Borage Oil Market Driven by Rising Demand in Industrial Applications

The rising demand for products such as dietary supplements, cosmetics, and nutraceuticals, which are made from natural ingredients is driving the global borage oil market, states a new report by Transparency Market Research (TMR). The report is titled, ‘Borage Oil Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2023.’ The report includes market dynamics such as drivers, restraints, opportunities, and trends impacting the borage oil market worldwide. The report also discusses the vendor landscape, including aspects such as market positioning of key players, their recent developments, and competitive strategies adopted by them. Key segments of the global borage oil market have also been studied.

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The use of borage oil for weight loss and reducing inflammation is the prime reason behind their heightened demand. Borage oil has extraordinary anti-inflammatory properties, making it a preferred ingredient for use in skin ointments and cosmetics, thus driving their market. Borage oil is also used for direct human consumption as a food supplement or through capsules, which is expected to fuel its demand in the coming years. The gamma linolenic acid (GLA) present in borage oil has many desirable properties beneficial to health, which is in turn expected to bolster the demand for this oil.

Growing awareness regarding the use of natural ingredients in food products and pharmaceuticals are expected to trigger a demand for borage oil. However, recommendations such as the one by German Federal Health Agency regarding limiting the consumption of borage oil to not more than 1mg per day will dampen its demand.

On the basis of application, the demand for borage oil is significant from the medical segment. The rising incidences of obesity, premenstrual syndrome, eczema, cough, stroke, rheumatoid arthritis, depression, heart disease, asthma, and diabetes are fueling the demand for borage oil capsules and supplements, thus driving the medical segment.

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On the basis of geography, Asia Pacific accounts for a significant share in the market owing to the rapid increase in the demand for nutraceuticals, pharmaceuticals, and cosmetics in the region. Analysts have observed that majority of the demand is expected to come from the emerging nations such as Indonesia, China, and India. Canada and the U.K. enjoy favorable weather conditions where quality borage can be produced at a relatively lower cost as compared to other countries. However, unpredictable rains and frost in the region can result in drastic raw material supply fluctuations for borage oil production.

The global borage oil market is fragmented in nature. Key companies operating in the market are focusing on gaining a competitive edge by obtaining high quality seeds with high GLA content. Key companies profiled in the report are Nordic Naturals, Desert Whale Jojoba Company, and AOS Products Pvt. Ltd.

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