Global Babassu Oil Market - 2020-2027
Babassu oil is obtained from the seeds of the babassu tree. It is produced widely in Brazil and is considered as a key economic and industrial reProduct for the region. It has similar characteristics as coconut oil and is gradually being used as a substitute of coconut oil. The oil consists of nearly 70% lipids, with no chemicals and is cold pressed from the kernel. It is commonly used soap making and food cooking. It mixes properly with most other oils, such as other essential oils, including coconut oil, olive oil, and others.
The global babassu oil market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
The major factors propelling the growth of babassu oil market are growing demand of babassu oil in a several Distribution channels, ranging from food to pharmaceutical, pertaining similar property as coconut oil. Moreover, the rapid urbanization and rising disposable income are further rising the awareness regarding babassu oil; therefore, the adoption of babassu oil as a substitute for coconut oil in numerous Distribution channels including baking, and cooking, is increasing across the globe.
Babassu oil is used as a skin moisturizer in the cosmetic segment and as a biodiesel in numerous industrial Distribution channels. Rising demand for food on a large level with rising industrial activities in various regions is expected to increase babassu oil market in the future. With rising health awareness amongst consumers globally, especially in Asia Pacific countries, including China, India, and Malaysia is expected to impede the coconut oil market. This, in turn, is augmenting the growth of babassu oil demand during the forecast period. It has Distribution channel in food industry, such as non-drying oil in foods, skin products, and cleaners are supporting the growth of the market.
Lack of awareness concerning the health advantages of babassu oil among individuals is a key factor expected to curtail growth of the global market over the forecast period. Moreover, the easy availability of coconut oil, compared to babassu oil in emerging countries is another factor expected to hinder growth of the total market in the near future.
COVID-19 Impact Analysis
The outbreak of COVID-19 has negatively impacted the growth of the babassu oil market globally. The disruption in supply chain has majorly impacted the growth of the maket amidst the pandemic. The companies, such as Mountain Rose Herbs, has claimed that due to the COVID-19 pandemic, the company's mission and vision has moved back with almost 2 weeks. Therefore, the COVID-19 pandemic has hampered the market value of the babassu oil market in 2020.
Based on the product, the babassu oil market has been classified into organic babassu oil and conventional babassu oil.
Conventional babassu oil segment is projected to be the dominated segment in the market during the forecast period.
Conventional babassu oil dominated the global market in 2019, whereas the organic babassu oil is expected to present a considerable growth in the near future. Babassu oil is much appropriate in terms of getting rid of numerous hair and skin care problems. Therefore, the increasing usage of organic babassu oil in the organic cosmetics products manufacturing is expected to propel the segmental growth in the near future.
Babassu oil is segmented on the basis of distribution channel, which includes beauty salon, pharmacy/drugstores, specialty outlet and online retailing.
Pharmacy/drugstore is expected to dominate the babassu oil market.
Pharmacy/drugstore held the dominant position in the global market during the forecast period. Consumers recognizes babassu oil as a hair and skin treatment solution, which is supporting the segment growth during the forecast period. Moreover, the online retailing is expected to project a considerable CAGR during the forecast period. Increasing internet penetration coupled with rising consumer inclination towards convenient shopping is expected to propel the segment growth in the near future.
Based on geography, the study analyzes the babassu oil market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America is held a dominant position in the globala babassu oil market in 2019. In North America, the U.S. is expected to represent consi during the forecast period. In the U.S., the babassu oil is becoming a favorable element to support or enhance the smooth and soften skin and hair. Moreover, Latin America is expected to represent significant growth in terms of value during the forecast period. Easy availability of raw material at cocmparitively lower cost is expected to propel the market growth across the region. Babassu oil market for Asia Pacific is expected to observe rapid growth over the forecast period, backed by the growth of the commercial oil industry, especially in India and China. Moreover, increasing population and rising demand for coconut oil, owing to increasing demand for babassu oil due to its similar properties to coconut oil is gaining traction in emerging economies, such as China and India, is expected to augment the growth the Asia Pacific babassu oil market.
The babassu oil market is highly competitive, owing to the presence of big food brands. The key babassu oil players which are contributing to the growth of the global market include Shareg Co. Ltd., Guemo Co. Ltd., Aboissa Representacoes S/S Ltd., Gateway Ltd., Al-Amin Oils Ltd., Greenpuma Ltd., ETHEREAL INGREDIENTS PRIVATE LIMITED, SHRI HARI AROMATICS, ANUSHKA FRAGRANCIA, Y & R International (Wuhu) Industrial Limited and COSMO PUBLISHING LLC, among others. The major players are adopting new product launch and expansion strategies for global growth in the babassu oil market.
Nature In Bottle is a wholesale brand of Ethereal Ingredients (P) Ltd. Through Nature In Bottle, the company offer a range of premium quality organic personal care ingredients hat finds its Distribution channel in skin care, hair care, massage, spa, aromatherapy, herbalism and soap making. The other products offered by the company includes a wide range of wholesale quantities and sizes to allow its customers to purchase as much or as little as they need.
Product Portfolio: The Company's portfolio comprises essential, body butters, absolutes, hydrosols, traditional attars and among others.
The global babassu oil market report would provide access to an approx. 51 market data table, 45 figures and 221 pages.