Borage Oil Market was estimated at 1,500 tons in 2015. Nutraceuticals and bio-based cosmetics are anticipated to be the key factors influencing market growth over the forecast period. The global borage oil market is anticipated to reach USD 54.9 million by 2024. High gamma linolenic acid (GLA) content has resulted in high demand for Borage (starflower) oil despite several other plant oils including evening primrose oil and black currant seed oil containing GLA and providing similar health benefits, borage oil has gained prominence owing to higher GLA content compared to its counterparts. For instance, black current seed oil contains nearly 14% to 17% and evening primrose contains approximately 10% to 15%. On the other hand, GLA content in borage oil is approximately 20% to 25%. GLA is rich in omega-6 fatty acid which is essential for the human body, but the human body is incapable of producing the same by itself which necessitates the external supply of GLA. Borage oil benefits consumers by effectively treating and preventing health disorders pertaining to fatty acid metabolism.
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The key driving factors responsible for the growth of Borage Oil
market :
Borage crop is cultivated in
several countries for its seed oil. Majorly produced in Canada, New Zealand and
the UK, in earlier times it was considered to belong only to the Mediterranean
region. The borage oil production varies widely with some years of oversupply
and some years of under-supply. Canada, which is one of the major borage seed
producers has been highly unstable in the recent times. Favorable weather
conditions in Canada have benefitted borage growers to a great extent as it
helps them grow good quality seeds at lower costs. Nevertheless, there is a
high risk of crop failure due to erratic early frost in the region. Borage seed
prices lie in the range of USD 2.5 to 4 per kg and the production varies
between 500 to 2000 tons per annum. Such high variations in the raw material
supply and their prices are anticipated to be the major restraining the factor
affecting market growth.
Application Insights
In 2015, medical application
segment constituted for more than 35.0% of the overall borage oil demand.
Borage oil aids in the treatment of serious diseases including obesity, eczema,
rheumatoid arthritis, heart disease, premenstrual syndrome, cough, stroke,
depression, asthma and diabetes.
Borage oil is used as a
combination with other base oils in the nutraceutical segment. Additionally, it
is used as anti-inflammatory drugs. With the market growing at a CAGR of above
5%, along with being the largest segment, the medical sector is anticipated to
be the fastest-growing application over the forecast period. Further, borage
oil capsules that have several health benefits are also available in the
market.
Borage oil is widely used in the
cosmetics segment including cleansers, moisturizers, skin care and anti-aging
products, hair treatment and body care owing to their antioxidant and
anti-inflammatory properties. It is used as food additives in functional foods,
meal supplement and breakfast cereals.
Regional Insights
Borage oil has widespread usage
across cosmetics and pharmaceuticals industry witness major demand in the Asia
Pacific region. Asia Pacific borage oil market dominated the market and
contributed to over 30% of overall demand in 2015. This huge demand can be
ascribed primarily to growing production levels of pharmaceutical drugs,
cosmetics and nutraceuticals. Pharmaceutical and cosmetic manufacturers have
been focusing on developing countries such as India, China and Indonesia as
their major manufacturing units. This has propelled demand for raw material
supplies in the region.
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