The global market size for black seed oil will witness exponential growth owing to rising consumer inclination towards organic products coupled with high awareness about physical fitness and health. Also, increasing understanding about the impacts of chemical-based drugs will increase the product demand.
According to a recent research report by Global Market Insights, Inc., the global black seed oil market size will be recorded at over USD 30 million by 2027.
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This remarkable growth in black seed oil market is primarily attributed to its numerous benefits and qualities like; low calorific value and a rich source of unsaturated fatty acids. Other notable properties enriched in black seed oil are antioxidants, anticoagulants, antivirals, anti-inflammatory, immunomodulatory and antitussive.
Owing to such properties and diverse components, black seed oil can be used in various applications and sectors including pharmaceutical, cosmetics, functional foods, and nutraceuticals. Of these, the pharmaceutical sector is predicted to encourage a significant demand for black seed oil. The key factor is responsible for this demand is the rising consumer desire for natural components in medicines to reduce their negative effects on the human body.
Furthermore, black seed oil’s bronchodilatory qualities and capacity to cure viral respiratory infections will penetrate its demand for treating asthma and decreasing the severity of COVID. Along with that, the presence of thymoquinone in the product, which can control tumor growth in the human body, suggests that it might be used in the medications of cancer treatment.
On the regional front, due to the increased demand for products from the personal care & cosmetics industry, Europe black seed oil market is predicted to rise significantly in the coming years. In fact, between 2021 and 2027, the European market for the product is projected to rise at a CAGR of 7.5%. Increased skin and scalp problems such as dry or itchy skin, psoriasis, pimple, dandruff, and acne have captured consumer attention towards cosmetic goods with anti-inflammatory and cooling characteristics. Which in turn will increase demand for black seed oil market and boost the market growth in the region.
While on topic, the haircare market for black seed oil in 2020 has accounted for annual revenue of USD 2.5 million. The growing tendency of consumers towards the usage of organic personal care products is also projected to boost product sales.
The rising penetration of chronic diseases such as high blood pressure, cholesterol, diabetes, and arthritis due to unhealthy lifestyles is making people conscious of their health and body fitness. As a result, to improve immunity and metabolism, the popularity of dietary supplements is highly increasing. On account of this, the industry size for black seed oil in the form of capsules is anticipated to rise at a CAGR of 6.5% through 2027.
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Besides, the major players in the industry are also investing extensively in research and development programs to create technologically enhanced processes for extracting black seeds. Moreover, to fulfill the consumer demands in the market key participants are concentrating on the strategic growth of their production activities.
For instance, Sabinsa Corporation signed a memorandum of understanding (MOU) with Japan External Trade Organization (JETRO) in October 2018 to promote its growth goals in Japan.
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