Published on : May 31, 2016
The global borage oil market is expected to gain impetus from the increasing demand for nutraceuticals and bio-based cosmetics. Borage oil is basically sunflower oil and is increasingly gaining significance owing to the high gamma linolenic acid (GLA) content. While several other plant oils such as evening primrose oil and black currant seed oil are also known to have contain GLA and offer similar health benefits, higher GLA content in borage oil than its counterparts has given competitiveness to the global borage oil market. Borage oil has around 20% to 25% GLA content while evening primrose oil has 10% to 15% GLA content and black currant oil has approximately 14% to 17% GLA content.
GLA is rich in omega-6 fatty acid, which is considered essential for human body. Since human body cannot produce the same on its own, the external supply of GLA is considered essential. Direct or indirect consumption of borage oil is therefore considered effective in preventing and treating ailments related to fatty acid metabolism.
Earlier borage crop was available only in the Mediterranean region, but now it is cultivated across many countries such as Canada, New Zealand, and the UK for its seed oil. These countries are also the major producers of borage oil.
Medical Segment Accounts for Largest Share in Global Borage Oil Market
Based on application, the medical sector accounted for the largest share in the market in 2015. The demand for borage oil mainly arises in the medical segment mainly for curing diseases such as obesity, eczema, rheumatoid, premenstrual syndrome, arthritis, stroke, cough, diabetes, depression, heart disease, asthma, and others.
Borage oil is increasingly used in nutraceutical applications and in anti-inflammatory drugs and ointments. It is either consumed in combination with other base oils or directly. Apart from being the largest application segment, the medical segment is also expected to exhibit the highest rate of the growth in the forthcoming years.
Asia Pacific to Continue Dominating Global Borage Oil Market
Regionally, Asia Pacific led the global borage oil market in 2015. The increasing production of pharmaceutical drugs, cosmetics, and nutraceuticals in the region has led to the high demand for borage oil from the region.