Global Borage Oil Market is valued approximately USD 42.13 million in 2020 and is anticipated to grow with a healthy growth rate of more than 5.20% over the forecast period 2021-2027. Borage oil contains high levels of the omega-6 series EFAs that are mainly important in skin structure and its functioning. It is identified as a protection in arterial plaquing which is an inflammatory disorder characterized by loss of integrity and function of the arterial endothelium. The demand for borage oil has increased in medical field due to the benefits they provide to the patients suffering from eczema, obesity, menopause, heart disease, stroke, depression, diabetes and asthma. Above mentioned advantages, coupled with demand from cosmetics industry due to anti-aging and anti-inflammatory properties, are driving the Borage Oil market. They are used in regular diets also in the form of powder and capsules. The cosmetic industry is also growing rapidly, which is beneficial for the borage oil market. Loreal in its annual report estimated growth of 5.5% in global cosmetics market in 2019, an increase of 1.5 percentage points from 2016. It estimated the global cosmetic market to be USD 268.8 billion in 2019. The growth of the online cosmetics sales was recorded at 27% and e-commerce share in beauty market increased to 14% in 2019. Since 40% of market is skincare, borage rich creams have good potential to gain traction in future. Due to high variability in the prices of raw material used to produce borage oils, the price of final product varies significantly. This may act as a restraint for its growth. However, increasing patients of chronic diseases including diabetes and heart diseases act as an opportunity for Borage Oil Market in subsequent decade.
Key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World are analysed to provide a holistic picture of Borage Oil Market. Due to growing number of patients suffering from chronic diseases as well as higher per capita income, North America has emerged as a significant region across the world in terms of market share. Whereas, Asia-Pacific is expected to exhibit highest growth rate for the forecast period 2021-2027 owing to the rising disposable income, increasing penetration of medical services and growing awareness for the benefits of borage oil in the cosmetics industry.
Major market player included in this report are:
AOS Products Private Limited
Desert Whale Jojoba Company
Parchem Fine & Specialty Chemicals
Premium Crops Ltd.
William Hodgson & Co.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027
Target Audience of the Global Borage Oil Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers