Borage Oil Market Fundamental Dynamics & Comprehensive Assessment to 2029 | Detailed Study on Impact of Russia Ukraine War on Borage Oil Industry
The global borage oil market size is expected to showcase substantial growth owing to the increasing prevalence of skin diseases such as eczema and the growing consumption of natural supplements that include products such as borage oil across the globe. This information is published by Fortune Business Insights in its upcoming report, titled, “Borage Oil Market Size, Share & Industry Analysis, By Application (Cosmetics, Medicines, Nutritional supplements, Others) and Regional Forecast, 2019-2026.”
The COVID-19 pandemic has led to severe repercussion owing to its widespread effects across several economies. Various industries are facing unprecedented losses owing to the lockdown announced by the governments across the globe that has further resulted in the complete shutdown of businesses. The crippling economy, however, is being revived through collective efforts from the government, as well as the industries and is expected to bounce back in the coming years.
Impact of Russia-Ukraine War Implication
The Russia-Ukraine war could change the market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
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Borage oil is derived from the seeds of the Borago plant. The oil is primarily made of the essential fatty acid gamma-linolenic acid (GLA) and aid in regulating the immune system of the body and further fight joint inflammation. Apart from this, it has medicinal properties such as anti-thrombotic and anti-inflammatory properties and widely adopted across several industrial applications.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect the market growth. The report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies. It further mentions the strategies adopted by them, such as to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Prevalence of Skin Disorders to Spur Demand
According to the World Health Organization (WHO), skin diseases are one of the most common health ailments that affect about 900 million people across the globe at any given time. The increasing incidence of skin diseases is propelling the demand for borage oil that has healing properties to treat atopic eczema. In addition to this, the rising youth population is driving the demand for cosmetic products that contains the oil for acne treatment and to keep skin smooth and rejuvenating. These factors, combine with the increasing R&D activities to develop novel products by the companies is expected to contribute to the growth of the global borage oil market in the forthcoming years.
Increasing Consumption of Natural Supplements in Asia-Pacific to Surge Demand
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the largest global borage oil market share in terms of revenue during the forecast period. This dominance is attributable to the increasing adoption of natural supplements that contain borage oil owing to the rising number of youth population in the region.
The market in Europe is expected to experience a significant growth backed by the increasing number of fitness-enthusiasts and the growing consumption of nutritional supplements owing to the hectic lifestyles that is expected to boost the demand for the product in the region between 2019 and 2026.
Jiangxi and Avestia Focus on Launching Innovative Products to Leverage Market Opportunities
The global borage oil market presents promising opportunities that are being leveraged by major companies such as Avestia Pharma, and Jiangxi Baico, among others. The companies are focusing on developing innovative borage oil products to brighten their market prospects and maintain stronghold. The adoption of strategies such as collaboration, partnership, and merger and acquisition by key players is anticipated to further contribute to the market growth during the forecast period.
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- July 2020 – MUTHA announces the launch of its new product, MUTHA Face Oil. According to the company, the oil is a type of quick-absorbing moisturizer that contains ingredients such as borage oil, Kalahari seed oils, and camellia japonica.
List of the Companies Operating in the Global Market for Borage Oil:
- BO International
- Gustav Heess GmbH
- Jiangxi Baicao Pharmaceutical Co., Ltd
- ConnOil LLC
- Aos Product Pvt. Ltd.
- K Enterprise
- Parchem fine & specialty chemicals
- William Hodgson and Co.
- Avestia Pharma
- Jiangxi Baicao Pharmaceutical Co., Ltd.
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