Apricot Oil Market - Insights for Business Growth Report 2024-2032

Apricot Oil Market Synopsis:

Apricot Oil Market Size Was Valued at USD 1.9 Billion in 2023, and is Projected to Reach USD 3.0 Billion by 2032, Growing at a CAGR of 5.2% From 2024-2032.

Apricot oil is the oil that is extracted from apricot kernels, and it is densely used because of nutritional value it possesses. The following are some of the properties of this oil; it is composed of a high proportion of essential fatty acids, vitamins A and E, as well as antioxidants, it can therefore be used in cosmetic production, the production of drugs and in the manufacture of food products. Apricot oil is quite light, quickly absorbed and possesses emollient properties, that is why it is widely used in cosmetology. Its broad application and coupled with the increasing trend for using natural and organic products the market for apricot oil is growing across the globe.

The market for apricot oil was rising especially in recent years thanks to the increasing demand for organic and plant based products. People especially grew more picky concerning the ingredients used in their skincare, personal care and food products hence the growing market for organic apricot oil. This active ingredient is well known in COSMETIC and PERSONAL CARE applications and is employed in cream, lotion and hair products. It is so used because of its role in skin softening, nourishment, something that has made the oil a popular one in the manufacture of cosmetics. Also, the properties that apricot oil possesses like skin moisturizing effects, effect on acne and other skin related diseases escalates its utility in dermatological products.

The food and beverage segment is also the key consumer driving the use of apricot oil, particularly within the Europe and North America because of the increasing adoption of healthy oils for cooking. The fine structure of apricot oil and the subtle nutty taste explain why it is an essential ingredient in professional cuisine. This has been attributed by the fact that apricot oil is taken as a healthy substitute for other edible oil since it contain healthy fatty acids that help the heart. Due to this, companies are going for product differentiation by including apricot oil in the products it deals with; this ensures market development.

Apricot Oil Market Trend Analysis:

Rising Demand for Organic Products

• Since consumers have become more aware of the kind of products that they use, the market for apricot oil is witnessing the use of organic products drive the market. There is a growing population of masses who more concerned about their health and the health of the environment they live in, therefore, there is an increased market for chemical-free and enviromemtally friendly merchandise. This kind of shift is well seen in the cosmetics and personal care products where many a consumer are going for organic products. Companies are doing this by developing certified organic apricot oil based products to meet this market need. The clean beauty movement is pushing this segment and since apricot oil is chemical-free, it fits the current trend. The same trend is projected to be maintained and this will give an acceleration to the existing market growth.

Expanding Opportunities in Emerging Markets

• The apricot oil market has several opportunities in the emerging economies. For instance Asia-Pacific, Latin America with improved disposable incomes and urbanization require premium personal care and food products. The increasing usage of the apricot oil in Ayurveda and Chinese traditional medication is another factor with market potential for producers. These regions are likely to experience higher demand than other regions in products derived from apricot oil that may be likely to be used in skin care, health and nutrition. Holding greater opportunity to increase the market share by targeting these regions, the global natural products providers found that there is a growing middle-class population with a higher purchasing power.

Apricot Oil Market Segment Analysis:

Apricot Oil Market is Segmented on the basis of Application, Distribution Channel, and Region

By Application, Food & Beverage segment is expected to dominate the market during the forecast period

• Based on application, the market could find the food and beverage segment leading the apricot oil market through the given timeframe. The growing consciousness about the fat content in apricot oil and its use in treating heart diseases, vitamins E and C, pro-vitamin A carotenoids and other antioxidants are fueling the market in this category. A relative of sweet almond oil is also known as the apricot oil; this has recently been used as the substitute for the normal cooking oils because of its mild flavor and versatility in the kitchen. Besides being used in salad dressings and sauces and being incorporated in gourmet dishes its use has risen further.
• Furthermore, the emerging consumer preferences and demands towards the organic and non-genetically modified products in the food and beverages industries have boosted the use of Apricot oil in the food industry. This has been clearly evident through this trend especially in the developed world such in Europe and in North America where consumers are now demanding for natural and healthy oils.

By Distribution Channel, Online segment expected to held the largest share

• When talking about distribution channels, the online segment is likely to dominate the apricot oil market. The advancement in technology and development of the social media have encouraged consumers to do their shopping online as e-commerce has been preferred by most consumer’s primary for its simplicity, varieties of products available and accessibility of multinational brands. This trend has been boosted hugely by the outbreak of COVID-19, which forced people to shift towards e-shopping. Internet vendors give complete descriptions of items for sale as well as feedback from other purchasers, thus raising consumers’ awareness.
• Also, more brands are now offering their products and promotions uniquely on their website and mobile applications, which is another area recording rapid growth. The change to online shopping is even more profound in areas like North America and Europe where internet coverage is well developed and the population is already used to purchasing such products as personal care products and food online.

Apricot Oil Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• Currently, North America is anticipated to lead the market for apricot oil in 2023 due to the rising concerns of natural and organic products in this region. From the portion of the global market, the region holds a market share of 35-40%. Prolific supermarket penetration by prominent cosmetic and personal care organizations in the United States and growing consciousness regarding usage of apricot oil has led the region. At the same time, there is this global or rather regional enhancement of health-conscious diets, and apricot oil has applied itself so well into the food and beverages industry and this has promoted the usage of apricot oil in gourmet cooking. Similarly, the online distribution channel has also received significant development because of the region’s well-developed e-commerce facilitate the growth in the North American region, making it the leader in the apricot oil market.

Active Key Players in the Apricot Oil Market:

• AOS Products Pvt. Ltd. (India)
• ARISTA Industries (USA)
• Bramble Berry Inc. (USA)
• Cococare Products, Inc. (USA)
• ConnOils LLC (USA)
• Huiles Bertin (France)
• L'Oréal (France)
• Mountain Rose Herbs (USA)
• Mystic Moments UK (UK)
• NHR Organic Oils (UK)
• NOW Foods (USA)
• Organic Pure Oil (USA)
• Origins Natural Resources, Inc. (USA)
• Provital Group (Spain)
• Scents of Earth (USA)
• Other Active Players