Walnut and its by-products have been in use for medicinal and cosmetic purposes since long, and walnut oil is one of the most prominently used walnut products. The prevalence of walnut oil as a natural ingredient in personal care and cosmetic products has witnessed an upward trend, and this is expected to continue over the forecast period. With increased consumer spending capacity and changing consumer purchasing patterns, the perception of walnut oil as an expensive product has been gradually changing, and this has affected the walnut oil market positively.
The walnut oil market has been segmented on the basis of end use, distribution channel, nature, and geography. On the basis of end use, the walnut oil market is segmented into food & beverages, cosmetics & personal care, nutritional supplements, aromatherapy and pharmaceuticals, and other industrial uses. Among these segments, the aromatherapy and pharmaceuticals segment holds the highest market share in the walnut oil market, and is expected to register the highest growth rate among all the segments, owing to an increased preference for alternative therapies. Depending upon nature, the walnut oil market can be segmented into organic and conventional. Among the two, the conventional segment holds the major share by value and volume, due to the higher pricing of organic walnut oil and availability issues. The organic segment of walnut oil is on the rise as well, owing to the increased preference for organic products. On the basis of distribution channel, the walnut oil market can be segmented into business to business, hypermarkets/ supermarkets, e-Commerce, and other retail formats. Among these, the supermarkets/ hypermarkets segment is the most prominent one, owing to the availability of walnut oil in its native form throughout hypermarkets and supermarkets, majorly. The business to business segment holds the second-largest share in the walnut oil market, but is expected to lose significant market share, as the use of the native form of walnut oil is increasing by the day.
Market Regional Outlook
On the basis of regional segmentation, the market for walnut oil is segmented into five different regions: Latin America, North America, Europe, the Middle East and Africa, and Asia Pacific. Out of these, the North American region dominated the walnut oil market, and is predicted to continue to do so for a long period of time. The U.S. is the largest consumer in North America, for domestic and industrial applications as well. The U.S. is also one of the largest walnut producers in the world, but that doesn’t necessarily translate into walnut oil production, since a majority of walnut is exported to Latin America for cost feasibility in walnut oil processing. Increasing GDP in developing countries is enabling consumers to opt for walnut oil as a healthcare and personal care product. Europe, being a matured market for oils and allied products, is expected to lose its market share by less than 1% over the forecast period.
The rising demand for cosmetic products from developing countries, combined with the increased incorporation of natural oils into cosmetic products has proven to be one of the influential driving factors for the walnut oil market. Increased health food trends have also resulted in healthy oil being chosen for food preparation and dressings, one of them being walnut oil. This has certainly increased the demand for walnut oil from the food and beverages segment.
The increased preference for alternative forms of therapies and medicines has had a huge impact on the aromatherapy industry. Walnut oil is largely used as a carrier oil in aromatherapy, owing to its neutral odor profile. The growth in the aromatherapy sector directly translates to the growth in the walnut oil market. This desirable property of walnut oil has also resulted in the demand for walnut oil being driven up from the perfume industry.
Increased consumer awareness resulting in an increased preference of consumers towards natural ingredients in cosmetic products, and an increased do-it-yourself trend have resulted in the demand for native walnut oil being surged in the market. Consumers prefer to purchase walnut oil and use it in its native form for personal care, rather than purchasing cosmetic products incorporating walnut oil. Apart from this, a healthy approach to food preparation has resulted in the increased demand for walnut oil from the food and beverage industry for use as dressings for salads and desserts. It adds to the nutritional value as well as provides a richer taste profile.
Market Key Players
Some of the key players in the walnut oil market are Gustav Heess GmbH, Proteco Oil, Caloy, Inc., Henry Lamotte OILS GmbH, La Tourangelle, Truly Essential, Aromax industry, Granary Oil Company, Paducah Olive Oil Company, Tarpon Springs Olive Oil Company, Azienda Agricola La Masetta, Uncle Joe's Factory, Royal Nut Company, Nuts.com, Eataly Net S.r.l., Alnor Oil Company and others.
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