Global Borage Oil Market - 2023-2030

Overview

Global Borage Oil Market reached US$ 47.12 billion in 2022 and is expected to reach US$ 79.81 billion by 2030, growing with a CAGR of 6.8% during the forecast period 2023-2030.

Borage plant undergoes various extraction methods to obtain borage oil, which is highly valued in the natural product market. The increasing health consciousness among people and the desire to lead a healthy lifestyle improve the demand for the natural and organic products market. The beneficial properties of borage oil including its medicinal values and health benefits drive its demand among health-conscious people.

Borage oil is available in refined and unrefined types in multiple convenient forms such as capsules and gels. The various applications of borage oil in various sectors such as food & beverage, pharmaceutical, cosmetics and others positively influence the market growth due to the high demand for natural ingredient-based products. Borage oils have greater applications as food additives in functional foods and breakfast cereals.

The use of different extraction methods such as cold pressing, low-temperature, solvent and steam distillation increases the scope of the market due to better product availability with the incorporation of newly emerging technologies. The large-scale support from the e-commerce platforms and other range of distribution channels boost the market growth due to the increased availability of product for consumer use.

Dynamics

High Use in Personal Care Products

Producers generate different grades of borage oil such as pharma and cosmetic grade for its use in required applications as ingredients. Borage oil acts as a natural and organic ingredient in multiple personal care products production. With the high demand for clean and natural beauty standards globally, consumer focus on natural ingredient-based products is increasing encouraging manufacturers to develop new and innovative products.

The new product launches in this field positively drive market growth. Croda International Plc, a prominent supplier of borage oil for cosmetics and personal care products, introduced a new line of hair care products in 2020. These products are formulated with borage oil to nourish and strengthen hair, and they are enriched with high levels of GLA.

In August 2023, USANA, a global leader in the health and wellness industry announced the launch of new products during the Americas & Europe Convention in Salt Lake City. One of the products launched includes the USANA Celavive Postbiotic Barrier Balm, which contains borage oil as one of the key ingredients.

Health Demand for Natural Ingredients

Globally, there is an increased consumer awareness regarding the adverse effects related to the use of synthetic chemical-based products. To maintain a healthy lifestyle and reduce the negative effects of synthetic chemicals on humans and the environment, consumers are shifting their preference toward the use of natural and organic products in their daily lifestyles.

Borage oil acts as an active and natural ingredient in various applications. The high adoption of natural products among large-scale consumers is increasing the demand for various ingredients such as borage oil for its use in multiple food and non-food applications. To meet the increasing demand for the product, manufacturers are launching new products and increasing their product reach through various collaborations and acquisitions.

In September 2023, Farmhouse Fresh, a leading company that focuses on farm-grown skincare announced its partnership with Smurfs to launch a limited-edition skincare collection. The new launches include multiple product collections, including, Berry Blue Juicy Organic Lip Therapy Balm which is made with blue borage oil.

Price Fluctuations and Quality Standards

The price fluctuations of the borage oil negatively impact the market growth. The climatic conditions highly influence the growth and sustainability of the crop. The risk of crop failure may always cause challenges for the producer. To deal with the pressure of crop maintenance conditions, producers keep fluctuating prices of the produce, that is used as a raw material in the borage oil production.

The unavailability of proper price standards for the product may confuse the end-user of residential or industrial use to choose the right purchase and its use. In addition, the stringent quality standards of the product and the strict regulations related to their use in multiple sensitive applications, hinder the growth of the market.

Segment Analysis

The global borage oil market is segmented based on type, form, extraction methods, distribution channel, grade, application and region.

Increasing Use in Medicine Preparation

The global borage oil market is segmented based on grade into pharmaceutical, cosmetic and other. The pharmaceutical grade of the borage oil is gaining high popularity in the global market, due to its high utility in various medical products production. Borage oil is highly valued for its medicinal value and health benefits. Borage oil is composed of rich fatty acids such as GLA.

The high anti-inflammatory effects of the borage oil drive its use to regulate the immune system. It helps deal with inflammation and is an herbal treatment for skin disorders. This health-promoting herbal oil treats multiple conditions such as stress, diabetes and arthritis pain. Borage oil has several applications in the production of anti-inflammatory drugs & ointments along with nutraceutical applications. It is used in several stress and depression medicines.

The rich GLA content in borage oil encourages its use in the production of dietary supplements to maintain better health conditions. For instance, Connoils LLC, a prominent supplier of borage oil, expanded its product line in 2021, by introducing a new range of dietary supplements. These supplements are made with pure borage oil and are rich in omega-6 fatty acids, which offer numerous health benefits.

Geographical Penetration

High Demand for the Natural Products in North America

North America dominated the global borage oil market, with a high demand for natural and organic products. U.S. and Canada are in the high share range of the regional market with a high customer base and presence of a large manufacturing base. Borage, an annual herbaceous plant is commercially grown in North America. High preference for natural and organic products by regional consumers is driving the market growth.

The region's high demand for natural cosmetic and personal care products boosts the market expansion due to its high demand in such industries. The clean beauty standards in this region are one of the major driving factors for the development of various products with borage oil. In addition, increasing disposable incomes and the high purchasing power of the consumers positively drive market growth.

The high social media influence on the lifestyle choice of the consumers and greater advertising and suggestions of natural product adoption through social media influencers is driving the market growth. The region has conferences and events taking place to promote natural products. For instance, in October 2020, the Natural Products Association announced the occurrence of their annual conference in November.

Competitive Landscape

The major global players in the market include: AOS Products Pvt. Ltd, Nordic Naturals, William Hodgson and Co, K. K. Enterprise., Icelantirect, LLC, Nature's Way Brands, ConnOils LLC, Parchem, SNN Natural Products, Pure Oil India.

COVID-19 Impact Analysis

The COVID-19 pandemic had both positive and negative impact on multiple industries, including the global borage oil market. The challenges faced by the manufacturers such as limited resources and manpower support caused a greater impact on the production and distribution of the final product to the end-user.

The disturbances created in the supply chain activities and distribution channels resulted in hardships for every manufacturer and end-user. The low availability of the raw material paused the product production and limited its use in multiple applications and end-user activities. Increased health consciousness among consumers and high demand for natural products increased the demand for the product in different industries.

The increased consumer awareness regarding the benefits related to the use of natural products increased the demand for natural-based products in the market for every product. The new product launches and the high influence of social media on consumer choices influenced their choice to adopt natural products used in the food and personal care category.

Russia- Ukraine War Impact

The Russia and Ukraine war negatively impacted the global borage oil market. Industrial experts of all types of industrial sectors had to deal with the losses caused due to interpreted global goods activities. The halt in the supply chain activities globally caused a severe challenge for the manufacturers to acquire the use of certain required resources. The political variations and price fluctuations negatively impacted the market growth.

By Type

• Refined
• Unrefined

By Form

• Capsules
• Gels
• Other

By Extraction Methods

• Cold pressing
• Low-Temperature Extraction
• Solvent Extraction
• Other

By Distribution Channel

• Supermarkets/ Hypermarket
• Specialty Stores
• E-Commerce
• Other

By Grade

• Pharmaceutical Grade
• Cosmetic Grade
• Other

By Application

• Cosmetics
• Pharmaceuticals
• Dietary Supplements
• Food & Beverages
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In July 2023, Anita Murray, a renowned Irish beauty expert, launched Be Kingdom Kind and introduced Huggabubble children's skincare products. The products are highly valued among consumers as they are formulated with 99.8% natural ingredients such as borage seed oil and chamomile.
• In April 2023, Almora Botanica, a new natural skincare brand introduced a natural adaptogenic skincare offering into the market. Newly launched products combine Ayurvedic teachings with modern science and adaptogenic ingredients, such as borage seed.
• In September 2023, Farmhouse Fresh, a leading company that focuses on farm-grown skincare announced its partnership with Smurfs to launch a limited-edition skincare collection. The new launches include multiple product collections, including, Berry Blue Juicy Organic Lip Therapy Balm which is made with blue borage oil.

Why Purchase the Report?

• To visualize the global borage oil market segmentation based on type, form, extraction methods, distribution channel, grade, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of borage oil market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global borage oil market report would provide approximately 85 tables, 91 figures and 244 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies