Borage Oil Market Size To Reach $79.0 Million By 2030

Borage Oil Market Growth & Trends

The global borage oil market is expected to reach USD 54.9 million by 2024, according to a new report by Grand View Research, Inc. Increasing demand for natural ingredient-based cosmetics, nutraceuticals and dietary supplements are expected to foster the market growth over the forecast period. Gamma linolenic acid (GLA) rich borage oil also possesses extraordinary anti-inflammatory properties, which makes it a preferred ingredient for cosmetics and skin ointments. Borage oil is also used for direct human consumption through capsules or as a food supplement.

Canada and the UK enjoy strategic advantage of high altitude and favorable weather where borage growers can grow good quality seeds at comparatively lower cost than the other countries. However, the crop has a high risk of failure due to unpredictable rains and frost in the region which results in drastic raw material supply fluctuations for borage oil production.

Medical emerged as the leading application segment and accounted for 38.7% of total market volume in 2015. Myriad of health benefits offered by the use of borage oil has contributed towards its greater penetration in this industry, and this trend is expected to continue over the forecast period. The segment is also expected to witness the highest growth of 5.4% from 2016 to 2024.

Various regulations promoting the use of natural ingredients in pharmaceuticals and food applications are expected to trigger the borage oil demand over the forecast period. However, German Federal Health Agency limits borage oil consumption to not more than 1mg per day.

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Borage Oil Market Report Highlights

• Nutraceuticals dominated the market share in 2023 with the increasing consumer awareness about the health benefits associated with borage oil.

• The cosmetics sector is projected to emerge as the fastest-growing segment at a CAGR of 6.2% during the forecast period.

• The Asia Pacific borage oil market secured the dominant share with 34.9% of the global revenue in 2023 owing to increasing consumer demand for natural and organic products.

• The borage oil market in Europe held 27.0% of the global revenue share in 2023 owing to its favorable weather and soil conditions.

Borage Oil Market Segmentation

Grand View Research has segmented the global borage oil market report based on application, and region:

Borage Oil Application Outlook (Revenue, USD Thousand, 2018 - 2030) (Volume in Tons)

• Cosmetics

• Nutraceuticals

• Dietary Supplements

• Others

Borage Oil Regional Outlook (Revenue, USD Thousand, 2018 - 2030) (Volume in Tons)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • Japan

  • India

• Latin America

• MEA

List Of Key Players in the Borage Oil Market

• AOS Products Pvt. Ltd.

• ConnOils By Kraft

• Icelandirect, LLC

• K.K. ENTERPRISE

• Parchem

• William Hodgson and Co

• Avestia Pharma

• Nordic Naturals

• Kerfoot Group

• Soyatech International

• USANA Health Sciences Inc.