Borage Oil Market Growth, Structure, Manufacturing, Analysis and Forecasts 2024
Global Borage Oil Market was estimated at 1,500 tons in 2015. Nutraceuticals and bio-based cosmetics are anticipated to be the key factors influencing market growth over the forecast period. The global borage oil market is anticipated to reach USD 54.9 million by 2024
Global Borage Oil Market was estimated at 1,500 tons in 2015. Nutraceuticals and bio-based cosmetics are anticipated to be the key factors influencing market growth over the forecast period. The global borage oil market is anticipated to reach USD 54.9 million by 2024
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<strong>Borage</strong> <strong>Oil</strong> <strong>Market</strong> <strong>Growth</strong>, <strong>Structure</strong>, <strong>Manufacturing</strong>, <strong>Analysis</strong><br />
<strong>and</strong> <strong>Forecasts</strong> <strong>2024</strong><br />
“Global <strong>Borage</strong> <strong>Oil</strong> <strong>Market</strong> was estimated at 1,500 tons in 2015.<br />
Nutraceuticals <strong>and</strong> bio-based cosmetics are anticipated to be the key factors<br />
influencing market growth over the forecast period. The global borage oil<br />
market is anticipated to reach USD 54.9 million by <strong>2024</strong>.”<br />
Industry Insights<br />
Global <strong>Borage</strong> <strong>Oil</strong> <strong>Market</strong> was estimated at 1,500 tons in 2015. Nutraceuticals <strong>and</strong> bio-based cosmetics are<br />
anticipated to be the key factors influencing market growth over the forecast period. The global borage oil<br />
market is anticipated to reach USD 54.9 million by <strong>2024</strong>. High gamma linolenic acid (GLA) content has resulted<br />
in high dem<strong>and</strong> for <strong>Borage</strong> (starflower) oil despite several other plant oils including evening primrose oil <strong>and</strong><br />
black currant seed oil containing GLA <strong>and</strong> providing similar health benefits, borage oil has gained prominence<br />
owing to higher GLA content compared to its counterparts. For instance, black current seed oil contains nearly<br />
14% to 17% <strong>and</strong> evening primrose contains approximately 10% to 15%. On the other h<strong>and</strong>, GLA content in<br />
borage oil is approximately 20% to 25%. GLA is rich in omega-6 fatty acid which is essential for the human body,<br />
but the human body is incapable of producing the same by itself which necessitates the external supply of GLA.<br />
<strong>Borage</strong> oil benefits consumers by effectively treating <strong>and</strong> preventing health disorders pertaining to fatty acid<br />
metabolism.<br />
<strong>Borage</strong> crop is cultivated in several countries for its seed oil. Majorly produced in Canada, New Zeal<strong>and</strong> <strong>and</strong> the<br />
UK, in earlier times it was considered to belong only to the Mediterranean region. The borage oil production<br />
varies widely with some years of oversupply <strong>and</strong> some years of under-supply. Canada, which is one of the major<br />
borage seed producers has been highly unstable in the recent times. Favorable weather conditions in Canada<br />
have benefitted borage growers to a great extent as it helps them grow good quality seeds at lower costs.<br />
Nevertheless, there is a high risk of crop failure due to erratic early frost in the region<br />
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<strong>Borage</strong> seed prices lie in the range of USD 2.5 to 4 per kg <strong>and</strong> the production varies between 500 to 2000 tons<br />
per annum. Such high variations in the raw material supply <strong>and</strong> their prices are anticipated to be the major<br />
restraining the factor affecting market growth.<br />
Application Insights<br />
In 2015, medical application segment constituted for more than 35.0% of the overall borage oil dem<strong>and</strong>. <strong>Borage</strong><br />
oil aids in the treatment of serious diseases including obesity, eczema, rheumatoid arthritis, heart disease,<br />
premenstrual syndrome, cough, stroke, depression, asthma <strong>and</strong> diabetes.<br />
<strong>Borage</strong> oil is used as a combination with other base oils in the nutraceutical segment. Additionally, it is used as<br />
anti-inflammatory drugs. With the market growing at a CAGR of above 5%, along with being the largest segment,<br />
the medical sector is anticipated to be the fastest-growing application over the forecast period. Further, borage<br />
oil capsules that have several health benefits are also available in the market.<br />
<strong>Borage</strong> oil is widely used in the cosmetics segment including cleansers, moisturizers, skin care <strong>and</strong> anti-aging<br />
products, hair treatment <strong>and</strong> body care owing to their antioxidant <strong>and</strong> anti-inflammatory properties. It is used<br />
as food additives in functional foods, meal supplement <strong>and</strong> breakfast cereals.<br />
Regional Insights<br />
<strong>Borage</strong> oil has widespread usage across cosmetics <strong>and</strong> pharmaceuticals industry witness major dem<strong>and</strong> in the<br />
Asia Pacific region. Asia Pacific borage oil market dominated the market <strong>and</strong> contributed to over 30% of overall<br />
dem<strong>and</strong> in 2015. This huge dem<strong>and</strong> can be ascribed primarily to growing production levels of pharmaceutical<br />
drugs, cosmetics <strong>and</strong> nutraceuticals. Pharmaceutical <strong>and</strong> cosmetic manufacturers have been focusing on<br />
developing countries such as India, China <strong>and</strong> Indonesia as their major manufacturing units. This has propelled<br />
dem<strong>and</strong> for raw material supplies in the region.<br />
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<strong>Borage</strong> oil market in North America is anticipated to be driven on account of growing dem<strong>and</strong> for natural <strong>and</strong><br />
organic cosmetics. North America starflower oil market is projected to grow at an estimated CAGR exceeding<br />
5% in the next eight years. Constant efforts by research institutions in order to identify the medical potential of<br />
borage oil are anticipated to improve the overall consumption level from 2016 to <strong>2024</strong>. Additionally, the region<br />
has been concentrating on enhancing starflower oil consumption in food application such as functional food<br />
additives <strong>and</strong> dietary supplements. Europe is a prime location for borage oil production owing to its favorable<br />
soil <strong>and</strong> weather conditions. High GLA <strong>and</strong> oil content in UK grown starflower make it the best quality seed<br />
available in the market.<br />
The presence of large skincare <strong>and</strong> haircare producers including Unilever <strong>and</strong> L’Oréal are expected to serve the<br />
European market <strong>and</strong> result in high starflower oil dem<strong>and</strong> over the forecast period. These companies have been<br />
emphasizing on bio-based cosmetic development that is expected to augment market dem<strong>and</strong>.
Competitive Insights<br />
Global borage oil industry is fragmented in nature on account of the presence of several small-scale<br />
manufacturers. <strong>Borage</strong> oil manufacturers attempt to procure good quality seeds produced in Canada <strong>and</strong> UK in<br />
order to achieve a competitive edge as high-quality oil is ideal for premium applications. Major borage oil<br />
manufacturers include Connoils LLC., Aromex Industries, Desert Whale Jojoba Company, <strong>Oil</strong>seed Extraction, K.<br />
K. Enterprise, Nordic Naturals, AOS Products Pvt. Ltd., Icel<strong>and</strong>irectInc <strong>and</strong> Soyatech International Pvt. Ltd.<br />
<strong>Market</strong> Segmentation<br />
Global <strong>Borage</strong> <strong>Oil</strong> Application Outlook (Volume, Tons; Revenue, USD Thous<strong>and</strong>, 2014 - <strong>2024</strong>)<br />
• Cosmetics<br />
• Medical<br />
• Dietary Supplements<br />
• Others<br />
Global <strong>Borage</strong> <strong>Oil</strong> Regional Outlook (Volume, Tons; Revenue, USD Thous<strong>and</strong>, 2014 - <strong>2024</strong>)<br />
• North America<br />
• U.S.<br />
• Europe<br />
• Germany<br />
• France<br />
• UK<br />
• Asia Pacific<br />
• China<br />
• India<br />
• Japan<br />
• Middle East & Africa<br />
• Central & South America<br />
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