Apricot oil is an odorless thin oil derived from the kernel or seed of the Prunus Armeniaca. Also called apricot kernel oil as derived from kernels, i.e outer coat of apricot fruit. Now, apricot oil is used in various cosmetics and health supplements. It is majorly used in body massage and aromatherapy. Thus, market demand from growing massage centers and aromatherapy centers is higher.
The global apricot oil market is segmented on the basis of application, end-user, distribution channel, and region. Based on application, the global apricot oil market segmented as vitamins & supplements, massage oil, and cooking oils. Among which, massage oil segment is expected to contribute for major revenue share and expected to expand at a significant CAGR in the global apricot oil market over the forecast period, attributed to advantages of apricot oil by the topical application including moisturizing, nourishing, and lubricating properties. Vitamins & supplements segment is followed by body & massage oil segment in the global apricot oil market, attributed to the high demand of apricot oil in nutraceuticals. Based on end-user, the global apricot oil market is fragmented as industries, food services, and consumers.
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Among end-user market segments, industries segment contribute for relatively high-value share, whereas, consumers segment is expected to have a substantial growth rate in the apricot oil market, owing to increasing health consciousness of consumers across the globe. Industries segment is fragmented as pharmaceuticals, food and beverages, and cosmetics. Based on distribution channel, the global apricot oil market segmented as wholesalers, online retail, supermarkets/hypermarkets, and specialty stores. Among which, the wholesale segment is expected to contribute for major revenue share whereas retail segment is expected to expand at a significant CAGR in the global apricot oil market over the forecast period. Moreover, retail segment is sub-segmented into in-store and online.
Geographically, the global apricot oil market can be segmented into major regions which include North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. Among the regional market, North America accounts for the substantial revenue share in the global apricot oil market, owing to high health consciousness among consumers across the region. Europe is followed by North America in the global apricot oil market with significant value share. Asia-Pacific is expected to expand at a relatively high growth rate in the apricot oil market, attributed rapidly growing population, increasing demand for aromatherapy and healthy oil options. The Middle East and Africa is expected to contribute for relatively low revenue share in global apricot oil market whereas, the region is expected to register substantial CAGR over the forecast period. Overall, the outlook for the global apricot oil market will have a positive growth over the forecast period.
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The global apricot oil market growth is driven by increasing demand for cosmetic, pharmaceutical, aromatherapy, and food industry. Macroeconomic factors such as increasing per capita income, changing lifestyle, growing economy, and rapid rate of urbanization are factors expected to fuel the growth of global apricot oil market. Moreover, growing supplement market also fueling the global apricot oil market growth. Some of the factors trending the global apricot oil market include mergers & acquisitions between the apricot oil suppliers and end-use industries and high investment in the food, cosmetics, and pharmaceutical industry. The market players operating in the apricot oil market have a significantly high opportunity in Asia-Pacific attributed to the significantly growing economy and population across the regions.