Nevertheless, there is a high risk of crop failure due to erratic early frost in the region. Borage seed prices lie in the range of USD 2.5 to 4 per kg and the production varies between 500 to 2000 tons per annum. Such high variations in the raw material supply and their prices are anticipated to be the major restraining the factor affecting market growth.
Application Insights
In 2015, medical application segment constituted for more than 35.0 % of the overall borage oil demand. Borage oil aids in the treatment of serious diseases including obesity, eczema, rheumatoid arthritis, heart disease, premenstrual syndrome, cough, stroke, depression, asthma and diabetes. Borage oil is used as a combination with other base oils in the nutraceutical segment. Additionally, it is used as anti-inflammatory drugs. With the market growing at a CAGR of above 5 %, along with being the largest segment, the medical sector is anticipated to be the fastest-growing application over the forecast period. Further, borage oil capsules that have several health benefits are also available in the market.
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Borage oil is widely used in the cosmetics segment including cleansers, moisturizers, skin care and anti-aging products, hair treatment and body care owing to their antioxidant and anti-inflammatory properties. It is used as food additives in functional foods, meal supplement and breakfast cereals.
Regional Insights
Borage oil has widespread usage across cosmetics and pharmaceuticals industry witness major demand in the Asia Pacific region. Asia Pacific borage oil market dominated the market and contributed to over 30 % of overall demand in 2015. This huge demand can be ascribed primarily to growing production levels of pharmaceutical drugs, cosmetics and nutraceuticals. Pharmaceutical and cosmetic manufacturers have been focusing on developing countries such as India, China and Indonesia as their major manufacturing units. This has propelled demand for raw material supplies in the region.
Borage oil market in North America is anticipated to be driven on account of growing demand for natural and organic cosmetics. North America starflower oil market is projected to grow at an estimated CAGR exceeding 5 % in the next eight years. Constant efforts by research institutions in order to identify the medical potential of borage oil are anticipated to improve the overall consumption level from 2016 to 2024. Additionally, the region has been concentrating on enhancing starflower oil consumption in food application such as functional food additives and dietary supplements.