecast period.
Restraints/ Challenges
- Issues associated with borage oil
Fluctuation in price of crude oil which is used in production of borage oil may obstruct the growth of the global borage oil market. Furthermore, stringent quality standards, limited supply of raw materials, increasing consumption of natural reserves and subsequent outcomes related with some borage oil acts as a restraint on market growth.
This borage oil 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 borage oil market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Borage Oil Market
The outbreak of the COVID-19 epidemic has severally affected the growth of the global borage oil market. The borage oil market saw a decline in the economic growth in several major countries, affecting customer spending patterns. The shutdown and lockdown imposed by the government in many countries, national and international transport has significantly disrupted the supply chain of many industries all over the globe. Thus, insufficient raw material supply is anticipated to obstruct the manufacturing rate of borage oils and adversely impact the growth of the borage oil market.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Global Borage Oil Market Scope
The borage oil market is segmented on the basis of forms, distribution channel and application. 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.
Forms
- Oil
- Capsules
- Gels
Distribution Channel
- Online
- Offline
- Others
Application
- Pharmaceuticals
- Cosmetics
- Food & Beverages
- Others
Borage Oil Market Regional Analysis/Insights
The borage oil market is analysed and market size insights and trends are provided by country, forms, distribution channel and application as referenced above.
The countries covered in the borage oil market report are U.S., Canada and Mexico in North America, Germany, 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 dominates the borage oil market in terms of revenue and market share due to the growing disposable income of the people in this region
Asia-Pacific is anticipated to be the fastest developing region during the forecast period due to the growing consumer awareness regarding health profits and increasing demand for organic and natural cosmetics products in this region.
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 Borage Oil Market Share Analysis
The borage oil 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 borage oil market.
Some of the major players operating in the borage oil market are:
- AOS Products Pvt. Ltd. (India)
- ConnOils LLC (U.S.)
- Icelandirect, LLC (U.S.)
- Premium Crops (Germany)
- RENKERT OIL (U.S.)
- Avestia Pharma (India)
- Malteurop (France)
- Soyatech International (India)
- Deve Herbes (India)
- Nature's Way Products, LLC (U.S.)
- Natural Factors USA (U.S.)
- At Greenlife Limited (U.K.)
- The Herbarie at Stoney Hill Farm, Inc. (U.S.)
- Rutland Biodynamics Ltd. (Scotland)
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