Almond Oil Market Size, Share, Growth Analysis, By Type(Sweet Almond Oil and Bitter Almond Oil), By Application(Cosmetics & Personal Care and Pharmaceuticals) - Industry Forecast 2024-2031

Global Almond Oil Market size was valued at USD 3.10 billion in 2022 and is poised to grow from USD 3.51 billion in 2023 to USD 9.39 billion by 2031, growing at a CAGR of 13.10% during the forecast period (2024-2031).

The global market for almond oil is projected to witness significant growth due to increasing consumer awareness regarding the detrimental effects of synthetic chemicals commonly found in cosmetics, such as parabens and phthalates. This growing awareness is driving the adoption of almond oil as a natural and functional ingredient in the formulation of personal care products. In recent years, consumers have become more conscious of their health and nutrition, leading to a surge in demand for natural and organic products. This trend includes a preference for non-GMO, plant-based ingredients and products with clean labels. Additionally, changing lifestyles and improving living standards, particularly in emerging economies like India and China, have created new opportunities for almond oil in the market. Stringent regulations, including bans on harmful chemicals in cosmetics, coupled with initiatives promoting the use of organic and natural ingredients in personal care products, will further boost prospects for market players. Almond oil stands out as an excellent source of vitamin E, omega fatty acids, minerals, phytosterols, and unsaturated fatty acids. These properties contribute to its exceptional moisturizing abilities, making it highly beneficial for aromatherapy applications. To meet the increasing demand from consumers, key manufacturers are introducing new products in the market. For example, Wikka, a skincare brand specializing in aromatherapy, launched a range of products in June 2015 specifically designed for the monsoon season. These products, such as Beauty Potion, Blemished Skin Exfoliate, and Hair Nourishing Potion, utilize enriched extracts of almond, avocado, wheat germ milk, and aloe vera. Notably, these offerings are derived from natural sources and are free from harmful chemicals, making them ideal for aromatherapy purposes.

US Almond Oil Market is poised to grow at sustainable CAGR for the next forecast year.