LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global almond oil market to grow to USD 2.21 billion by 2021, at a CAGR of close to 13% over the forecast period, according to their latest report.
The research study by Technavio on the global almond oil market for 2017-2021 provides detailed industry analysis based on the product type (sweet almond oil and bitter almond oil), applications (cosmetics industry and food industry), and geography (the Americas, EMEA, and APAC).
| The Americas is the leading regional segment of the almond oil market, expected to generate both the highest revenue and maximum incremental growth through the forecast period. The rise in awareness of the benefits provided by almond oil in various dietary and cosmetic applications is the key driver of the market. |
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Technavio analysts highlight the following three factors that are contributing to the growth of the global almond oil market:
- Increasing use of almond oil
- Growing demand for aromatherapy
- Increasing availability in modern retailing channels
Increasing use of almond oil
“Almond oil provides a number of skin, hair, health, and beauty benefits. The increasing awareness of these benefits is driving the demand for almond oil across various geographies globally,” says Manjunath Reddy, a lead analyst at Technavio for food research.
Almond oil is generally extracted from the shelled almond kernel and is rich in vitamins, proteins, minerals, and essential fatty acids such as omega 9. It is suitable for all skin types as an emollient and is known for its ability to soften, soothe, and re-condition the skin.
Growing demand for aromatherapy
Aromatherapy involves the use of essential oils for the treatment or alleviation of various health conditions. It is also used to improve the mood, change cognitive states, and also as a supplemental medicine. Aromatherapy is gaining popularity with an increase in the number of spa customers, which is driving the sales of various essential oils including almond based oils. Almond oil is popular among aromatherapy clients as it is a very versatile carrier oil suitable for all skin types.
Increasing availability in modern retailing channels
“Essential oils such as almond oil are mainly sold by organized retailers, with the vendors in the market being highly dependent on large organized retailers for generating sales. The advent of modern supermarkets, hypermarkets, and specialty stores has positively impacted the market,” says Manjunath.
Supermarkets act as a major distribution channel to supply essential oils such as almond oil to the consumers. The rise in global population has amplified the demand for these supermarkets, with consumers looking for a unified retail channel to satisfy all their shopping requirements.
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