Global Borage Oil Market by Application (Medical, Cosmetics, Dietary Supplements) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2015, the global borage oil market was worth USD 33.91 millions. The market is expected to grow at a 5.5% CAGR between 2016 and 2024. The market is expected to grow due to the increasing demand for nutraceuticals and bio-based cosmetics.

The borage crop was once considered a Mediterranean plant. However, it is now grown in many countries to produce seed oil. The main producers are the United Kingdom, Canada and New Zealand. There are years of shortage and years of overproduction. The market fluctuates greatly. High levels of gamma-linolenic (GLA), in Borage (starflower), oil are making it more popular. Evening primrose oil and black currant seed oils, which offer similar benefits and also contain GLA, have lower GLA levels than Borage (starflower) oil. Borage oil has a GLA content of 20% to 25%, while black currant seed oil has approximately 14% to 17%, and evening primrose oil it ranges between 10% and 15%.

GLA, an omega-6 essential fat acid, is needed by the body. However, the body cannot produce it on its own. External supply of GLA is therefore very important. Borage oil supplementation can be used to treat and prevent health problems related to fatty acid metabolism.

Canada is a large producer of borage seeds and the main reason for high fluctuations. Canada's favorable weather conditions make it possible to grow high quality seeds at lower prices. Unpredicted early frosts in the region can lead to crop failure. Borage seed production ranges between 500 and 2000 tons per year in the country, with prices fluctuating between USD 2.5 to 4. Market growth is impeded by high price fluctuations and fluctuating raw material supplies.

Application Insights

In 2015, 38.7% of total product demand was accounted for by the medical application segment. It is used to treat serious conditions such as eczema and obesity, rheumatoidarthritis, premenstrual syndromes, heart disease, stroke, depression, diabetes, asthma, and other diseases.

It can also be used in anti-inflammatory drugs and ointments, as well as nutraceutical applications. This oil is either consumed in its pure form or combined with other base oils. Medical is the largest segment and will grow at an estimated CAGR over 5% during the forecast period.

It is used extensively in cosmetic products that include cleansers, moisturizers and anti-aging products. The European market will see a rise in demand for skin-friendly cosmetics. According to the British journal, skin roughness can be reduced by using cosmetics containing borage oil. Also known as skin scaling, this is a result of skin elasticity. These factors have all contributed to the rise in cosmetic product demand. Major cosmetics producers are the United States, France, Germany and Germany. These countries are expected to see a rise in demand and awareness about natural ingredients-based cosmetics.

The forecast period predicts steady growth in the dietary supplements segment. This segment's growth is dependent on the acceptance and awareness of the population. There are many forms of diet supplements, including capsules, powders and meal supplements. Borage oil capsules can also be used to take GLA supplements. Market growth is expected to be driven by the aging population. The fitness industry will also see a higher demand for diet supplements. Borage oil can also be used in functional foods and breakfast cereals as an ingredient.

Regional Insights

The Asia Pacific borage oil industry dominated the global market and accounted for more than 30% of global demand in 2015. The huge demand for cosmetics, nutraceuticals and pharmaceutical drugs in the Asia Pacific region is due to the increasing production. Cosmetic manufacturers based in the United States and Europe have struggled to increase their profit margins over the past few years. These manufacturers have used outsourcing business processes as one of their key strategies.

Many cosmetic and pharmaceutical companies have identified emerging Asian countries like China, India, Indonesia, and others. Their production hubs. This has resulted in a rise in raw material demand. The Asia Pacific region is the main market for Borage oil, which is mainly used in pharmaceuticals and cosmetics.

North American consumers are expected to demand more natural and organic cosmetics. The North American starflower oil market will grow at a CAGR of more than 5% between 2016 and 2024. Research institutions continue to discover the medical benefits of borage oil and will increase overall consumption over the forecast period. North America is increasing starflower oil consumption in food applications, including functional food additives and dietary supplements.

Europe is a key region for borage production due to its favorable climate and soil conditions. Because of its high oil content and GLA, UK-grown starflower is considered the highest quality seed. Europe will see a high demand for starflower oil in cosmetic applications due to large haircare and skincare manufacturers like L'Oreal and Unilever. These companies are now concentrating more on bio-based cosmetics development, which will ultimately impact product demand.

Weather conditions are the main determinant of production in South and Central America. This region produces less than 20% of its GLA, which is why there is a low demand for borage seeds from this region.

Southern Chile will be a major producer for borage, as its climate is similar to New Zealand. The forecast period is expected to see promising growth in this region, as major borage oil companies will likely set up manufacturing facilities there. The CSA market will be dominated by the medical and cosmetic industries.

Borage Oil Market Share Information

Due to the existence of many small-scale producers, the market is fragmented. GLA content is a key factor in product quality. Seeds from Canada and the UK are considered the best quality. These high-quality seeds are sought by manufacturers to give them a competitive edge. Premium oil is more desirable for these applications.

Aromex Industries and Connoils LLC. are key borage oil producers. Desert Whale Jojoba Company, K. K. Enterprise, Oilseed Extraction Nordic Naturals, Soyatech International Pvt. Ltd., AOS Product Pvt. Ltd., AOS Products Pvt.

Borage Oil Market Report Scope

These are the most frequently asked questions about this report

b. Global borage oil market was valued at USD 41.6 Million in 2019, and is forecast to grow to USD 43.8 Million in 2020.

b. Global borage oil markets are expected to grow at a compound annual rate of 5.5% between 2019 and 2024, reaching USD 54.9 Million by 2024.

b. With a 34.5% share in 2019, Asia Pacific was the dominant market for borage oil. This is due to many benefits, including the fact that borage oil is rich in gamma-linolenic (GLA), which is an omega-6 essential fat acid (EFA) that aids digestion.

b. AOS Products Private Limited, Aromex Industry, Connoils LLC, Desert Whale Jojoba Company, Icelandirect, Inc., K. K. Enterprise, Parchem Fine & Special Chemicals, Premium Crops Ltd., William Hodgson & Co., Avestia Pharma, Oil Seed Extractions, Nordic Naturals, Soyatech International Pvt. Ltd.

b. The market is growing because of numerous health and skincare benefits, including relief from rheumatoid-arthritis pains and discomforts like PMS, endometriosis and fibrocystic breasts, clearens acne and rosacea, and reduces symptoms such as eczema or psoriasis.

Up Market Research published a new report titled “Borage Oil Market research report which is segmented by Application (Medical, Cosmetics, Dietary Supplements), By Players/Companies Icelandirect, Aromex Industry, Parchem Fine & Specialty Chemicals, Connoils LLC, Premium Crops Ltd, Nordic Naturals, William Hodgson & Co, Avestia Pharma, Oil Seed Extractions, Desert Whale Jojoba Company, Soyatech International Pvt Ltd, AOS Products Private Limited, K K Enterprise, Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Borage Oil Market Report Segments:

The market is segmented by Application (Medical, Cosmetics, Dietary Supplements).

Borage Oil Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Borage Oil Market

Overview of the regional outlook of the Borage Oil Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Borage Oil Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Borage Oil Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Medical

                2. Cosmetics

                3. Dietary Supplements

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Borage Oil Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Borage Oil Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.