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 .