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Almond Oil Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global almond oil products market size was valued at USD 1.5 billion in 2022 and is projected to expand at a CAGR of 5.2% from 2023 to 2030.The growth of the market is driven by the increasing demand for natural and organic products across the personal care industry. Almond oil is used in various products and applications, such as massage oils, skin care products, hair care, makeup, and others. It is known for its emollient properties and is increasingly being used in the production of soaps, lotions, and creams. Almond oil is also used in the production of products like baby care and makeup owing to its hydrating and moisturizing properties.
Furthermore, the rising demand from the food and beverage industry is also driving the market growth. Almond oil is a healthy alternative to other edible oils as it is rich in essential vitamins, minerals, and proteins. The oil is used in various food products as a cooking oil and is also used as an ingredient in the preparation of various dishes, such as salad dressings, marinades, and desserts. It is also used in the production of health supplements.
The increasing number of product launches by key market players is also contributing to the market growth. For instance, in October 2021, Kama Ayurveda launched a new range of almond oil-based skin care products, which includes body lotions, body massage oils, and face creams. The company also launched a new range of almond oil-based hair care products, such as shampoo and conditioners.
Furthermore, the rising disposable income of consumers is also contributing to the market growth. Consumers are willing to spend on personal care products with natural ingredients. The growing awareness of the health benefits of almond oil is driving the market growth. Consumers are increasingly opting for almond oil-based products owing to its anti-inflammatory and anti-aging properties. Moreover, the growing demand for almond oil-based products for babies is also driving the market growth.
The growing trend of veganism is also contributing to the market growth. Almond oil is a vegan-friendly product and is preferred by many vegan consumers. The growing demand for almond oil-based products from the vegan food industry is expected to fuel the market growth in the coming years.
Product Insights
The almond oil segment led the market and accounted for a share of around 33.3% in 2022. Almond oil is gaining traction due to its multiple health benefits and use in cosmetics, food, and industrial applications. According to an article published by Organic Facts, in February 2020, almond oil is a rich source of vitamin E, which helps in maintaining the skin’s barrier and keeps it hydrated. It also contains fatty acids that help maintain healthy skin, hair, and nails. Furthermore, the rising demand for natural products, increasing disposable income, and growing awareness about the benefits of almond oil are some other factors driving the market.
The sweet almond oil segment is anticipated to expand at the fastest CAGR of 8.8% over the forecast period. Sweet almond oil has a long history of being used for various purposes, including skin and hair care. According to an article published by Healthline, in October 2020, sweet almond oil can be used to treat dry skin, dark circles under the eyes, and split ends. In addition, its anti-inflammatory properties can help reduce skin irritations, such as eczema and acne. Moreover, the growing demand for natural and organic products is another factor driving the growth of the market.
Distribution Channel Insights
The modern trade segment accounted for a major share of the global almond oil products market in 2022. The presence of large-scale retail chains such as Walmart and Carrefour, among others, has contributed to the growth of the segment. These retailers provide numerous options to customers to choose from a variety of products. Also, customers can avail discounts on bulk orders and make secure payments using digital payment options. The online segment is expected to register the highest CAGR during the forecast period. The growth of the segment is attributed to the increasing penetration of e-commerce platforms, such as Amazon and Alibaba, among others, in the market. These platforms offer a wide range of almond oil products with detailed descriptions on the website which gives customers an opportunity to choose the best product from the comfort of their homes. Furthermore, the rising trend of cashless payments and the increasing number of internet users are expected to drive the segment during the forecast period.
Type Insights
The sweet almond oil segment accounted for the largest revenue share of 56.3% in the year 2022. The increasing demand for the sweet almond oil is primarily attributed to its multiple uses in various industries such as food, pharmaceuticals, and cosmetics. Furthermore, sweet almond oil is used as a natural remedy for skin and hair problems such as dry skin, itchy scalp, and inflammation. It is also used in various applications such as aromatherapy and massage therapy, which is driving its usage in cosmetics.
The bitter almond oil segment is anticipated to expand at the highest CAGR of 10.4% over the forecast period. This segment is primarily driven by growing demand for essential oil products, including almond oil. Bitter almond oil is used as an active ingredient in various cosmetics and food products. Also, the growing demand for the product in the pharmaceuticals industry is contributing to the growth of the segment.
Regional Insights
North America is expected to be the leading market for almond oil products, accounting for the largest share of over 32.6% in terms of revenue in 2022. Increasing demand for natural products, along with a growing health-conscious population, is driving the growth of the almond oil market in the region. Moreover, the presence of leading market players, such as The Procter & Gamble Company and Unilever, has further strengthened the market position of the region. For instance, in April 2022, The Procter & Gamble Company launched its new product line, Olay Retinol24, which is powered by almond oil.
Asia Pacific is expected to be the second-fastest growing region in the coming years. The growing demand for almond oil products in the region can be attributed to the increasing disposable income and the growing trend of natural and organic products. Moreover, the presence of several leading players, such as Marico Limited and Emami Ltd., is further strengthening the market position of the region. For instance, in April 2022, Marico Limited launched its new product line, Saffola Fittify Gourmet almond oil, in India.
Financial Projections
In this part of the almond oil products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your almond oil products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for an almond oil products business comes from sales of almond oil products, such as almond oil soap, almond oil lotions, and almond oil body care products. Other possible sources of profit include online sales, fundraising, and selling to wholesale distributors and retailers.
Projecting Expenses
In this section, all the regular expenses related to keeping the almond oil products business running will be described. The list of operating expenses includes raw ingredients, packaging materials, wages, advertising, and insurance policies. Other expenses could include website and e-commerce hosting costs, shipping, taxes, and rent for the business premises.
Key companies & market share insights
Some of the key companies operating in the almond oil market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Dabur India Ltd. launched a range of almond oil-based hair care products.
– In August 2022, Baidyanath launched an almond oil-based skincare product line.
– In October 2022, Himalaya Drug Company launched a range of almond oil-based body massage oils.
Some of the prominent players in the almond oil market include:
– Dabur India Ltd.
– Baidyanath
– Marico Ltd.
– Richardson International Limited
– Marico Ltd.
– Mountain Rose Herbs
– Sundial Brands
– Aromaaz International
– Pukka Herbs
– Himalaya Drug Company
Global Almond Oil Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global almond oil products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Skin Care
– Hair Care
– Oral Care
– Body Care
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Organic
– Conventional
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers in the Almond Oil Products Market?
[A]: Increasing awareness of the benefits of almond oil and rising demand for natural and organic skincare products are the key drivers in the almond oil products market. The rising demand for vegan products, and the growing awareness of the health benefits of almond oil, such as its antioxidant and anti-inflammatory properties are also driving the market.
[Q]: Who are the Leading Players in the Almond Oil Products Market?
[A]: The leading players in the almond oil products market are Avon Products, Inc., The Estée Lauder Companies Inc., Unilever, L’Oréal S.A., The Body Shop International Limited, and Burt’s Bees, Inc.
[Q]: What is the Potential of Product Innovation?
[A]: The almond oil products market is witnessing considerable product innovation. Innovations are seen in terms of product design, packaging, and ingredients. Manufacturers are focusing on providing vegan almond oil products with natural and organic ingredients.
[Q]: What is the Regional Outlook for the Almond Oil Products Market?
[A]: The almond oil products market is expected to witness the highest growth in North America due to the high demand for vegan and natural personal care products, and the growing use of almond oil in cosmetics.
[Q]: What are the Major Trends in the Almond Oil Products Market?
[A]: Major trends in the almond oil products market include increasing collaborations between manufacturers and distributors, the introduction of almond oil-based products, the increasing use of almond oil in cosmetics, and the rising demand for organic and vegan almond oil products.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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