The global borage oil market size reached US$ 48.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 65.6 Million by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028. The increasing research and development efforts to discover new applications and benefits of borage oil in various industries, the rapid advancements in extraction and processing technologies, and the rising interest in using the product as a functional ingredient in food and beverages for added health benefits are some of the factors propelling the market.
|Borage Oil Market Size in 2022
||US$ 48.5 Million
|Borage Oil Market Forecast in 2028
||US$ 65.6 Million
|Borage Oil Market Growth Rate (2023-2028)
Borage oil is a valuable plant-based oil derived from the seeds of the borage plant (Borago officinalis). Renowned for its rich gamma-linolenic acid (GLA) content, it is considered one of the highest natural sources of this omega-6 fatty acid. GLA is known for its anti-inflammatory properties and potential health benefits, particularly in supporting skin health and managing conditions like eczema and psoriasis. The oil also contains essential fatty acids like linoleic acid (omega-6) and oleic acid (omega-9), contributing to its nutritional profile. It is commonly used as a dietary supplement in capsules or liquid form to support skin health, hormonal balance, and overall well-being. Its potential therapeutic applications and versatility in various industries, including cosmetics and pharmaceuticals, have contributed to its popularity and demand.
The global market is majorly driven by the increasing awareness of the product's health benefits, particularly its rich gamma-linolenic acid (GLA) content. In line with this, the rising demand for natural and plant-based health supplements is significantly contributing to the market. Furthermore, the growing interest in skin health and beauty products with anti-inflammatory properties is positively influencing the market. Apart from this, the widespread product applications in the pharmaceutical and nutraceutical industries are offering numerous opportunities for the market. Moreover, the rapid product adoption in the food and beverage sector for its nutritional value is catalyzing the market. Besides, the increasing consumer preference for organic and natural products is propelling the market. Additionally, the escalating prevalence of skin-related conditions is accelerating the product demand for topical treatments.
Borage Oil Market Trends/Drivers:
The growing popularity of alternative and complementary medicine practices
The growing popularity of alternative and complementary medicine practices is bolstering the market. As consumers increasingly seek natural and holistic approaches to health and wellness, the demand for herbal remedies and supplements has risen. In alternative medicine, borage oil is valued for its therapeutic properties, particularly its high GLA content, which is believed to aid in reducing inflammation and promoting skin health. Complementary medicine practitioners often recommend this oil as a natural remedy for various skin conditions, hormonal imbalances, and inflammatory disorders. The acceptance of alternative medicine by mainstream healthcare systems and the endorsement of natural remedies by health professionals have further boosted the credibility and acceptance of this oil among consumers. As the trend towards holistic well-being grows, borage oil is positioned to witness increased demand, driven by the desire for safe, natural, and effective solutions to support overall health and address specific health concerns.
Expansion of the cosmetics and personal care industry
The expansion of the cosmetics and personal care industry is fostering the market. The demand for innovative and natural ingredients in cosmetics and personal care products has risen with the growing emphasis on self-care, beauty routines, and overall well-being. The product's rich content of gamma-linolenic acid (GLA) and other essential fatty acids makes it a valuable addition to skincare formulations. Its anti-inflammatory properties and potential benefits for skin health have garnered attention from cosmetic companies seeking effective and natural ingredients. The oil is now commonly found in a wide range of products, including moisturizers, serums, facial oils, and creams. Its versatility also extends to hair care products, contributing to hair health and shine. Moreover, the rising consumer awareness of the potentially harmful effects of synthetic chemicals has shifted preferences toward clean and natural beauty products. As the cosmetics and personal care industry expands, oil's position as a sought-after natural ingredient is expected to strengthen further.
Increasing demand for plant-based oils in the aromatherapy and natural healing sectors
The increasing demand for plant-based oils in aromatherapy and natural healing is strengthening the market. Aromatherapy, a holistic healing practice that utilizes essential oils, has gained widespread popularity due to its therapeutic benefits for mental and emotional well-being. Borage oil, with its high gamma-linolenic acid (GLA) content and anti-inflammatory properties, has found a place among these sought-after essential oils. It is valued in natural healing for its potential health benefits, including skin nourishment and hormonal balance. As consumers seek natural alternatives to support their physical and mental health, the demand for this oil for various ailments and wellness applications has grown. With its diverse applications in aromatherapy, massage oils, and topical treatments, it has established itself as a valuable and versatile plant-based oil in the natural healing and wellness industries, fueling its market expansion in these sectors.
Borage Oil Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the borage oil market report, along with forecasts at the regional and country levels from 2023-2028. Our report has categorized the market based on application.
Breakup by Application:
- Dietary Supplements
Pharmaceuticals dominates the market
The report has provided a detailed breakup and analysis of the market based on application. This includes pharmaceuticals, cosmetics, dietary supplements, and others. According to the report, pharmaceuticals represented the largest segment.
Borage oil's high gamma-linolenic acid (GLA) content and anti-inflammatory properties have garnered attention in the pharmaceutical industry. It is used in various medicinal formulations for its potential therapeutic benefits, such as reducing inflammation, managing skin disorders, and addressing hormonal imbalances.
On the other hand, borage oil's valuable properties in cosmetics have made it a sought-after natural ingredient. Its inclusion in skincare products, such as moisturizers, serums, and creams, offers nourishing benefits for the skin, promoting hydration and enhancing overall skin health.
Moreover, the dietary supplements market segment also contributes significantly to the demand for borage oil. Recognized as a rich source of essential fatty acids, including GLA, borage oil is widely used in supplement formulations to support overall well-being, hormonal balance, and heart health.
Breakup by Region:
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
North America exhibits a clear dominance, accounting for the largest borage oil market share
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
In North America, the rising awareness of natural and plant-based remedies has driven the demand for borage oil in various industries, such as pharmaceuticals, cosmetics, and dietary supplements. The region's well-established pharmaceutical and personal care industries have embraced borage oil for its potential therapeutic properties and health benefits.
On the other hand, in Europe, the growing trend towards clean and natural beauty products has contributed to the increased use of borage oil in the cosmetics industry. Additionally, the region's emphasis on holistic wellness and alternative medicine practices has driven the demand for borage oil in dietary supplements and aromatherapy applications.
Top borage oil companies are supporting the market through their commitment to quality, innovation, and customer satisfaction. These companies invest in state-of-the-art extraction and processing technologies to produce high-quality borage oil with optimal levels of gamma-linolenic acid (GLA) and other essential fatty acids. They actively engage in research and development efforts to discover new applications and potential health benefits of borage oil, expanding its use in pharmaceuticals, cosmetics, and dietary supplements. These companies prioritize sustainable and ethical sourcing practices, ensuring a consistent and reliable supply of raw materials while promoting environmental responsibility. By maintaining stringent quality control standards and obtaining relevant certifications, these companies instill confidence in consumers and business partners regarding the efficacy and safety of their products. Moreover, the top companies actively participate in global trade and networking events, fostering collaborations with distributors, retailers, and other industry stakeholders to expand market reach and drive consumer awareness. Their dedication to innovation, sustainability, and customer-centric approaches propels the market growth.
The report has provided a comprehensive analysis of the competitive landscape in the borage oil market. Detailed profiles of all major companies have also been provided.
- AOS Products Pvt. Ltd.
- Aromex Industry
- Avestia Pharma
- ConnOils LLC
- Deve Herbes
- Gustav Heess GmbH
- Icelandirect LLC
- Nature's Way Products LLC (Dr. Willmar Schwabe GmbH & Co. KG)
- Nordic Naturals Inc.
- Parchem Fine & Specialty Chemicals
- Premium Crops Ltd (Cefetra Ltd)
- Soyatech International Pty Ltd
- William Hodgson and Co
Borage Oil Market Report Scope:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Pharmaceuticals, Cosmetics, Dietary Supplements, Others
||North America, Europe, Asia Pacific, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||AOS Products Pvt. Ltd., Aromex Industry, Avestia Pharma, ConnOils LLC, Deve Herbes, Gustav Heess GmbH, Icelandirect LLC, Nature's Way Products LLC (Dr. Willmar Schwabe GmbH & Co. KG), Nordic Naturals Inc., Parchem Fine & Specialty Chemicals, Premium Crops Ltd (Cefetra Ltd), Soyatech International Pty Ltd, William Hodgson and Co, etc.
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Key Questions Answered in This Report:
- How has the global borage oil market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global borage oil market?
- What is the impact of each driver, restraint, and opportunity on the global borage oil market?
- What are the key regional markets?
- Which countries represent the most attractive borage oil market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the global borage oil market?
- What is the competitive structure of the global borage oil market?
- Who are the key players/companies in the global borage oil market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the borage oil market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the borage oil market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the global borage oil industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.