Borage Oil Market Worth About USD 54.9 million By 2024

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.

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.

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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.

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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.

Borage oil market in North America is anticipated to be driven on account of growing demand for natural and organic cosmetics. North America starflower oil market is projected to grow at an estimated CAGR exceeding 5% in the next eight years. Constant efforts by research institutions in order to identify the medical potential of borage oil are anticipated to improve the overall consumption level from 2016 to 2024. Additionally, the region has been concentrating on enhancing starflower oil consumption in food application such as functional food additives and dietary supplements.

Europe is a prime location for borage oil production owing to its favorable soil and weather conditions. High GLA and oil content in UK grown starflower make it the best quality seed available in the market. The presence of large skincare and haircare producers including Unilever and L’Oréal are expected to serve the European market and result in high starflower oil demand over the forecast period. These companies have been emphasizing on bio-based cosmetic development that is expected to augment market demand.