Borage Oil Market Overview
Borage Oil Market Size was estimated at 1.5 (USD Billion) in 2022. The Borage Oil Market Industry is expected to grow from 1.57(USD Billion) in 2023 to 2.4 (USD Billion) by 2032. The Borage Oil Market CAGR (growth rate) is expected to be around 4.83% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Borage Oil Market Trends Highlighted
Borage oil is gaining higher consumption because of its therapeutic effects, therefore contributing to the borage oil market growth. The high levels of gamma-linolenic acid (GLA) within the oil make it widely used in the diet and medication. On the other hand, there has been increasing information among people on GLA, which people believe enhances the skin, reduces inflammation and improves heart functions.
Opportunities are presented in the growth of the nutraceutical and cosmetic segments. The nutraceutical market is simply participating in the growing trend of consumers seeking natural and functional constituents, whereas the cosmetic market has directed its attention towards the development of skin and hair care products for the aged. Other forces driving the market include the incorporation of borage oil in functional foods and drinks and the improvement of extraction and purification technologies.
Borage Oil Market Drivers
Rising Demand for Omega-3 Fatty Acids
Omega-3 fatty acids are essential nutrients that play a crucial role in human health, supporting brain and heart function, reducing inflammation, and improving overall well-being. Borage oil is a rich source of gamma-linolenic acid (GLA), an omega-6 fatty acid that the body converts into active prostaglandins, which are hormone-like substances involved in various physiological processes. The increasing awareness of the health benefits associated with omega-3 fatty acids has led to a surge in demand for borage oil as a natural supplement and ingredient in functional foods and beverages.The Borage Oil Market Industry is expected to witness a steady rise in demand driven by the growing popularity of omega-3 supplements and the integration of borage oil into various health-conscious products.
Growing Popularity of Plant-Based Ingredients
The shift towards plant-based diets and lifestyles has created a favorable market for borage oil. Consumers are increasingly seeking natural and plant-based alternatives to synthetic ingredients, and borage oil fits perfectly into this trend. Its rich nutrient profile, including omega-6 GLA, antioxidants, and vitamins, makes it an attractive choice for manufacturers of vegan and vegetarian products. The growing demand for plant-based foods and beverages is expected to drive the growth of the Borage Oil Market Industry over the coming years.
Expansion of Pharmaceutical and Cosmetic Applications
Borage oil has gained significant traction in the pharmaceutical and cosmetic industries due to its therapeutic properties. In pharmaceuticals, borage oil is used as an active ingredient in supplements and medications for treating inflammatory conditions, skin disorders, and hormonal imbalances. Its anti-inflammatory properties make it effective in reducing pain and swelling associated with arthritis and other inflammatory diseases. In cosmetics, borage oil is incorporated into skincare products such as moisturizers, serums, and anti-aging creams.Its moisturizing and antioxidant properties help improve skin hydration elasticity and reduce the appearance of wrinkles.
Borage Oil Market Segment Insights
Borage Oil Market Nature Insights
The borage oil market is segmented into organic and conventional based on its nature. The organic segment is expected to exhibit strong growth in the coming years, with consumers increasingly preferring natural and organic products. The demand for organic borage oil is primarily driven by the health advantages it offers, such as being anti-inflammatory and antioxidant. Moreover, the rising awareness about the harmful impacts of conventional farming is likely to drive the growth of the organic segment. In 2023, the organic segment contributed around 30% of the borage oil market revenue.This share is anticipated to grow to 35% by 2032 at a CAGR of 4.5%. The growth of the organic segment will possibly be driven by the growing disposable income of the substantial proportion of consumers from the Western world, who are prepared to pay a premium for organic products. On the other hand, the conventional segment of the borage oil market is expected to grow steadily. The growth of the conventional segment is primarily driven by the low cost of production and wider availability of conventional borage oil. However, the growth of the conventional segment will be restricted by the intense competition from the organic segment.Overall, the borage oil market presents robust growth prospects in the coming years due to the growing demand for organic products and the increasing awareness about the many health benefits of borage oil.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Borage Oil Market End-Use Insights
The Borage Oil Market is segmented by End Use into Pharmaceutical, Cosmetics, Food and Beverage, and Animal Feed. The Pharmaceutical segment is expected to hold the largest market share in 2023, with a valuation of USD 0.79 billion. This is due to the increasing demand for borage oil in the treatment of various health conditions, such as eczema, arthritis, and cardiovascular diseases. The Cosmetics segment is expected to register a CAGR of 4.9% during the forecast period, reaching a valuation of USD 0.46 billion by 2032. This growth is attributed to the rising popularity of natural and organic cosmetics, as well as the increasing awareness of the benefits of borage oil for skin and hair health.The Food and Beverage segment is expected to reach a valuation of USD 0.35 billion by 2032, while the Animal Feed segment is expected to reach a valuation of USD 0.22 billion by the same year.
Borage Oil Market Applications Insights
The applications segment is a crucial aspect of the Borage Oil Market segmentation. Borage oil finds diverse applications in various industries, including skincare, haircare, pharmaceuticals, and food and beverages. In 2023, the skincare segment held the largest market share, driven by the rising demand for natural and organic skincare products. The anti-aging and anti-inflammatory properties of borage oil make it a popular ingredient in anti-aging creams, serums, and lotions. Its ability to soothe and calm the skin makes it beneficial for treating skin conditions like eczema and psoriasis.The haircare segment is another significant application, with borage oil being used in shampoos, conditioners, and hair masks. Its nourishing properties help strengthen hair, reduce breakage, and promote hair growth. The antioxidant properties of borage oil make it a valuable ingredient in dietary supplements and functional foods. It helps protect cells from oxidative damage and supports overall health and well-being. The Borage Oil Market is expected to witness steady growth in the coming years, fueled by increasing consumer awareness about the health benefits of borage oil and its applications across various industries.
Borage Oil Market Delivery Form Insights
The Borage Oil Market segmentation by delivery form comprises Liquid, Powder, and Capsule. Among these, the Liquid segment held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The growth of the segment can be attributed to the increasing demand for borage oil in liquid form for various applications, including dietary supplements, cosmetics, and pharmaceuticals. The Liquid segment is expected to reach a market value of USD 1.24 billion by 2032, exhibiting a CAGR of 4.6% during the forecast period.The Powder segment is anticipated to witness a significant CAGR of 5.2% during the same period, owing to the rising demand for borage oil powder in the food and beverage industry as a natural preservative and flavoring agent. The Capsule segment is also projected to grow steadily, driven by the increasing popularity of borage oil capsules as a convenient and effective way to consume borage oil.
Borage Oil Market Distribution Channel Insights
The distribution channel segment plays a crucial role in driving the Borage Oil Market growth. The market is segmented into three primary distribution channels online, retail, and pharmacies. Online The online channel has witnessed significant growth in recent years, owing to the increasing popularity of e-commerce platforms. The convenience, wide product selection, and competitive pricing offered by online retailers have attracted a large consumer base. Retail Retail stores, including supermarkets, hypermarkets, and specialty stores, account for a substantial portion of the Borage Oil Market revenue.These stores offer consumers the opportunity to examine the products physically, seek expert advice, and make purchases on the spot. Pharmacies Pharmacies serve as a key distribution channel for borage oil, especially for consumers seeking health supplements and natural remedies. Pharmacists provide professional advice and guidance, ensuring that consumers make informed decisions about their purchases. The Borage Oil Market segmentation data indicates that the online channel is projected to grow at the fastest rate during the forecast period.This growth can be attributed to the increasing penetration of the internet, the proliferation of smartphones, and the growing consumer preference for online shopping.
Borage Oil Market Regional Insights
The Borage Oil Market segmentation by region includes North America, Europe, APAC, South America, and MEA. North America held the largest share in the Borage Oil Market in 2023, accounting for over 35% of the market revenue. The region's large consumer base, high disposable income, and well-established healthcare infrastructure contribute to its dominance. Europe is another significant region in the Borage Oil Market, with a market share of around 28% in 2023. The region's aging population and increasing awareness of the health benefits of borage oil drive market growth.APAC is projected to witness the fastest growth in the Borage Oil Market during the forecast period, with a CAGR of 5.2% from 2024 to 2032. The rising demand for natural and organic products in the region, coupled with the increasing prevalence of chronic diseases, is fueling market expansion in APAC. South America and MEA are expected to contribute a smaller but steady share to the Borage Oil Market in the coming years.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Borage Oil Market Key Players and Competitive Insights
Major players in the Borage Oil Market industry are focusing on expanding their product portfolio by introducing new and innovative products. Leading Borage Oil Market players are also focusing on increasing their production capacity to meet the growing demand for Borage oil. Borage Oil Market development is being driven by the increasing awareness of the health benefits of borage oil. Borage oil is a rich source of gamma-linolenic acid (GLA), which is an essential fatty acid that the body cannot produce on its own. GLA has been shown to have a number of health benefits, including reducing inflammation, improving skin health, and supporting heart health. The Borage Oil Market Competitive Landscape is expected to remain competitive in the coming years, with major players focusing on innovation and expansion to gain market share.NOW Health Group, Inc. is a leading company in the Borage Oil Market. The company offers a wide range of borage oil products, including capsules, softgels, and liquid supplements. NOW Health Group, Inc. also offers a variety of other health and wellness products, including vitamins, minerals, herbs, and sports nutrition products. The company's products are sold in over 60 countries around the world.Swanson Health Products is a competitor company in the Borage Oil Market. The company offers a variety of borage oil products, including capsules, soft gels, and liquid supplements. Swanson Health Products also offers a variety of other health and wellness products, including vitamins, minerals, herbs, and sports nutrition products. The company's products are sold in over 40 countries around the world.
Key Companies in the Borage Oil Market Include
- Income Organics
- Fibromex
- KD Pharma Group
- Zhiheng Biol
- Borago Officinalis
- Flavine International
- Borage Farmers
- Livrotech
- Ribu
- NutriGlobe
- Zhongshi Pharmaceutical
- EFAsalute
- Nature's Blends
- Nevskifarm
- Herbaland
Borage Oil Market Industry Developments
The borage oil market is projected to reach USD 2.4 billion by 2032, exhibiting a CAGR of 4.83% during the forecast period (2024-2032). Rising demand for borage oil in the pharmaceutical and cosmetic industries is primarily driving the market growth. Borage oil is a rich source of gamma-linolenic acid (GLA), an essential fatty acid with anti-inflammatory properties. Recent studies have shown that GLA can help improve skin health, reduce joint pain, and boost the immune system.Key industry participants are focusing on expanding their production capacities and geographical reach to cater to the growing demand. For instance, in 2023, Cargill announced plans to invest USD 50 million to expand its borage oil production facility in Europe.The market is also witnessing the emergence of new applications for borage oil. For example, research is ongoing to explore the use of borage oil in the treatment of cancer and neurodegenerative diseases. These developments are expected to drive market growth in the coming years further.
Borage Oil Market Segmentation Insights
- Borage Oil Market Nature Outlook
- Borage Oil Market End-Use Outlook
- Pharmaceutical
- Cosmetics
- Food and Beverage
- Animal Feed
- Borage Oil Market Applications Outlook
- Anti-aging
- Anti-Inflammatory
- Skincare
- Antioxidant
- Haircare
- Borage Oil Market Delivery Form Outlook
- Borage Oil Market Distribution Channel Outlook
- Borage Oil Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.5(USD Billion) |
| Market Size 2023 |
1.57(USD Billion) |
| Market Size 2032 |
2.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.83% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Income Organics, Fibromex, KD Pharma Group, Zhiheng Biol, Borago Officinalis, Flavine International, Borage Farmers, Livrotech, Ribu, NutriGlobe, Zhongshi Pharmaceutical, EFAsalute, Nature's Blends, Nevskifarm, Herbaland |
| Segments Covered |
Nature, End Use, Applications, Delivery Form, Distribution Channel, Regional |
| Key Market Opportunities |
Growing demand for natural supplements, Increasing awareness of health benefits, Expansion into nutraceutical applications, Rising demand for personal care products, Potential for new product innovations |
| Key Market Dynamics |
Rising demand for natural supplements, Increased awareness about the health benefits of borage oil, Technological advancements in extraction and processing methods, The growing popularity of borage oil in skincare and cosmetics, Â Expansion of ecommerce channels for borage oil distribution. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The borage oil market is expected to be valued at approximately 1.57 billion USD in 2023.
The borage oil market is anticipated to register a CAGR of 4.83% from 2024 to 2032.
North America is expected to dominate the borage oil market in 2023, accounting for a significant share of the overall market revenue.
Borage oil is primarily used in the nutraceutical and personal care industries, with applications in dietary supplements, skin care products, and cosmetics.
Some of the prominent players in the borage oil market include Borage King, Borago Officinalis L., and Horphag Research.
The increasing demand for natural and plant-based ingredients in dietary supplements and personal care products is a key factor driving the growth of the borage oil market.
Fluctuations in raw material prices and the availability of substitutes may pose challenges to the growth of the borage oil market.
The borage oil market is projected to reach approximately 2 billion USD by 2028.
The borage oil market is anticipated to be valued at around 2.4 billion USD by 2032.
The nutraceutical segment is expected to witness the highest growth rate in the borage oil market, driven by the rising demand for natural supplements.
