Apricot Oil Market Size, Share & Trend Analysis Report By Application (Food & Beverage, Pharmaceutical, Cosmetics, Healthcare), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

Apricot Oil Market Size & Trends

The global apricot oil market size was estimated at USD 1,930.0 million in 2023 and is projected to grow at a CAGR of 5.9% from 2024 to 2030. The market is being driven by several key factors, reflecting both consumer preferences and broader industry trends. One of the primary drivers is the increasing awareness and demand for natural and organic personal care products.

Consumers are becoming more conscientious about the ingredients in their skincare and haircare products, opting for those that are derived from natural sources. Apricot oil, with its high content of essential fatty acids, vitamins A and E, and its reputation for being a gentle, non-irritating moisturizer, fits well within this trend. Its benefits for skin hydration, anti-aging properties, and ability to improve hair health make it a sought-after ingredient in lotions, creams, and hair treatments.

The wellness and health trend is contributing significantly to the market growth. There is a growing preference for natural oils over synthetic alternatives due to perceived health benefits and minimal side effects. Apricot oil is often used in aromatherapy and massage due to its light texture and pleasant aroma. It is also used in cooking and as a dietary supplement because of its potential health benefits, such as improving heart health and aiding digestion, which aligns with the broader consumer movement towards holistic and preventive health practices.

The food and beverage industry also contributes to the demand for apricot oil. Used as a flavoring agent and as a healthy cooking oil, it appeals to consumers who are looking for nutritious alternatives to traditional cooking oils. The growing popularity of gourmet and specialty foods further drives the demand for high-quality apricot oil. Moreover, the trend towards sustainability and ethical sourcing has prompted manufacturers to opt for apricot oil, which is often sourced from responsibly farmed apricots, thereby appealing to environmentally conscious consumers.

Application Insights

Based on application, the cosmetics segment led the market with the largest revenue share of 40.20% in 2023. Apricot oil is rich in vitamins, antioxidants, and essential fatty acids, making it a popular ingredient in a wide range of cosmetic formulations. It is known for its moisturizing, nourishing, and rejuvenating properties, making it ideal for hydrating skincare products such as lotions, creams, serums, and facial oils.

The healthcare segment is anticipated to grow at the fastest CAGR of 6.5% from 2024 to 2030. Apricot oil is rich in essential fatty acids, vitamins A, C, and E, and antioxidants, which contribute to its therapeutic properties. These nutrients make apricot oil highly effective in skincare and hair care, driving its demand in personal care and cosmetic products. Its ability to deeply moisturize the skin, promote healing of wounds and burns, and reduce inflammation makes it a valuable ingredient in a variety of healthcare products, from lotions and creams to serums and therapeutic balms.

Distribution Channel Insights

Based on distribution channel, the offline segment led the market with the largest revenue share of 55.47% in 2023. The offline distribution channels segment is driven by several factors, including the growing consumer preference for natural and organic products, the perceived higher quality and authenticity of products purchased in physical stores, and the opportunity for customers to experience the product firsthand before buying. In addition, health and wellness trends have increased the demand for natural oils like apricot oil for their skin and hair care benefits. Retailers' ability to offer personalized advice and the trust established through in-person interactions further boost offline sales.

The online distribution channel segment is anticipated to grow at the fastest CAGR of 6.1% from 2024 to 2030. The online distribution channels segment is driven by the convenience of shopping from home, a wider variety of product options, and often lower prices compared to physical stores. The ability to read reviews and detailed product information, combined with targeted digital marketing and social media influence, enhances consumer confidence and awareness. In addition, the rise of e-commerce platforms and the ease of direct-to-consumer sales enable brands to reach a broader audience more efficiently.

Regional Insights

The apricot oil market in North America is expected to grow at the fastest CAGR of 6.4% from 2024 to 2030. The primary driver is the growing consumer awareness of natural and organic products. As people become more health-conscious and concerned about the ingredients in their personal care items, they are increasingly seeking out natural alternatives. Apricot oil, known for its moisturizing and soothing properties, is highly valued in the beauty and skincare industry. It is used in a variety of products such as lotions, creams, and hair care items, appealing to consumers who prefer natural over synthetic ingredients.

U.S. Apricot Oil Market Insights

The apricot market in U.S. is expected to grow at the fastest CAGR of 6.9% from 2024 to 2030. Another significant factor is the expanding awareness of the health benefits associated with apricot oil. Rich in vitamins A and E, as well as essential fatty acids, apricot oil is believed to offer various skin and hair care benefits. This has led to its increased use not only in cosmetics but also in therapeutic applications, such as massage oils and aromatherapy. The health and wellness industry’s emphasis on holistic and natural treatments further propels the demand for apricot oil.

Asia Pacific Apricot Oil Market

Asia Pacific dominated the apricot oil market with the largest revenue share of 30.25% in 2023. The region's strong cultural emphasis on natural and traditional remedies for skincare and wellness aligns with the growing demand for apricot oil as a natural skincare solution. With an increasing focus on clean beauty and natural ingredients, apricot oil is sought after for its rich content of vitamins and antioxidants, making it a favored ingredient in a wide range of skincare products in Asia Pacific.

Europe Apricot Oil Market

The apricot oil market in Europe is expected to grow at the fastest CAGR of 5.8% from 2024 to 2030. The expanding trend of clean label formulations in the European cosmetic industry has bolstered the use of apricot oil in skincare and haircare products. As consumers prioritize transparency and seek products with minimal synthetic additives, apricot oil's natural composition aligns with the clean beauty movement, driving its integration into a wide range of cosmetic formulations.

Key Apricot Oil Company Insights

The market for apricot oil is highly competitive, with a range of companies offering various forms. Many big players are increasing their focus on new form launches, partnerships, and expansion into new markets to compete effectively.

Recent Developments

• In February 2024, Cargill has launched its Gemini Pureit sunflower oil brand in four southern states of India: Andhra Pradesh, Telangana, Karnataka and Tamil Nadu

• In April 2023, Eni, the Italian energy giant, started producing apricot oil for biorefining in Kenya. They have established an oilseed collection and pressing facility, called an agri-hub, in Makueni, Kenya, with an initial production capacity of 15,000 tons

Apricot Oil Market Report Scope

Global Apricot Oil Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global apricot oil market report based on application, distribution channel and region.

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Food & Beverage

  • Pharmaceutical

  • Cosmetics

  • Healthcare

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Online

  • Offline

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

    • Spain

    • Italy

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Central and South America

    • Brazil

  • Middle East & Africa

    • South Africa

    • Saudi Arabia