Mink oil Market: Opportunities in Key Application Sectors
Mink is a carnivorous mammal with a dark complexion, furry skin, and a native of America and Europe. The American mink belongs to the genus of Neovison, while the European mink belongs to the Mustela genus. Mink is commercially hunted for its fat which is being rendered further to extract mink oil which has found commercial applications in the leather industry. It can be used for treating, preserving and in the maintenance of almost every kind leather products. Mink oil is an under-appreciated resource due to its use in limited application segments and is majorly controlled by a handful of mink oil processing and supplying companies based in the U.S., Canada, and Europe. This is attributed to the regional availability of mink in the aforementioned regions.
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Mink oil Market Segmentation
Mink oil market is segmented on the basis of grade, application, packaging type, distribution channel, and region. On the basis of grade, the mink oil market is segmented as low grade and value-added. The low-grade mink oil segment accounts for a high share of the market. Whereas, the value-added mink oil segment has its own established consolidated market. Due to the presence of limited market participants offering high-grade or value-added mink oil products, there are ample opportunities for those who wish to offer products at competitive prices.
On the basis of application mink oil market is segmented as; Animal Feeds, Leather Durrant, Cosmetics & skin care, others (bio-fuel). Animal feeds and leather durrant application accounts for a higher market share attributing to the use of low-grade mink oil in these applications.
On the basis of packaging type, the mink oil market is segmented into Can, P.E.T, and glass. The Can packaging is frequently used in the mink oil market as it offers ease of use to the end users. Owing to this market share for Can packaging is high in the mink oil market.
On the basis of the distribution channel, the mink oil market is segmented into direct sales and indirect sales. The indirect sales segment can be further sub-segmented into modern trade, retail stores, and online retailers. The market of modern trade retailers dominates the mink oil sale globally followed by online retailers. The share of online retailers is likely to expand in the near future due to increase in the global demand for mink oil in leather and cosmetic products.
On the basis of the region, the Mink oil market is segmented into Asia Pacific, North America, Latin America, Europe, Middle East and Africa and Japan. The production and processing of Mink oil are based in North American and European region and is attributed to the regional availability of mink in the region.
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Mink oil market Global Market Trends and Market Drivers:
Owing to the Europe’s position as the center of the world’s cosmetic industry and cosmetics being one of the key application areas, the market in Europe is expected to see significant growth over the forecast period. Mink oil is an essential ingredient in many of the existing cosmetic products and in cosmetic therapies which are in the phase of evolution. Thus, mink oil market still holds future growth potential with applications in cosmetic industry. This growth is also supported by the utilization of mink oil in animal feed sector aided by the established rendering facilities in the U.S and Canada. However, in line with the prolonged utilization of low-grade mink oil and mink oil paste as durrant in the already mature leather industry, this factor limits the overall market growth. Moreover, the rising restrictions from the animal welfare association and rising pressure on global cosmetic industry to minimize the use of ingredients sourced from animals may restrict the future growth of the mink oil market.
Mink oil Market Key Players:
A variety of mink oil products with multiple formulations have been introduced by the manufacturers and some of the global market players manufacturing mink oil include; Emulan Company, Quimipur S.L.U., C.A. Zoes Mfg Co., among others.
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