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The global hazelnut oil market is poised for robust expansion according to the Hazelnut Oil Global Market Report 2024, with its market size predicted to surge from $9.69 billion in 2023 to an impressive $10.57 billion by 2024. This reflects a robust compound annual growth rate CAGR of 9.1%. This impressive growth rate over the historic period has been driven by a combination of factors including mounting consumer awareness of health benefits, an escalating demand for natural ingredients, expansion of the cosmetics industry, enlargement of e-commerce platforms, and rising demand in emerging markets.
What significant growth is projected in the hazelnut oil market in coming years?
Looking ahead to future trends, the hazelnut oil market is set to continue strong growth through 2028, when it is expected to reach an estimated $15.11 billion, calculated at a steady compound annual growth rate CAGR of 9.3%. This growth trajectory over the forecast period is influenced by developments such as partnerships between farmers and producers, a heightened awareness of heart health, escalating adoption of pharmaceuticals, the globalization of food cultures and the increasing popularity of the Mediterranean diet. Other key trends expected to impact the market include new product launches, advances in technology, health and wellness developments, global market expansion, and food industry innovations.
Take a closer look at the potential of the hazelnut oil market with a comprehensive sample report gathered by our experts: https://www.thebusinessresearchcompany.com/sample.aspx?id=19083&type=smp
What factors are driving the growth of the hazelnut oil market?
One of the primary engines of growth for the hazelnut oil market is the escalating demand for dietary supplements. Dietary supplements serve to enhance the diet, providing crucial nutrients, vitamins, minerals, herbs, and other beneficial compounds that are instrumental in promoting overall health and wellness. With health and wellness awareness on an upswing, more consumers are embracing dietary supplements as a strategy for improved health and disease prevention. This, in combination with the rise of online shopping, means these products are now more accessible, allowing for easier research and purchasing. Hazelnut oil, with its healthy fatty acid profile, rich antioxidant content, and countless health benefits for the heart, skin hydration, and overall wellness, is a popular choice.
To better understand the impact of dietary supplements on the hazelnut market, take a look at this startling research: in October 2023, a survey conducted by the Council for Responsible Nutrition, a US-based trade association for the dietary supplement and functional food industry, estimated that around 74% of US adults use dietary supplements. This figure represents a steady increase, with consumer confidence in the quality of sports nutrition supplements climbing five percentage points to 66% compared to 2022, and confidence in the weight management category increasing by four percentage points to 56% during the same period. As a result, the rise in the demand for dietary supplements is set to fuel the growth of the hazelnut oil market.
Access the full report to discover further growth trends in the hazelnut oil market: https://www.thebusinessresearchcompany.com/report/hazelnut-oil-global-market-report
What new trends are emerging within the hazelnut oil market?
Major companies within the hazelnut oil market are increasingly focused on developing personalized beauty solutions, such as customization services, to elevate consumer experiences. Customization services within the cosmetics industry empower customers to develop personalized beauty products, like tailored lip oils, by selecting various pigments and formulations to meet their unique preferences and requirements. For instance, in May 2024, Clarins, a France-based cosmetics and skincare company, rolled out a new customization service, the Lip Oil Factory. This innovative service enables customers to create customized shades of Lip Comfort Oil using a special machine that boasts seven pigment options. With this system, customers can explore one of 64 possible combinations by selecting unique ratios of at least two pigments in the Lip Comfort Oil formula. It is enriched with 93% natural ingredients, including a blend of rosehip, organic jojoba, and hazelnut oils, which nourish the skin and enhance its natural barrier against external aggressors.
How is the hazelnut oil market segmented?
The hazelnut oil market covered in this report is segmented in the following ways:
1 By Product Type: Cold-Pressed Hazelnut Oil, Refined Hazelnut Oil, Unrefined Or Virgin Hazelnut Oil, Flavored Hazelnut Oil, Other Product Types
2 By Distribution Channel: Supermarkets And Hypermarkets, Specialty Stores, Online Retail, Foodservice And Hospitality, Other Distribution Channel
3 By Application: Culinary, Cosmetics And Skincare, Aromatherapy, Nutraceuticals, Other Applications
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