Global Borage Oil Market study offers detail overview of industry with all the requisite data to support tactical business decisions and come up with strategic growth plans. This study also proposes a comprehensive insight into the development policies and plans in addition to manufacturing processes and cost structures.
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Global borage oil market was estimated at 1,500 tons in 2015. Nutraceuticals and bio-based cosmetics are anticipated to be the key factors influencing market growth over the forecast period. The global borage oil market is anticipated to reach USD 54.9 million by 2024. High gamma linolenic acid (GLA) content has resulted in high demand for Borage (starflower) oil despite several other plant oils including evening primrose oil and black currant seed oil containing GLA and providing similar health benefits, borage oil has gained prominence owing to higher GLA content compared to its counterparts. For instance, black current seed oil contains nearly 14% to 17% and evening primrose contains approximately 10% to 15%. On the other hand, GLA content in borage oil is approximately 20% to 25%. GLA is rich in omega-6 fatty acid which is essential for the human body, but the human body is incapable of producing the same by itself which necessitates the external supply of GLA. Borage oil benefits consumers by effectively treating and preventing health disorders pertaining to fatty acid metabolism.
Borage crop is cultivated in several countries for its seed oil. Majorly produced in Canada, New Zealand and the UK, in earlier times it was considered to belong only to the Mediterranean region. The borage oil production varies widely with some years of oversupply and some years of under-supply. Canada, which is one of the major borage seed producers has been highly unstable in the recent times. Favorable weather conditions in Canada have benefitted borage growers to a great extent as it helps them grow good quality seeds at lower costs. Nevertheless, there is a high risk of crop failure due to erratic early frost in the region. Borage seed prices lie in the range of USD 2.5 to 4 per kg and the production varies between 500 to 2000 tons per annum. Such high variations in the raw material supply and their prices are anticipated to be the major restraining the factor affecting market growth.
Market Segmentation
Global Borage Oil Application Outlook (Volume, Tons; Revenue, USD Thousand, 2014 – 2024)
• Cosmetics
• Medical
• Dietary Supplements
• Others
Global Borage Oil Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2014 – 2024)
• North America
• U.S.
• Europe
• Germany
• France
• UK
• Asia Pacific
• China
• India
• Japan
• Middle East & Africa
• Central & South America
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