Rise in air pollution, increase in number of millennials, and surge in disposable income among individuals drive the growth of the global onion oil market. Based on nature, the conventional segment accounted for the major share in 2020. By region, on the other hand, the market across Asia-Pacific would manifest the fastest CAGR by 2030.
According to the report published by Allied Market Research, the global onion oil market was estimated at $40.2 million in 2020 and is expected to hit $112.6 million by 2030, registering a CAGR of 10.9% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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Key market players operating in the onion oil market have adopted key developmental strategies such as product launch to fuel demand for onion oil in the market, in terms of value sales. In addition, they have also emphasized on continuous innovations in their products to maintain a strong foothold in the market and to boost onion oil demand globally. In addition, to cater to the rising needs from the beauty conscious consumers, manufacturers are continuously developing innovative onion oil for both home use and commercial use.
CXOs further added that rising hair related issues such as hair loss, baldness, itchy scalp and other problems among individuals as well as working class professionals propels growth of the onion oil market. The industry has recently observed an emerging trend of men using hair care products to enhance their physical appearance and resolve their hair related problems. Use of onion oil by male consumers is expected to eventually increase and in turn supplement growth of the global onion oil market in terms of value sales.
Moreover, hair care products including onion oil have witnessed prominent adoption in the developing as well as developed countries such as India, Australia and others, owing to swift change in consumer lifestyle, increase in disposable income, and surge in need for hair care products that’s aid in rejuvenating the skin and preventing hair loss and others. Furthermore, increase in penetration of various online portals globally and rise in number of offers or discounts attract large consumer base to purchase onion oil through online channels. Moreover, online sales channel has increased consumer reach, making it key source of revenue for many companies.
The global onion oil market is analyzed across nature, end user, distribution channel, and region. Based on nature, the conventional segment accounted for the major share in 2020, holding 87% of the global market. The organic segment, however, would exhibit the fastest CAGR of 12.6% throughout the forecast period.
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Based on end user, the women segment generated the highest share in 2020, accounting for around two-thirds of the global market. The men segment, on the other hand, would cite the fastest CAGR of 11.2% from 2021 to 2030.
Based on region, the market across Asia-Pacific held the lion’s share in 2020, garnering more than one-third of the global market. The Europe region, simultaneously, is expected to cite the fastest CAGR of 12.7% by the end of 2030. The other provinces studied in the report include North America and LAMEA.
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The key market players analyzed in the global onion oil market report include Authentic Oil Co., Au Natural Organics, Honasa Consumer Pvt. Ltd.(Mama Earth), TNW International Pvt. Ltd. Alphanso Products Private Limited, Essentially Australia, Hindustan Hills, Luxura Business Private Limited, Meena Perfumery, and Soulflower India Private Limited. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global onion oil market from 2020 to 2030 to identify the prevailing market opportunities.
- The key countries in all the major regions are mapped based on their market share.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry. Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of market players.
- The report includes the analysis of the regional as well as global onion oil market, key players, market segments, end use, and growth strategies.
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.