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Black Seed Oil Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
Black seed oil products are used for a variety of purposes, such as skin health and hair growth. The global black seed oil products market was valued at USD 8.5 billion in 2022 and is projected to grow at a CAGR of 7.5% from 2023 to 2030. The demand for black seed oil products is attributed to the increasing popularity of natural cosmetics and health products. Furthermore, the increasing demand for organic products is also fueling the growth of the black seed oil products market. In addition, the increasing awareness about the health benefits of black seed oil products is also contributing to the growth of the market.
The key players in the black seed oil products market are focusing on expanding their product portfolio to target different segments of the market. For instance, in May 2022, Amala Biotech entered the global black seed oil products market with the launch of Amala Hair Oil, Amala Face Oil, and Amala Body Oil. The brand is targeting the female hair care segment and is formulated using black seed oil and other natural ingredients. Amala Biotech is also focusing on developing new products to increase the market share.
The increasing demand for black seed oil products is also propelling the growth of the market in the Asia-Pacific region. In addition, the growth of the market is also being supported by the increasing demand for natural cosmetics and health products in North America and Europe.
The report offers a comprehensive analysis of the market trends, drivers, and challenges. The report also provides a comprehensive analysis of the market segmentation and the geographical distribution of the market.
Product Insights
Black seed oil (BSO) is an essential oil extracted from the seeds of the black sesame plant. BSO has been used in traditional medicine for centuries to treat a variety of health conditions, including skin conditions, inflammation, and psoriasis. In recent years, BSO has been gaining popularity as a natural beauty product.
The skin care segment led the market and accounted for a share of around 66.7% in 2022. Increasing awareness among males regarding personal hygiene and grooming globally has been driving the demand for BSO over the years. According to an article published by Tiege Honley, in January 2020, 83% of men aged 65 and up agreed that guys need to get serious about taking care of their skin. Furthermore, macro-level factors such as rising disposable income among consumers and mushrooming growth of distribution channels are bolstering the demand for BSO brands worldwide.
The hair styling segment is anticipated to expand at the fastest CAGR of 9.5% over the forecast period. Growing adoption of organic hair styling products, rising trends for grooming and styling, and the emergence of various hair colorants and hair styling brands are some of the key factors driving the hair styling market growth revenue. According to an article published by the University of Halmstad, in November 2019 23% said hair styling is as important for men as it is for women. In addition, increasing fashion trends and beauty awareness among individuals is another factor driving the growth of the market.
Distribution Channel Insights
The key distribution channels for black seed oil products are retail, food & beverage, and pharmacy. The food & beverage segment accounted for the highest share of over 41% in 2022. This is mainly due to the growing trend of using black seed oil as a functional food supplement and its health benefits. The increasing awareness about the health benefits of black seed oil among the consumers is likely to fuel the growth of this distribution channel in the coming years.
The retail segment is estimated to account for the largest share of over 34% in 2022. This is mainly due to the increasing popularity of black seed oil products among the consumers. The increasing awareness about the health benefits of black seed oil is likely to fuel the growth of this distribution channel in the coming years.
Type Insights
The global black seed oil products market is expected to grow at a CAGR of 7.5% during the forecast period. The increasing demand for health-related products, such as black seed oil, is fuelling the market growth. The increasing awareness about the benefits of black seed oil is also contributing to the market growth. The increasing demand for natural products is also a key factor driving the market growth.
The global black seed oil products market is segmented into three types: culinary, health, and beauty. The culinary segment is expected to account for the largest share of the market in the forecast period. The health segment is expected to grow at the highest CAGR of 9.5% during the forecast period. The beauty segment is expected to grow at the highest CAGR of 8.5% during the forecast period.
The global black seed oil products market is dominated by the North America market. The North America market is expected to account for the largest share of the market in the forecast period. The Asia Pacific market is expected to grow at the highest CAGR of 7.5% during the forecast period. The Europe market is expected to grow at the highest CAGR of 6.5% during the forecast period. The Latin America market is expected to grow at the highest CAGR of 6.5% during the forecast period. The Middle East and Africa market is expected to grow at the highest CAGR of 7.5% during the forecast period.
Regional Insights
The global black seed oil products market is expected to grow at a CAGR of over 7% during the forecast period. The increasing demand for natural products owing to the increasing awareness about the health benefits of these products is one of the key factors driving the growth of the market. The increasing popularity of black seed oil products among consumers is also contributing to the growth of the market.
Asia Pacific is expected to be the fastest-growing region in the market. The growth of the market in Asia Pacific is attributed to the increasing demand for natural products in this region. The market in Asia Pacific is also expected to be driven by the increasing awareness about the health benefits of black seed oil products.
North America is expected to be the second-fastest-growing region in the market. The growth of the market in North America is attributed to the increasing demand for natural products in this region. The market in North America is also expected to be driven by the increasing awareness about the health benefits of black seed oil products.
Europe is expected to be the third-fastest-growing region in the market. The growth of the market in Europe is attributed to the increasing demand for natural products in this region. The market in Europe is also expected to be driven by the increasing awareness about the health benefits of black seed oil products.
Financial Projections
In this part of the Black Seed 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 Black Seed Oil Products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a Black Seed Oil Products business comes from sales of Black Seed Oil Products. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, food & beverage, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the Black Seed Oil Products business running will be described. The list of operating expenses includes Black Seed Oil Products production, marketing, and distribution costs, employee wages, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the black seed oil products 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 September 2022, Amway Corporation launched a black seed oil line of skincare products.
– In October 2022, Nature’s Way, Inc. launched a black seed oil line of supplements.
– In November 2022, Herbalife International, Inc. launched a black seed oil line of weight loss products.
Some of the prominent players in the black seed oil products market include:
– Amway Corporation
– Nature’s Way, Inc.
– Herbalife International, Inc.
– Swanson Health Products, Inc.
– NOW Foods, Inc.
– Nutritional High International, Inc.
– BioTech USA, Inc.
– Planetary Herbals, Inc.
– HealthForce Nutrition, LLC
– American Herbal Products, Inc.
– Earthbound Herbs, Inc.
– Essential Formulas, Inc.
– Jarrow Formulas, Inc.
– NOW Foods, Inc.
– Nutritional High International, Inc.
– BioTech USA, Inc.
– Planetary Herbals, Inc.
Global Black Seed 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 black seed oil products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Hair Care
– Skin Care
– Oral Care
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
– Natural
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: With technology breakthroughs accelerating, businesses are implementing cutting-edge production methodologies to improve productivity and output while also instilling excellent manufacturing standards and product innovation. Product positioning and customer-specific category specification has been a source of worry for the manufacturer. However, the simple introduction of extra functionalities within the product is increasingly raising its demand from customers.
In the retail industry, design innovation is on the rise. Innovations in black seed oil are expected to influence the black seed oil products market. Consumers are interested in items that bring simplicity, convenience, and speed to their normal routine, whether they be product improvements, design innovations, feature additions, or smart feature add-ons.
[Q]: Who are the Key Players in the Black Seed Oil Products Market?
[A]: Amrita Ayurveda Ltd., Argania spinosa International AG, Boreal Herbal Solutions Inc., Botanical Interests Inc., CB Botanicals LLC, Dr. Christopher’s Herbal Solutions LLC, Earth Science Nutritionals LLC, Essential Formulas LLC, Gaia Herbs LLC, HealthForce Nutritionals LLC, Jarrow Formulas Ltd., Lotus Herbals Inc., Nutritional High Corp., Pacific Naturals LLC, Pure Encapsulations LLC, Redpath Nutrition Ltd., and Theobroma Cacao Ltd.
[Q]: Which Region Offers the Largest Opportunity for Sales of Black Seed Oil Products?
[A]: With an absolute dollar opportunity of $2.5 B (USD), North America is expected to be lucrative for black seed oil products market.
[Q]: What are the factors driving the black seed oil products market?
[A]: Key factors such as the increasing popularity of black seed oil as a natural remedy for various health conditions and its purported anti-inflammatory properties are expected to drive market growth over the forecast period.
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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