Borage Oil Market To Reach $54.9 Million Growth, Analysis & Opportunities by 2024: Grand View Research, Inc.

Posted on 2018-10-26 by researchinsights in Internet & Online // 0 Comments

San Francisco, United States, 2018-Oct-26 — /EPR Network/ — The global borage oil market is expected to reach USD 54.9 million by 2024, according to a new report by Grand View Research, Inc. Increasing demand for natural ingredient-based cosmetics, nutraceuticals and dietary supplements are expected to foster the market growth over the forecast period. Gamma linolenic acid (GLA) rich borage oil also possesses extraordinary anti-inflammatory properties, which makes it a preferred ingredient for cosmetics and skin ointments. Borage oil is also used for direct human consumption through capsules or as a food supplement.

Canada and the UK enjoy strategic advantage of high altitude and favorable weather where borage growers can grow good quality seeds at comparatively lower cost than the other countries. However, the crop has a high risk of failure due to unpredictable rains and frost in the region which results in drastic raw material supply fluctuations for borage oil production.

Medical emerged as the leading application segment and accounted for 38.7% of total market volume in 2015. Myriad of health benefits offered by the use of borage oil has contributed towards its greater penetration in this industry, and this trend is expected to continue over the forecast period. The segment is also expected to witness the highest growth of 5.4% from 2016 to 2024.

Various regulations promoting the use of natural ingredients in pharmaceuticals and food applications are expected to trigger the borage oil demand over the forecast period. However, German Federal Health Agency limits borage oil consumption to not more than 1mg per day.

To view the summary of this report, click the link below:
www.grandviewresearch.com/industry-analysis/borage-oil-market

Further key findings from the report suggest:

Global borage oil market demand was 1,637.4 tons in 2015 and is expected to reach 2,564.4 tons by 2024, growing at a CAGR of 5.1% from 2016 to 2022
Increasing demand for natural ingredient-based cosmetics and food additives has resulted in considerable borage oil consumption in the cosmetic and dietary supplement applications.
Asia Pacific was the leading regional market with demand share estimated at 33.0% in 2015. Increasing cosmetic and medicament production in the region is expected to drive borage oil demand. Asia Pacific is also expected to witness the highest growth of 5.5% from 2016 to 2024.
Global borage oil market is fragmented in nature due to the presence of numerous small-scale manufacturers. The value chain is mainly dominated by borage seed providers as it is the only raw material used. In spite of China being a leading borage grower, oil manufacturers strive to obtain good quality seeds from UK and Canada to gain the competitive advantage of high-quality oil used for premium applications.
Key market participants include Aromex industries, Connoils LLC., Desert Whale Jojoba Company, K. K. Enterprise, Oilseed extraction, Nordic naturals, Soyatech International Pvt. Ltd., AOS Products Pvt. Ltd., and Icelandirect Inc.

Related Report of Medical Devices:

Grand View Research has segmented the global borage oil market on the basis of application and region:

Global Borage Oil Application Outlook (Volume, Tons; Revenue, USD Thousand, 2014 – 2024)

Cosmetics
Medical
Dietary Supplements
Others

Global Borage Oil Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2014 – 2024)

North America
- US.
Europe
- Germany
- France
- UK
Asia Pacific
- China
- India
- Japan
Middle East & Africa
Central & South America

Access Press Release of This Research Report by Grand View Research: www.grandviewresearch.com/press-release/global-borage-oil-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Matched content

Editor’s pick