The global almond oil market to grow at a CAGR of 12.62% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global almond oil market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is growing preference for online shopping. With the growth of e-commerce businesses worldwide, the vendors have the potential to increase their profitability; e-commerce accounts for approximately 12% of the world's retail trade. Online and e-commerce channels support both business-to-business (B2B) and business-to-consumer (B2C) operations.
Further, the report states that one challenge in the market is low awareness rate. The lack of awareness about essential oils is restricting the growth of the market. The popularity of major essential oils like almond oil is mostly limited to North America and Europe, while in APAC, Africa, and the Middle East, its penetration rate is low. In most developing nations in these regions, the penetration of almond oil is low owing to the low affordability and awareness in these regions. Also, the people here are reluctant to purchase the product as it is not considered to be a necessity. Also, the product visibility and availability are low, attributed largely to the poor distribution network.
According to the report, one driver in the market is increasing availability in modern retailing channels. Organized retailers have grown worldwide with the establishment of supermarkets, hypermarkets, and specialty stores. Essential oils such as almond oil are primarily sold by large organized retailers, as vendors in the market are highly dependent on large organized retailers. Supermarkets is a major distribution channel that supplies essential oils such as almond oil. Given the rise in population, the demand for these supermarkets is also growing.