Apricot Oil Market, Analysis By Application (Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, and Others), By Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Online Channel, and Others), and Regional Forecast, 2024-2032

Apricot oil has been used in cooking and therapeutic practices for many years in China and throughout Asian countries. The oil's emollient properties make it highly useful in various skincare and hair care products for maintaining softness, reducing aging and wrinkles, curing acne issues, and other applications. According to the "National Library of Medicine," report published in July 2022, apricot kernels contain high levels of Vitamins A and E, which help heal, prevent skin damage, and possess anti-inflammatory and antioxidant properties.

Apricot oil is also popularly used in various culinary applications, such as marmalade, fruit jellies, preserves, and juices. The oil is also used as a flavoring agent in bakery, sauce, confectionery applications, and tobacco industries. The usage of apricot oil has widened in the cosmetics and pharmaceutical industries compared to food and beverages. The oil helps improving the skin tone, maintaining radiance and softness in skin, and lowering the appearance of facial wrinkles, fine lines, and blemishes, which make its major application in the cosmetics and pharmaceuticals industries.

However, the availability of other substitutes, such as almond oil, and consumers' growing health concerns may hinder the apricot oil market growth.

Impact of COVID-19 on the Apricot Oil Market

The COVID-19 pandemic negatively impacted the apricot oil market, owing to strict government regulations, import and export bans, and low production. The lockdown situation created a shortage of manpower, which impacted the production and extraction of oil. The production of apricot fruit was also impacted in various geographies. According to the Multidisciplinary Digital Publishing Institute report 2020, apricot production gradually decreased in countries such as China, Afghanistan, Spain, Italy, and Pakistan. The pandemic also disrupted the supply chains due to shortage of oil in various industries.

Key Insights

The report will cover the following key insights:

• The product launched by key market players


• Overview of the market


• Impact of COVID-19 on the apricot oil market


• Drivers of the apricot oil market


• Health benefits of apricot oil


• Applications of apricot oil in various sectors

Analysis by Application

Based on application, the oil market is segmented into food & beverages, personal care & cosmetics, pharmaceuticals, and others. The personal care & cosmetics segment is expected to hold a significant global apricot oil market share. The oil is one of the richest sources of oleic, linolenic, leucine, cysteine, tryptophan methionine, and others, which exhibit properties such as anti-bacterial, anti-septic, antipyretic, and anti-inflammatory. The rising popularity of apricot oil in skincare and cosmetics led manufacturers to develop new products to meet the growing demand. For instance, in January 2023, Susanne Kaufmann, a natural skincare company, launched a refining scalp & body scrub incorporated with apricot kernel oil, rapeseed oil, sunflower oil, and blackcurrant seeds.

The food & beverages segment is expected to grow at a high CAGR over the forecast period. The increase in awareness regarding the health benefits of apricots, their high medicinal and nutritional properties, and increased growing consumption in culinary purposes surge the demand for the product in the market.

Analysis by Distribution Channel

Based on distribution channel, the market is segmented into supermarket/hypermarket, convenience stores, online channel, and others.

The supermarket/hypermarket segment is expected to hold a significant market share. Supermarkets provide a wide array of products and services under one roof, providing convenience in shopping for consumers. Such markets are also further located at prime locations, which helps attract more consumers. In addition, these stores also offer several promotional schemes, discounts, and offers that help increase the sales of the products.

Analysis by Region

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Asia Pacific is expected to hold a significant global apricot oil market share. Traditionally, apricot kernel oil was used in traditional Chinese medicine to treat swelling, tumors, ulcers, and other malignant growths, and thus has been used even today. China and India are known to hold a significant share of apricot oil consumption. Famous Indian brands such as Herbal Bio Solutions, Forrest Essentials, and Khadi Natural offer consumers premium and quality apricot oil products. Several government initiatives have been undertaken to increase the export potential of the apricot to meet the rising demand for oil. Apricot is known to be the most important fruit crop of the cold desert of Ladakh, India. The oils extracted from apricots are famous worldwide. Therefore, in September 2022, to boost the export of agricultural and food products from Ladakh, the Ministry of Commerce and Industry promoted the export of apricots through APEDA under the brand 'Ladakh Apricot'. This initiative would improve the export potential of apricots in the region.

Key Market Players

The key players in the market include Greenwood Essential, NOW foods, Starwest Botanicals, Forest Essentials, AG Industries, Aura Cacia , AMD Oil Sales, Givaudan, Nimbark Organic Foods, and Nature's Alchemy.

Segmentation

Key Industry Developments

• In April 2022, Trikuta Oils, a wholesale business in Jammu, India, introduced an exotic range of organic oils, including almond, apricot and walnut. The new range is sourced from Jammu, Kashmir & Ladakh hills.