Wilmington, Delaware, April 18, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Walnut Oil Market Size, Share, Competitive Landscape and Trend Analysis Report by Grade, by Application, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global walnut oil market generated $925.4 million in 2022, and is anticipated to generate $1,718.8 million by 2032, rising at a CAGR of 6.6% from 2023 to 2032.
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Prime Determinants of Growth
The growing usage of walnut oil as a dietary supplement and the rising preference of people for vegan snacks along with the increasing popularity of plant-based diets are the factors expected to drive the growth of the global walnut oil market in the forecast period from 2023 to 2032. However, the high production costs due to processes involving manual harvesting, careful drying, and specialized packaging may restrict market growth in the coming future. On the contrary, the growing demand for natural & nutritional ingredients in cosmetics and the increasing awareness regarding the health benefits of walnut oil are expected to offer remunerative opportunities for the expansion of the walnut oil market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $925.4 million |
| Market Size in 2032 | $1,718.8 million |
| CAGR | 6.6% |
| No. of Pages in Report | 300 |
| Segments covered | Grade, Application, Distribution Channel, and Region |
| Drivers |
|
| Opportunities |
|
| Restraints | Higher production costs |
COVID-19 Scenario
- The global walnut oil industry experienced supply chain disruptions due to the COVID-19 pandemic, affecting production and raw material availability. Consumer habits shifted, with an increase in online shopping and a preference for health-conscious products influencing walnut oil demand.
- Besides, the economic downturn impacted consumer spending on non-essentials, affecting the market. Industry players responded by focusing on digital sales, innovative packaging, and marketing strategies.
- However, post-pandemic, the market is rebounding as health consciousness rises, with a focus on natural and nutritious products, wellness, and sustainability shaping a positive outlook.
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Grade: Pharma Grade Sub-segment to Flourish Immensely by 2032
The pharma grade sub-segment accounted for the largest global walnut oil market share of 47.7% in 2022 and is expected to hold major share by 2032. This dominance is mainly due to its high content of omega-3 fatty acids and antioxidants, making it valuable in pharmaceutical applications for managing cholesterol and providing antioxidant benefits. The trend toward natural ingredients in the pharmaceutical industry, coupled with growing consumer awareness of holistic health solutions, significantly drives the growth of this sub-segment.
Application: Pharmaceuticals and Nutraceuticals Sub-segment to Hold Major Market Share by 2032
The pharmaceuticals and nutraceuticals sub-segment held the largest market share of 34.6% in 2022 and is predicted to continue to witness significant growth by 2032. This dominance majorly is driven by the growing consumer inclination towards natural and holistic health treatments, which has increased the demand for pharmaceutical-grade walnut oil. Advances in extraction technologies like enhanced cold-pressing and solvent-free methods ensure high purity and effectiveness, meeting strict pharmaceutical standards. These developments contribute to walnut oil’s prominence in pharmaceutical applications.
Distribution Channel: Online Retail Sub-segment to be the Most Dominant During the Forecast Period
The online retail sub-segment accounted for the largest global market share of 47.4% in 2022 and is expected to rise at the highest CAGR of 7.9% during the forecast period. This dominance is mainly due to the convenience and accessibility of online platforms. Consumers benefit from extensive product selections, detailed reviews, and comprehensive information, enhancing their purchasing decisions. Advances in technology, including user-friendly mobile apps and secure payment options, have improved the online shopping experience, which is expected to boost the sub-segment's growth during the forecast period.
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Region: Asia-Pacific Market to be the Most Prominent During the forecast Period
The walnut oil market in the Asia-Pacific region accounted for the largest share of 41.5% in 2022 and is predicted to grow at the highest CAGR of 8.0% during the forecast period. This growth is mainly owing to the region’s rich culinary traditions that favor the unique flavor of walnut oil. The expanding cosmetic and personal care sectors also contribute significantly, utilizing walnut oil for its acclaimed skin benefits. Besides, a robust economic landscape and a preference for premium, health-oriented products amplify the regional demand.
Leading Players in the Walnut Oil Market:
- VedaOils
- AOS Products Pvt. Ltd.
- ROLAND FOODS, LLC
- Plenty Foods
- KUNHUA BIOLOGICAL TECHNOLOGY CO., LTD
- SVA Organics
- O&3 Limited
- Ji'An ZhongXiang Natural Plants Co.,Ltd.
- AG Industries
- Chinaplantoil
The report provides a detailed analysis of the key players of the global walnut oil market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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