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(MoneyNewsWire.Net, May 18, 2018 ) The Latin America Almond Oil Market was worth USD 110 million in 2016 and estimated to be growing at a CAGR of 12. 4%, to reach USD 200 million by 2021. The market is showcasing evident potential in the mentioned forecasting period. The market continues to gain momentum with the rapid development in the cosmetics industry.
Almond oil is vital oil obtained from extracting almonds and is used as an ingredient for cosmetic preparations, for adding flavour, and for its medicinal properties. The almond oil can be colourless or pale yellow or yellow, and is prepared by using various techniques.
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The growing demand for aromatherapy is a major driver for market growth. Aromatherapy involves the usage of essential oils for a variety of health conditions and becoming popular among spa customers. Another drivers for the market growth are increasing preference for online shopping leading to higher profit margins, and rising number of retailing channels. However, lack of awareness and low affordability proves to be a major challenge for Almond Oil market in some regions.
The Latin America Almond Oil Market is segmented on the basis of Product into Sweet Almond Oil and Bitter Almond Oil. On the basis of Application, the market is segmented into Cosmetics and Food.
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On the basis of geography, the Latin America market is analysed under various regions namely China, India, Japan and South Korea. The Latin America consists of many developing countries and thus contributes very little to the global almond oil market. However, with growing disposable economies and increased awareness the market will grow significantly in future years.
Some of the major companies dominating the market, by their products are AAK, Frontier Natural Products, Flora, Oil Seed Extractions, Proteco, Bajaj, Dabur and Caloy .
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