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Hazelnut Oil Market Report 2024-2033 - Size, Growth, Key Trends & Forecast Analysis
Hazelnut Oil Market Report
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According to The Business Research Company's, The hazelnut oil market size has grown strongly in recent years. It will grow from $9.69 billion in 2023 to $10.57 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to growing consumer awareness of health benefits, rising demand for natural ingredients, expansion of the cosmetics industry, expansion of e-commerce platforms, growing demand in emerging markets.
The hazelnut oil market size is expected to see strong growth in the next few years. It will grow to $15.11 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to partnerships between farmers and producers, increasing awareness of heart health, increased adoption of pharmaceuticals, globalization of food cultures, and the growth of Mediterranean diet popularity. Major trends in the forecast period include new product launches, technological advancements, health and wellness trends, global market expansion, and food industry innovations.
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Market Drivers and Trends:
The demand for organic cosmetics is expected to propel the growth of the hazelnut oil market going forward. Organic cosmetics refer to beauty and personal care items formulated with natural ingredients that are certified organic, meaning they are produced without synthetic chemicals, pesticides, or genetically modified organisms (GMOs) and meet specific organic standards. Rising demand for organic cosmetics is driven by growing consumer awareness of natural ingredients' health and environmental benefits, increasing preference for sustainable and chemical-free products, and rising concerns over the harmful effects of synthetic chemicals in conventional skin care. Hazelnut oil is used in organic cosmetics for its moisturizing properties, ability to enhance skin elasticity, and natural astringent qualities that help balance oil production. For instance, in March 2024, according to the Soil Association, a UK-based membership charity that focuses on the effect of agriculture on the environment, the overall organic beauty and wellbeing market in the UK reached a value of £147.6 million ($191.88 million) in 2022, compared to £138.2 million ($186.57 million) in 2021. Therefore, the demand for organic cosmetics is driving the growth of the hazelnut oil market.
Rising Health Consciousness And Its Effect On Hazelnut Oil Demand
The growing demand for dietarysupplements is expected to propel the growth of the hazelnut oil market going forward. Dietarysupplements are products that enhance the diet, providing essential nutrients, vitamins, minerals, herbs, or other beneficial compounds to support overall health and wellness. The growing health and wellness awareness encourages consumers to adopt dietarysupplements for better health and disease prevention. Additionally, the rise of online shopping has made these products more accessible, allowing for easy research and purchasing. Hazelnut oil is used in dietarysupplements for its healthy fatty acid profile, rich antioxidant content, and potential benefits for heart health, skin hydration, and overall wellness. For instance, in October 2023, according to the survey of 3,192 adults conducted by the Council for Responsible Nutrition, a US-based trade association for the dietarysupplement and functional food industry, around 74% of U.S. adults are utilizing dietarysupplements. Consumer confidence in the quality of sports nutrition supplements has risen by five percentage points to 66% compared to 2022, while confidence in the weight management category has increased by four percentage points to 56% during the same period. Therefore, the growing demand for dietarysupplements will drive the growth of the hazelnut oil market.
Major companies operating in the hazelnut oil market are focused on developing personalized beauty solutions, such as customization services, to enhance consumer experiences. Customization services within the cosmetics industry enable customers to develop personalized beauty products, particularly tailored lip oils, by choosing from diverse pigments and formulations to meet their specific preferences and requirements. For instance, in May 2024, Clarins, a France-based cosmetics and skincare company, launched a new customization service, the Lip Oil Factory. This service allows customers to create customized shades of Lip Comfort Oil using a specialized machine that offers seven pigment options. Customers can achieve one of 64 possible combinations by selecting unique ratios of at least two pigments in the Lip Comfort Oil formula. It is enriched with 93% natural ingredients, including a blend of rosehip, organic jojoba, and hazelnut oils, which nourish the skin and enhance its natural barrier against external aggressors.
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Major Key Players of the Market:
Gursoy A.S., Roland Foods LLC, Mountain Rose Herbs Inc., La Tourangelle Inc., Jedwards International Inc., LorAnn Oils LLC, Edens Garden Inc., Base Formula Limited, Georgian Hazelnut Corporation LLC, Bioplanete GmbH, Caloy Company Inc., NHR Organic Oils LLC, Arslanturk Agricultural Products, Poyraz Hazelnut Integrated Industry and Trade Inc., Gustav Heess, SULU ORGANICS LLC, Boxon Food AB, Aromex Industry Inc., DeveHerbes, Botanical Formulations Inc., A L'Olivier
Hazelnut Oil Market 2024 Key Insights:
• The hazelnut oil market size is expected to see strong growth in the next few years. It will grow to $15.11 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Growth Of Organic Cosmetics Driving Expansion Of The Hazelnut Oil Market
• Innovative Lip Oil Factory Customization Service Revolutionizes Hazelnut Oil Market
• Europe was the largest region in the hazelnut oil market in 2023
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