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Sound Recognition Market Size, Market Research and Industry Forecast Report, 2021-2026 (Includes Business Impact of COVID-19)

  • TBI934381
  • October 28, 2020
  • Global
  • 132 pages
  • Lucintel
                                              Industry Insights, Market Size, CAGR, High-Level Analysis: Almond Oil Market

The global almond oil market size was valued at USD 729.2 million in 2018. Increasing demand for organic, herbal, and natural cosmetics and personal care products among consumers is the key factor propelling demand. Furthermore, rising awareness regarding the harmful effects of chemicals used in cosmetics, such as parabens and phthalates, is expected to promote the use of almond oil as a natural functional ingredient in the formulation of personal care products.

Over the past few years, customers have become more aware about their health and nutrition and this has propelled the demand for natural and organic products such as non-GMO, plant-based ingredients, as well as clean labels. Furthermore, changing lifestyles and improving living standards have opened a new avenue for the product in emerging economies such as India and China. The implementation of stringent regulations, such as a ban on harmful chemicals in cosmetics, coupled with supporting efforts for the usage of organic and natural ingredients in personal care product formulations, will result in new opportunities market players.

Oil extracted from almonds is an excellent source of vitamin E, omega fatty acids, and minerals. It is also a rich source of phytosterols and unsaturated fatty acids, due to which it possesses excellent moisturizing properties, which are extremely beneficial for aromatherapy applications. Key manufacturers are launching new products in order to cater to rising demand among customers. For instance, in June 2015, Wikka, a skincare brand for aromatherapy, launched a series of products particularly for the monsoons. With enriched extracts of almond, avocado, wheat germ milk, and aloe vera, this customized product range includes Beauty Potion, Blemished Skin Exfoliate, and Hair Nourishing Potion. These products are natural and free from harmful chemical ingredients and are used for aromatherapy.

Product Insights of Almond Oil Market

Sweet oil is the largest as well as fastest growing product segment and is anticipated to exhibit a CAGR of 12.3% from 2019 to 2025, driven by rising application in cosmetics, personal care, and pharmaceutical sectors. Oil extracted from almond is a great source of copper, magnesium, phosphorus, and vitamin E. Furthermore, it is rich in antioxidants, which boost immunity as well as act as an anti-inflammatory. It can be used as a mild laxative and also as a remedy for cancer of the breast, bladder, uterus, spleen, and mouth. It is widely used in cosmetics, especially to treat dry, chapped, and irritated skin.

Bitter almond oil accounted for a share of 32.8% in the global almond oil market in 2018. This variant contains toxic chemicals but is refined to remove these harmful components before use. There are several health benefits of this type of almond oil; it inhibits fungal growth, treats pain and spasms, kills intestinal worms and bacteria, has a sedative effect, and is an effective purgative. After removing the toxins, the product can also be used to flavor edibles.

Application Insights of Almond Oil Market

Personal care and cosmetics is the largest and fastest growing segment and is likely to exhibit a CAGR of 12.3% from 2019 to 2025, owing to significant increase in product application in the industry. Natural ingredients are being widely preferred in cosmetics with governments around the world banning the use of harmful chemicals. In April 2014, the European Commission amended Annex II of Cosmetics Regulation (EC) No. 1223/2009 by prohibiting five types of parabens in cosmetic products: isopropylparaben, isobutylparaben, phenylparaben, benzylparaben, and pentylparaben. These stringent government policies are supporting the growth of almond oil in the personal care and cosmetics sector.

Increasing adoption of healthy lifestyle among consumers, along with rising demand for nutritious and healthy food ingredients are compelling key manufacturers to adopt market strategies such as new product launch and product innovation. For instance, in April 2019, Pip & Nut Ltd launched a vegan almond butter under the brand name Cherry Bakewell in U.K. This product is free from palm oil and contains oil extracted from almonds.

Regional Insights of Almond Oil Market

Asia Pacific is expected to emerge as the fastest growing regional market with a CAGR of 12.8% from 2019 to 2025. Key manufacturers are adopting various marketing strategies such as new product launch, product innovation, marketing campaigns, and celebrity endorsements in order to increase product visibility among potential customers. For instance, in April 2019, India-based Bajaj Corp Ltd launched a new cooling oil in the hair care segment under the brand name ˜Bajaj Cool Almond Drops Hair Oil. This product is non-sticky and much lighter than the original variant. The combination of menthol and camphor keeps the head cool and nourishes the hair. This product launch will help the company gain a stronger foothold in the emerging market of India.

Europe was the leading market in 2018 in terms of demand, accounting for 33.9% of the global volume in 2018. Almonds have been gaining popularity in European countries such as Germany, France and U.K. on account of their gluten-free characteristics and this is expected to expand product usage in various applications like bakery, snacks, and breakfast cereals. Food processing units in Europe are expected to include this functional ingredient in manufacturing various food products owing to its crunchiness, appealing taste, and steady supply. Furthermore, positive outlook of the organic personal care sector in the region, fueled by growing awareness regarding the benefits of natural and chemical-free ingredients, is expected to open new avenues.

Market Share Insights of Almond Oil Market

The market is fragmented in nature owing to the presence of a large number of domestic as well as foreign players. Well-established players and new entrants are both offering customized products with added nutritional properties in order to expand their customer base. Manufacturers are also relying on innovative steps strengthen their foothold in the market. For instance, in December 2017, Blue Diamond Growers, Global Ingredients Division announced the launch of 100% pure sweet almond oil in the market. According to the company, this product helps enhance massage oils, personal care products, and cosmetics and is an essential ingredient for healthier hair, softer skin, and more luxurious cosmetics.

Major product manufacturers are increasing their geographical reach, especially in developed countries so as to gain maximum technology penetration and customer reach. Establishment of R&D centers and strategic partnerships with investment companies to launch new innovative technologies as per customer demand are other critical success factors companies have been focusing on. Players are also likely to focus on technology innovation catering particularly t0 developing countries and untapped markets.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Almond Oil Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global almond oil market report on the basis of product, application, and region:

Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2019 - 2030)
  • Sweet
  • Bitter
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2019 - 2030)
  • Personal Care and Cosmetics
  • Pharmaceuticals
  • Food Industry

Table of Contents
Chapter 1 Methodology and Scope                 1.1 Market Segmentation & Scope                 1.2 Market Definition                 1.3 Information Procurement                 1.4 Information Analysis                 1.5 Market formulation & data visualization                     1.5.1 Secondary sources & third-party perspectives                     1.5.2 Primary research                 1.6 Research Scope & AssumptionsChapter 2 Executive Summary                 2.1 Market Outlook Chapter 3 Sound Recognition Market Variables, Trends & Scope                 3.1 Penetration &
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