Rockville, June 29, 2023 (GLOBE NEWSWIRE) -- The global balanos oil market is estimated to be valued at US$ 123.5 million in 2023 and is expected to expand at a CAGR of 4.7% during the forecast period from 2023–2033.
Balanos oil, known for its long-standing historical usage and numerous benefits for the human body, has now gained global recognition. Its distinctive aroma makes it the highly sought-after ingredient in various industries such as perfumery and traditional medicine.
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The medicinal properties of spices have played a significant role in pioneering the essential oils market including balanos oil. Manufacturers are compelled to integrate balanos oil into the production of innovative aromatic and flavored products, capitalizing on its promising antibacterial properties and ability to enhance flavors.
With the rising awareness regarding health and well-being, individuals started investing in products that ensure good health and well-being creating a plethora of growth opportunities for the personal care products and oils including balanos oil. Balanos oil due to its aromatic and medicinal properties gaining traction in the formulation of perfumes or herbal oil or related products. This is likely to drive the balanos oil market in the coming years.
Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2033) | US$ 195.6 Million |
| Growth Rate (2023-2033) | 4.7% CAGR |
| No. of Pages | 140 pages |
| No. of Tables | 56 Tables |
| No. of Figures | 54 Figures |
Key Takeaways from Market Study
- The global balanos oil market is projected to expand at a CAGR of 4.7% and be valued at US$ 195.6 million by 2033
- The market witnessed a 3.4% CAGR for the period of 2018–2022
- Under the application segment, cosmetics & personal care is likely to dominate the market with a market share of 47.0% in 2023
- North America is estimated to dominate the market with a 41.3% market share in 2023
- Based on region, Oceania and North American balanos oil market is expected to grow at CAGRs of 3.8% and 4.7%, respectively
“Statutory Compliance of Essential Oil Manufacturers to Intensify the Global Balanos Oil Market during the Forecast Period” says a Fact.MR analyst.
Key Companies Profiled This Report
- AU natural organics
- Desert Date Co.
- Lope tree
- Natural AWA
- Niceshops GmbH
- O&3
- Shea Terra Organics
- Toogga
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Market Development
The surging demand for essential oils has significantly impacted the strategic directions of numerous industry players, including Toogga, Shea Terra Organics, Natural AWA, and others, who have incorporated balanos oils into their extensive portfolios.
In order to curb the demand pool and gain high-profit margins manufacturers or balanos oil distributors are expanding their market presence and establishing long-term trade relations with raw material suppliers and end-users to increase their market share and survive long in unfavorable trade situations.
Segmentation of Balanos Oil Industry Research Report
- By Application :
- Perfume
- Cosmetics and Personal Care
- Others (Medicinal, Cooking)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global balanos oil, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of application (perfume, cosmetics & personal care, others (medicinal and cooking)) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
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