Borage Oil Market Size, Share & Industry Analysis, By Application (Cosmetics, Medicines, Nutritional supplements, Others)and Regional Forecast, 2024-2032

Borage oil is derived from the seeds of borago officinalis plant (Starflower). The oil is rich in gamma linoleic acid (GLA) content which makes it popular in nutritional supplimets industry. Besides, borage oil has many medicinal properties such as anti-inflammatory and anti-thrombotic effects; thus it is used in treatment of arthritis, atopic eczema, inflammatory disorders and other respiratory inflammation. Further, borage oil is also used in cosmetics due to its beneficial properties for skin care.

In recent years, the health awareness has rapidly increased in the consumer due to widespread word by social influencers on digital platforms. Borage oil capsule is rich in GLA (around 20% -25%), which falls under the category of omega-6 fatty acids. GLA potentiates fat loss and increases energy as well as support harmones and reduces inflamation. Health experts recommend borage oil capsule to fulfill the daily needs of human body as GLA is not synthesized in the human body.

Key Market Driver -

Rising health benefits of borage oil is boosting the market growth.

Key Market Restraint -

Presence of substitutes and potential side effects of borage oil restricts the market expansion.

However, there are plenty of substitutes of borage oil which includes variety of carrier oils, primrose oil, and others which restricts the market growth. Moreover, the overdose of borage oil is injurious to health and may contain pyrrolizidine alkaloid amabiline, (hepatotoxic substance leading to liver damage). Further borage oil is considered unsafe during pregnancy as borage oil possesses teratogenic effect and may cause premature labor.  

Market Segmentation:

Based on application, the market for borage oil is further segmented into cosmetics, medicines, nutritional supplements, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Players Covered:

The global borage oil market is fairly fragmented, with number of  key players operating in the global & regional markets. Some of the key players in the borage oil market includes, BO International, Gustav Heess GmbH, WINCOBEL, Jiangxi Baicao Pharmaceutical Co., Ltd, ConnOil LLC, Aos Product Pvt. Ltd., K.K Enterprise, Parchem fine & specialty chemicals, William Hodgson and Co., Avestia Pharma, Jiangxi Baicao Pharmaceutical Co., Ltd., and others.

Key Insights

• New Advancements in Production Technologies


• Key Trends in the Borage Oil market


• New Product Launches, Expansions, Key Players


• Ranking of Key Players in the Market

Regional Analysis:

The borage oil market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is posied to witness rapid growth in the market on the back of large youth population ansd their increasing inclination towards healthcare and natural supplements. Emerging economies such as India, and China are anticipated to lead the market growth in Asia-Pacific region over the forecast period. North America is expected to witness moderate growth in the market due to high penetration of other essential oils and nutritional supplements. Similary, Europe is also expected to grow moderately over the forecast period with high growth rates in Central and Eastern European countries. Europe Accounts for significant share in the market is is likely to retain its position on the back of increasing number of health concious consumers and rising consumption of nutritional supplements due to hectic lifestyles. Mexico and Brazil drive the borage oil market in Latin America region with Brazil accounting for slight high share.

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The increasing healthcare conditions coupled with rising youth population in Brazil is expected to further boost the consumption of borage oil in the upcoming years. Middle East & Africa is comparitively small market and most of the consumption of borage oil is reported from relatively developed nations of the region such as GCC countries, South Africa, Turkey and others. The market in the region is expected to witness steady growth over the forecast period as the region continues to struggle in basic healthcare and santisation facilities. Moreover, economic and political stability also act as major growth hindrance of the borage oil market in the region.

Segmentation

Borage Oil Industry Developments

• In March 2019, FDA (Food and Drug Administration), a premier food and drug regulatory institute of the United States, provided approval of GLA content to 40% for dogs & cats nutritional supplement. Borage oil is the richest source of GLA and is significantly used in nutritional supplements. 


• In June 2014, Arcadia Biosciences Inc., a healthcare and nutritional supplement manufacturing company headquartered in the United States, launched its new product Sonova Ultra GLA Safflower Oil, which is reported to contain 55% of omega-6 fatty acid. This new product is beneficial for women’s hormonal balance, weight management and skin care.