Borage Oil Market size is estimated to reach $60.6 million by 2026, growing at a CAGR of 4.4% during the forecast period 2021-2026. Borage oil is naturally extracted from a wildflower called borage or starflower, which belongs to the Boraginaceae family. Borage seed oil contains high concentrations of gamma linolenic acid, omega-6 fatty acid, and possibly small amounts of pyrrolizidine alkaloids. The oil is mainly derived from the seeds of the flower and is known for its nutritional value, anti-inflammatory properties, and health benefits. Owing to its anti-inflammatory and antioxidant properties, the oil is widely used in the production of cosmetics for various applications including skincare, hair treatment, and anti-aging purposes. Borage oil is prized for its high gamma linolenic acid (GLA) content. Besides, increased uses of borage oil in personal care and the cosmetic industry, an increase in the number of spa and massage centers are the factors that are set to drive the growth of the Borage Oil Market for the period 2021-2026.
Borage Oil Market Segment Analysis-By Application
The Borage Oil Market based on the Application can be further segmented into Cosmetics, Food and Beverages, Pharmaceuticals, and Others. The Pharmaceuticals segment held the largest share in 2020 owing to the proven benefits in treatments for various ailments which include stress, depression, hormonal problems, pneumonia, treatments for bronchitis, cold, nervous system function, and others. The growing focus to produce borage oil that is certified free of toxic unsaturated pyrrolizidine alkaloids is driving the growth of the Borage Oil Market. The Cosmetics segment is estimated to be the fastest-growing segment with a CAGR of 5.3% over the period 2021-2026. The growth is owing to its popularity in cosmetic aromatherapy. Moreover, the increasing demand for herbal or natural cosmetics is driving the demand for borage oil in the cosmetic industry.
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Borage Oil Market Segment Analysis-By Distribution Channel
The Borage Oil Market based on the Distribution Channel can be further segmented into Offline and Online. The Online segment held the largest share in 2020. The growth is owing to the wide range of availability coupled with the change in buying behavior of consumers and the door-to-door delivery of online retailers by serving even in remote parts of the cities. The easy availability of various products in online channels is driving the growth of the Borage Oil Market. The Offline segment is estimated to be the fastest-growing segment with a CAGR of 4.9% over the period 2021-2026. This is owing to the merchandising in supermarkets and other retail stores along with offers like bulk discounts.
Borage Oil Market Segment Analysis-By Geography
The Borage Oil Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. Asia-Pacific held the largest share in 2020 with 31% of the overall market. The growth is owing to the increase in the use of nutritional supplements and functional food additive products and the growing demand for biotech cosmetic products in the countries of the region. The rise in awareness about the anti-inflammatory properties of borage oil is driving the growth of the Borage Oil Market. North America is estimated to be the fastest-growing segment over the period 2021-2026 owing to the increasing usage of borage oil in nutraceutical, pharmaceutical production in the region. Moreover, ongoing efforts by research institutions to determine the medicinal potential of borage oil are estimated to increase overall consumption levels in the region.
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Borage Oil Market Drivers
Increasing Demand for Borage Oil in Pharmaceutical Industry
The anti-inflammatory properties of borage oil are driving the demand in pharmaceuticals. Borage oil is a type of dietary supplement that contains a large amount of essential fatty acids that help regulate the immune system in the human body as well as fight arthritis. It has been found that borage seed oil relieves the symptoms of rheumatoid arthritis. When taken orally, borage oil is used to treat short and long-term conditions including stress, menstrual symptoms, hormonal imbalance, diabetes, and rheumatoid arthritis pain. It has also been used to reduce inflammation, menopausal symptoms and stimulate breast milk production.
Benefits Associated with Borage Oil
The presence of gamma linolenic acid in borage oil helps in maintaining brain function, skeletal health, reproductive health, and metabolism. The rising cases of inflammatory diseases, growing awareness among the people regarding health and beauty, the increasing importance of borage oil across the world are the factors driving the market growth. The various functions of borage oil such as tonic, hair revitalizer, anti-bacterial, anti-fungal, appetizer, and others have increased the demand for borage oil. It is considered an essential oil with a lot of benefits for the skin and body, and the demand for personal care and cosmetics, which is estimated to drive the market growth during the forecast period 2021-2026.
Borage Oil Market Challenges
Fluctuation in Raw Material Supply and Prices
Borage seeds are typically grown in higher latitudes to increase gamma linolenic acid content. Most processing companies require at least 22% gamma linolenic acid, which is not easy to obtain at latitudes below 38° is restraining the market. However, there is a high risk of crop failure owing to early, unpredictable weather. Therefore, borage seed production ranges from 500 to 2000 tons per year, and prices fluctuate between US $2.5 to US $4 per kilogram. These high fluctuations in raw material supply along with price changes are estimated to be a major factor restricting market growth. Besides the anti-inflammatory properties, the borage oil also containing hepatotoxic pyrrolizidine alkaloids (PA) is harmful and responsible for liver disorders, which is estimated to impede the growth of the global market for Borage Oil.
Borage Oil Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Borage Oil Market. Key companies of this market are Nature’s Way, Connoils LLC., Now Foods, NutriPlex Formulas, Desert Whale Jojoba Co., Deve Herbs, Aromex Industries, Nordic Naturals, Spring Valley Herbs, and Green Life U.K. among others.
Key Takeaways
Geographically, Asia-Pacific Borage Oil Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the increase in the use of nutritional supplements and functional food additive products.
The growing focus to produce borage oil that is certified free of toxic unsaturated pyrrolizidine alkaloids to enhance its benefits is driving the Pharmaceuticals segment growth. However, fluctuation in raw material supply and prices is one of the major factors that is said to reduce the growth of the Borage Oil Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Borage Oil Market report.
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