PUBLISHER: Grand View Research | PRODUCT CODE: 1376053
PUBLISHER: Grand View Research | PRODUCT CODE: 1376053
The global grape seed oil market size is anticipated to reach USD 1.08 billion by 2030, as per a new report by Grand View Research, Inc.. The market is projected to grow at a CAGR of 9.9% from 2023 to 2030. The growth is majorly driven by the rising demand for the product from various end-use industries like food & beverages, healthcare, and cosmetics & personal care.
The current and future growth of the market is due to the surging problems associated with an unhealthy lifestyle of most of the population, such as joint issues, and some of the cardiovascular diseases, which have led to a rise in high-quality product formulation. Moreover, the increasing number of investments by key manufacturers in the field of research and development with respect to product formation has improved the growth opportunities for the product market.
Multinational corporations globally have established a global grape seed oil supply chain comprising in-house supply channels or third-party distributors. The product is supplied by the business-to-business (B2B) and business-to-consumer (B2C) supply chain through wholesalers and e-commerce platforms. It is also provided to different end-use industries by companies that have direct agreements or third-party supply agreements with them.
The impact of the European geopolitical conflict is negative worldwide in terms of hiked product prices, raw material and labor shortages, and supply disruptions. The trade activities in both key countries involved in this conflict, that is, Russia and Ukraine during the first few weeks of the war were halted and this impacted oil prices worldwide.