Apricot Oil Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Apricot Oil Market Overview

The Global Apricot Oil Market reached US$ 1.7 billion in 2022 and is expected to reach US$ 2.8 billion by 2030, growing with a CAGR of 6.8% during the forecast period 2023-2030.

The market is experiencing increased demand for natural and organic oils, including apricot oil. Consumers are increasingly seeking clean-label and sustainable skincare and personal care options, driving the market for natural oils like apricot oil. Growing awareness of the health benefits of apricot oil for skincare and haircare is boosting its adoption. Apricot oil is rich in vitamins and antioxidants, aligning with the health and wellness trend in the market.

Asia-Pacific took the lead in the apricot oil market, with a substantial portion of the global market share. This leadership is evident in both production and consumption of apricot oil. The region served as a production hub for apricot oil in several countries including Turkey, Iran, and Uzbekistan. The cosmetic and personal care industry in Asia-Pacific extensively used apricot oil in formulations due to its skin-nourishing properties further bolstering the market.

For instance, on August 29, 2023, Swiss Beauty announced its new launch in India 'The Hold Me Matte Liquid Lipstick,' affectionately dubbed 'The Lipstick of India.' It is crafted to offer a range of remarkable features and exceptional value for beauty aficionados. Boasting a non-drying matte finish, infused with the nourishing benefits of Vitamin E and apricot oil for intense hydration, and engineered to withstand the challenges of Indian weather for up to 12 hours.

Apricot Oil Market Scope and Summary

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Apricot Oil Market Dynamics and Trends

Increasing Consumer Awareness

The demand for products containing apricot oil is increasing as consumers are aware of the health and beauty benefits of apricot oil leading to higher revenue within the apricot oil market. Companies operating in the apricot oil market cater to the informed consumer to invest in product innovation. They develop new formulations of apricot oil-based products, such as skincare, haircare, and culinary items, to meet the rising demand.

Companies invest in marketing and advertising campaigns to promote the benefits of apricot oil with increased consumer awareness including highlighting its natural, eco-friendly properties that resonate with environmentally conscious consumers. As consumer awareness spreads globally, the market for apricot oil expands beyond its traditional regions. Companies explore opportunities to export apricot oil and apricot oil-based products to new international markets.

For instance, on March 1, 2023, Innersense Organic Beauty expanded its hair care line with a hypoallergenic Clarity Hairbath and conditioner, gently formulated for overall hair and scalp health. Clarity Conditioner was a fragrance-free conditioner that provided lightweight hydration and moisture for the hair. It is formulated with colloidal oatmeal to ease irritation and included a blend of manuka honey and apricot kernel oil to leave hair softer and shinier.

Rising Demand in the Cosmetic Industry

The increased demand for apricot oil from cosmetics is expected to drive the expansion of the global apricot oil market, leading to a demand in market growth. Apricot oil is valued in the cosmetic sector for its beneficial properties, such as moisturization and skin-nourishing attributes. Its incorporation into various cosmetic formulations, including skincare products and haircare treatments, is driving its prominence in the market.

Consumer preferences for natural and clean-label ingredients in cosmetics are surging. Apricot oil, being a natural ingredient, aligns with these trends, making it a sought-after choice for cosmetic manufacturers. Manufacturers are continually innovating by incorporating apricot oil into new cosmetic formulations and product lines, thus expanding the market's product offerings.

Growing Organic Product Trends

Growing awareness of health and wellness is driving consumers to seek products that are free from synthetic chemicals and additives. Apricot oil is a healthier alternative in personal care and cosmetic formulations, which is boosting the market growth. The organic and natural product trend often aligns with sustainability goals, contributing to ethical and eco-friendly practices within the apricot oil market.

Consumers are increasingly seeking products with transparent ingredient sourcing and processing. Apricot oil's traceability and natural origin resonate with this trend. The availability of organic-certified apricot oil further drives its adoption in organic product formulations. Consumers trust these certifications, which positively impact the market. The surging demand for natural and organic products, including apricot oil, is anticipated to expand the global apricot oil market, leading to increased market growth.

Price Fluctuations

Frequent price fluctuations in apricot oil production can create uncertainty for manufacturers and buyers in the market. These uncertainties can impact production planning and budgeting, potentially leading to supply chain disruptions. Buyers such as cosmetic and personal care product manufacturers are often price-sensitive. Sharp price increases can lead to higher production costs being passed on to consumers, potentially reducing market demand.

Rapid price fluctuations disrupt the balance between supply and demand in the market. A sudden price drop leads to an oversupply of apricot oil, while price spikes can create supply shortages. For apricot oil producers and suppliers, price fluctuations can affect profit margins. A sudden drop in prices can lead to reduced profitability, potentially discouraging investment in apricot oil production.

Competition from Other Oils

Consumers and manufacturers have a wide range of vegetable and nut oils to choose from, including olive oil, coconut oil, almond oil, and others. This abundance of options can divert demand away from apricot oil in the market. Other oils are more cost-effective to produce and offer lower prices in the market. Price competition can make apricot oil less competitive in terms of cost, impacting its market growth.

Different oils have distinct nutritional profiles and health benefits. For instance, olive oil is renowned for its heart health properties while coconut oil is favored for its versatility. These factors can influence consumer choices and preferences in the market. Oils serve various purposes in cooking, cosmetics, and personal care products. Competition from oils that are better suited for specific applications can limit the market opportunities for apricot oil.

Apricot Oil Market Segment Analysis

The global apricot oil market is segmented based on nature, application, distribution channel, and region.

Increasing Use of Organic Apricot Oil in Cosmetics and Personal Care

The organic segment holds the largest share of the global apricot oil market. Growing consumer awareness and preference for organic and natural products in various industries, including cosmetics, skincare, and personal care, is fueling the demand for organic apricot oil. The emphasis on clean labels and natural ingredients in consumer products is propelling the dominance of the organic segment.

The clean beauty movement is boosting demand for organic ingredients in cosmetics and personal care products. Consumers are increasingly making their skincare and haircare products at home. Apricot oil is a popular organic ingredient in DIY beauty and home remedy recipes, fueling its demand in the market. Manufacturers are offering customized and specialty apricot oil products to cater to specific consumer preferences and needs, contributing to segment market growth.

Apricot Oil Market Geographical Penetration

Increasing Demand for Apricot Oil Medicines and Exports in Asia-Pacific

Asia-Pacific dominates with a significant share of the global apricot oil market. Traditional Chinese medicine utilizes apricot kernel oil to address issues such as swelling, tumors, ulcers, and malignant growths. China and India are key consumers of apricot oil, with renowned Indian brands like Herbal Bio Solutions, Forrest Essentials, and Khadi Natural offering high-quality apricot oil products to consumers.

Moreover, governmental efforts are being implemented to enhance the export capabilities of apricots to meet the growing demand for apricot oil.  For instance, particularly, apricots as the primary fruit crop in the cold desert of Ladakh, India, with apricot-derived oils gaining international acclaim. In September 2022, the Ministry of Commerce and Industry took steps to boost the export of agricultural and food products from Ladakh by promoting apricots under the 'Ladakh Apricot' brand through APEDA, expected to bolster the export potential of apricots in the region.

Apricot Oil Companies

The major global players in the apricot oil market include Kern Tec GmbH, Handcraft Blends, Farmeks, Manufactum GmbH, Green Leaf Industries, Amrita Court Essential Oils, Environmental Working Group, Anita’s Aromatic Solutions, NOW Health Group, Inc. and Kamakhya Impex.

COVID-19 Impact on Apricot Oil Market 

The pandemic disrupted global supply chains, affecting the availability of apricot oil and raw materials. This led to supply shortages and price fluctuations, impacting market stability. Lockdowns and restrictions affected apricot oil production, particularly in regions with strict measures. This hindered the overall supply of apricot oil in the market. The economic uncertainty brought about by the pandemic affected consumer spending habits. Some consumers reduced discretionary spending on cosmetic and personal care products, impacting market demand.

Many physical retail stores, including beauty and cosmetic outlets, faced closures or reduced foot traffic. This affected the traditional retail distribution channels for apricot oil products. Some product launches and innovations in the apricot oil market were delayed due to disruptions in research and development activities. International trade in apricot oil faced challenges due to transportation disruptions and border closures, affecting the global flow of apricot oil products.

However, the pandemic heightened consumer awareness of health and wellness. Apricot oil, known for its skin-nourishing properties, saw increased demand as consumers sought products to support their skincare routines. With lockdowns and social distancing measures in place, online shopping for skincare and cosmetic products surged. This boosted the accessibility and visibility of apricot oil products in the digital market space.

Russia-Ukraine War Impact Analysis

The conflict disrupted the supply chain for apricot oil, as Ukraine is a major producer of apricot kernels, a raw material for apricot oil extraction. Disruption in the supply of apricot kernels affected apricot oil production has led to potential shortages in the market. Supply disruptions caused by the war can lead to price volatility in the global apricot oil market. The conflict affected the production and availability of apricot kernels, it has resulted in price increases for this essential raw material and has impacted the overall cost of apricot oil production.

Consumer demand for apricot oil was influenced by the uncertainty and economic impact of the war. In times of economic instability, consumers have adjusted spending habits, which has impacted the demand for cosmetic and personal care products containing apricot oil. International trade in apricot oil has been affected by the Russia-Ukraine conflict, including potential trade restrictions, tariffs, and logistical challenges that have impacted the global flow of apricot oil products.

Key Developments

• On January 27, 2023, Susanne Kaufmann launched its latest innovation, the Refining Scalp & Body Scrub, which has been meticulously crafted to promote velvety-smooth skin. Its formula comprises a blend of natural exfoliants and nourishing plant oils, including rapeseed oil, sunflower oil, apricot kernel oil, and blackcurrant seeds, providing a harmonious balance of exfoliation and hydration.
• On September 30, 2022, Kern Tec introduced its direct-to-consumer brand, Wunderkern, featuring a delectable range of dairy-free ice cream crafted using apricot kernel oil, a product also available for purchase. Over time, this product lineup has grown to encompass cherry and plum seed oils, along with apricot kernel-derived milk and chocolate spread.
• In April 2022, Trikuta Oils, a wholesale enterprise based in Jammu, India, launched a captivating selection of organic oils, which includes almond, apricot, and walnut varieties. These exquisite oils are meticulously sourced from the picturesque hills of Jammu, Kashmir, and Ladakh.

Why Purchase the Report?

• To visualize the global apricot oil market segmentation based on nature, application, distribution channel, and region, as well as understand critical commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous apricot oil market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of critical products of all the major players.

The global apricot oil market report would provide approximately 61 tables, 58 figures, and 186 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies