The global almond oil market is expected to register a growth rate of 6.0% during the forecast period of 2019 to 2024 to reach USD 1.2 Billion by 2024. Almond oil is extracted from kernels of Prunus Dulcis tree by cold as well as hot press processes. Almond oil contains various vitamins including vitamin E, vitamin A, and vitamin B, and minerals; proteins and omega fatty acids make this oil an all-purpose carrier and essential oil. The demand of pure almond oil is on the rise around the world due to its health benefits and high nutritional value. Thus, these factors are expected to boost market growth during the review period.
The global almond oil market has been segmented, as per the global almond oil market analysis, on the basis of type, process, and application.
Based on product type, the global almond oil market has been segmented into sweet and bitter. The sweet segment is expected to account for the larger share and it is also projected to be growing faster than the bitter segment during the review period This oil extracted from sweet almonds is obtained from the tree called Prunus Dulcis, var. Amygdalus. Sweet almond oil is nutritious and edible as compared to bitter almond oil. In addition, sweet almond oil is used as a carrier or base oil that is obtained from the fatty portion of the almond plant with white flowers. Sweet almond oil does not evaporate or disseminate its aroma as strongly as essential oil does and is also used to dilute essential oils. Bitter almond oil is used as an essential oil in less quantity, as it is highly potent. Bitter almond oil can evaporate and contains a concentrated aroma. Moreover, it contains glycoside amygdalin, which emits extremely toxic chemicals like prussic acid and benzaldehyde. This, in turn, makes bitter almond oil not suitable for consumption as well as direct application on the skin.
The global almond oil market size has been bifurcated, by process, into cold press and hot press. The cold press segment is expected to account for the larger market share as this process does not need any pre-conditioning of the almonds and the almonds are pressed directly at room temperature. This, in turn, lowers the oil temperature as well as acid value. Additionally, due to low temperature, the cold pressed almond oil does not have any adverse effect on the human body as compared to traditional high-temperature oil. Also, this helps in maintaining all the nutritional content of the oil and retain the physiologically active substance, the original taste, and flavor. Thus, the same segment is projected to register the higher CAGR during the forecast period due to the rising inclination of consumers for cold pressed almond oil.
The global almond oil market has been segregated, by application, into food & beverages, cosmetics and personal care, and others. The cosmetics and personal care segment is projected to gain the largest share in the global almond oil market due to the major applications of almond oil in various skincare, makeup, and personal care products. The moisturizing, antioxidant, antibacterial, astringent, antidepressant, and anti-inflammatory properties of almond oil categorize it as an essential ingredient in different cosmetics and personal care products. However, the food & beverage segment is expected to register the highest growth rate during the forecast period owing to the significant growth of food & beverage industry and increased inclination towards the usage of natural or plant-based ingredients.
Some of the key players, associated with the global almond oil industry, in the global almond oil market are Jiangxi Baicao Pharmaceutical Co., Ltd (China), Eden Botanicals (US), Caloy, Inc. (US), Henry Lamotte Oils GmbH (Germany), Proteco Oils (Australia), Florapower GmbH & Co. KG (Germany), Ashwin Fine Chemicals & Pharmaceuticals (India), Liberty Vegetable Oil Company (US), California Nut Oil Milling Company (US), Aos Product Pvt. Ltd. (India), Parchem Fine and Specialty Chemicals, Inc. (US), Sydney Essential Oil Co. (Australia), Gustav Heess Oleochemische Erzeugnisse GmbH (Germany), ConnOils LLC (US), and Bo International (India).
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The global almond oil market has also been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in North America is expected to account for the largest share of the global almond oil industry owing to the increasing usage of almond oil in various skincare products.
The market in Asia-Pacific is expected to be the fastest growing during the forecast period owing to the increasing awareness about the benefits of almond oil. In addition, consumers are becoming more aware of the moisturizing and soothing effects of almond oil, which, in turn, is expected to increase its usage.
Some of the growth strategies adopted by the market players are innovations, product launches, expansions, and mergers.
• In February 2018, Proteco Oils expanded its business by unveiling new products and increasing its workforce. Additionally, in 2016, the company expanded its manufacturing unit by opening a new refinery to produce refined oils from macadamias, peanuts, and almonds.
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