According to a new report published by Allied Market Research, titled, “Global onion oils market by product type, end user, distribution channel, and region: global opportunity analysis and industry forecast, 2021–2030,” The global onion oil market was valued at $40.2 million in 2020, and is projected to reach $112.6 million by 2030, registering a CAGR of 10.9% from 2021 to 2030.Onion oil device is a type of hair care product that helps to rejuvenate skin , treat hair loss, reduces scalp issues , and others by boosting the production of collagen. In addition to this, surge in youth population, improved lifestyle, and rise in disposable income of individuals in developing countries are anticipated to offer immense opportunities for market players during the forecast period. Nowadays, onion oil is gaining popularity among the consumers to prevent hair loss, avoiding hair breakage , and others. This in turn has propel the demand for onion oils from the consumers contributing in driving the onion oils market growth in terms of value sales.
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The outbreak of coronavirus has negatively impacted the onion oils industry along with all stages of supply chain and value chain. Presently, the supply chain is far more complex as compared to what it was a decade ago. The COVID-19 pandemic has not only hampered production facilities but also disrupted supply chains such as material suppliers and distributors of the onion oils market globally, resulting in loss of business, in terms of value sales. Moreover, concerns of hair loss have been high among millennials, specifically in Asia-pacific region. They are keen to try hair products and services including onion oil that are new in the market and promotes healthy hair growth and controls hair related issues. This in turn has driven the growth of onion oil market.
Furthermore, by distribution channel, the online store segment is anticipated to be the fastest growing segment, in terms of value sales during the forecast period. This is attributed to the fact that e-commerce is becoming a popular medium for purchase of hair care products including onion oils among customers. This is attributed to easy availability of onion oils and benefits provided by these stores such as information about product functional attribute, time-saving features, and facility of home delivery to customers.
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The global onion oil market segments are categorized into nature, end user, distribution channel, and region. By nature, it is classified into conventional and organic. By End user, it is divided into men and women. On the basis of distribution channel, it is segregated into specialty store, supermarket/hypermarket, online store, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Australia & New Zealand, Japan, South Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Argentina, and Rest of LAMEA).
Key findings of the study
- By nature, the conventional segment accounted for the highest market share in 2020, growing at a significant CAGR from 2020 to 2030.
- By end user, the female segment accounted for the highest onion oils market share in 2020, growing at a CAGR of 10.7% from 2020 to 2030.
- By distribution channel, the supermarket/hypermarket segment accounted for the highest market share in 2020, growing at a CAGR of 10.3% from 2020 to 2030.
- By Region, North America occupied the maximum share in the market in 2020 and is expected to be the dominating segment during the onion oils market forecast period.
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Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. In the recent past, many leading players opted for product launch as a business strategy to strengthen their foothold in the market. To understand the key onion oils market trends of the market, strategies of leading players are analyzed in the report. Some of the key players in the onion oils market analysis Authentic Oil Co. , Au Natural Organics, Alphanso Products Private Limited, Essentially Australia, Hindustan Hills, Luxura Business Private Limited, Honasa Consumer Pvt. Ltd.(Mama Earth), Meena Perfumery, Soulflower India Private Limited, and TNW International Pvt. Ltd..
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