The apricot oil market share is expected to increase by 451.00 thousand tons from 2021 to 2026, at a CAGR of 4.50%.
This apricot oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers apricot oil market segmentation by application (food and beverages, cosmetics, pharmaceuticals, and other applications) and geography (Europe, APAC, MEA, North America, and South America). The apricot oil market report also offers information on several market vendors, including DevinezIndia, Josie Maran Cosmetics LLC, Natures Absolutes, Natures Alchemy, NOW Health Group Inc., Nuerma Science, Nutraceutical Corp., Physicians Formula, PLANTLIFE Inc., and Pre de Provence among others.
What will the Apricot Oil Market Size be During the Forecast Period?
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Apricot Oil Market: Key Drivers, Trends, and Challenges
The increased demand for Turkish apricot oil products is notably driving the apricot oil market growth, although factors such as distribution challenges may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the apricot oil industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Apricot Oil Market Driver
One of the key factors driving growth in the apricot oil market is the increased demand for Turkish apricot oil products. Apricots are primarily cultivated across the Mediterranean and Central Asia, with Turkey being the leading producer. Vitamins E and A, both of which have been linked to healthy skin, are present in apricot oil. Turkish apricot kernels are among the best, and Turkish apricot oil is a unique brand. The US, Germany, and France are the top importers of Turkish apricot. Premium Turkish apricot oil is sold in a variety of retail stores throughout the world, including Turk Attar, Batafood, the Organic Beauty Shop, Greenberry Organics, and Olvita. The production of apricots in Turkey has expanded dramatically in recent years, maintaining strong demand and propelling the market to significant development.
Key Apricot Oil Market Trend
Clean labeling is another factor supporting the apricot oil market share growth. The country of origin plays a major role in the purchasing decisions of consumers directly or indirectly. For instance, US consumers consider foods packaged in the US and Canada to be safer to consume than those from other regions based on freshness, taste, and food safety. Country-of-origin labeling (COOL) in the US introduced the labeling of products to keep consumers informed to make better purchasing decisions. However, the implementation of labeling has caused producers to incur high costs. The US government has appealed the proceeding of COOL in regions such as Canada and Mexico, as these regions have claimed that the law discriminates against their producers. Private-label superfoods are becoming popular among consumers as they are affordable. These food products are being stocked in retail stores. Thus, manufacturers of apricot oil are required to address concerns about trust and ethics regarding such products to avoid losing customers.
Key Apricot Oil Market Challenge
The distribution challenges will be a major challenge for the apricot oil market during the forecast period. Retail stores such as supermarkets, hypermarkets, and large chains of discount or convenience stores have become important distribution modes for manufacturers and vendors of apricot oils. Manufacturers are under significant pressure regarding the prices and margins of apricot oil products, as retail stores operate at a lower profit margin. Retailers demand manufacturers to make frequent and smaller product deliveries for reduced warehousing costs. Retailers want to avoid any decline in revenues by fulfilling the gaps in the inventory that arise when there is a shortage of supply from vendors. This means that a retailer will not hesitate to go to other vendors if a particular manufacturer is not able to supply an adequate amount of goods. Channel shifts by consumers have also forced manufacturers to develop new skills in category management. Consumers have shown more inclination toward convenience stores, which has forced manufacturers to find a suitable balance between price and volume.
This apricot oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the global apricot oil market global packaged foods and meats market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the apricot oil market during the forecast period.
Who are the Major Apricot Oil Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- DevinezIndia
- Josie Maran Cosmetics LLC
- Natures Absolutes
- Natures Alchemy
- NOW Health Group Inc.
- Nuerma Science
- Nutraceutical Corp.
- Physicians Formula
- PLANTLIFE Inc.
- Pre de Provence
This statistical study of the apricot oil market encompasses successful business strategies deployed by the key vendors. The apricot oil market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- DevinezIndia -The company offers apricot oil that contain gamma linoleic acid that is useful to firm and tone your skin, under the brand name of Devinez.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The apricot oil market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Apricot Oil Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the apricot oil market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the packaged foods and meats market includes the following core components:
- Inputs
- Inbound logistics
- Primary processing
- Secondary and tertiary processing
- Outbound logistics
- End-customers
- Marketing and sales
- Service
- Innovation
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Apricot Oil Market?
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35% of the market’s growth will originate from Europe during the forecast period. Turkey, Slovenia, and Czech Republic are the key markets for apricot oil in Europe. Market growth in this region will be slower than the growth of the market in other regions.
The increasing health awareness among individuals, the rising demand for apricot oil products, and their growing use for aromatherapy in countries such as Germany, France, Austria, and Switzerland will facilitate the apricot oil market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic in 2020 had a severe impact on the regional market. It resulted in the imposition of trade restrictions to minimize the spread of the disease. This, in turn, negatively affected the market. However, various measures were taken by countries in Europe to control the spread of the disease by enforcing social distancing measures in manufacturing facilities, such as those processing apricot oil. The administration of COVID-19 vaccines since February 2021 in the region further led to a decrease in the number of active COVID-19 cases in 2021 when compared to 2020. Considering these factors, the regional market will grow during the forecast period.
What are the Revenue-generating Application Segments in the Apricot Oil Market?
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The apricot oil market share growth by the food and beverages segment will be significant during the forecast period. Unlike dried herbs, which typically lose up to 90% of their nutrients and oxygen molecules when dried, apricot oil retains its properties. Therefore, people are increasingly replacing herbs with apricot essential oil to increase the nutritional value of food and beverages. The increased demand for natural and organic products due to rising health concerns is one of the factors driving the market growth.
This report provides an accurate prediction of the contribution of all the segments to the growth of the apricot oil market size and actionable market insights on post COVID-19 impact on each segment.
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Apricot Oil Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 4.50% |
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Market growth 2022-2026 |
451.00 th tons |
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Market structure |
Fragmented |
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YoY growth (%) |
4.92 |
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Regional analysis |
Europe, APAC, MEA, North America, and South America |
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Performing market contribution |
Europe at 35% |
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Key consumer countries |
Turkey, Uzbekistan, Mexico, Slovenia, and Czech Republic |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
DevinezIndia, Josie Maran Cosmetics LLC, Natures Absolutes, Natures Alchemy, NOW Health Group Inc., Nuerma Science, Nutraceutical Corp., Physicians Formula, PLANTLIFE Inc., and Pre de Provence |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Apricot Oil Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive apricot oil market growth during the next five years
- Precise estimation of the apricot oil market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the apricot oil industry across Europe, APAC, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of apricot oil market vendors
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