Apricot Kernel Powder: Market Introduction
Apricot kernel powder finds its application usage in cosmetics, medicine and oil. Apricot provides numerous nutritional and medicinal benefits, these properties have made apricot kernel powder as the best option for medicines used to treat cancer patients. Furthermore, bitter apricot kernel powder is used in preparation of API (Active Pharmaceutical Ingredient) to manufacture drugs.
In addition to its application in pharmaceutical and cosmetic products, apricot kernel powder is also used in the production of bio-diesel products. As result of this increasing demand for apricot kernel powder has begun to increase since last two decades in region depending on application usage and availability.
However, U.S. Food and Drug Administration (FDA) notes disadvantages apricots kernel by showing the linkage between apricots kernel and cyanide poisoning. With health benefits with respect to medicines and skin benefits with respect to cosmetics produced with help of apricot kernel powder to gain traction in years to come.
High nutrient content, as well as carbohydrates, essential oils, and proteins, are factors driving the demand for bitter apricot extract. Increasing demand for bitter apricot kernel powder to gain traction during the forecast period (2020-2030).
Global Apricot Kernel Powder Market is Experiencing Descending Demand as COVID-19 Outbreak
COVID-19 or Novel coronavirus has not only shattered the movement of the people but also the production and trade of the major products in the market. Halted production activity and imposition of lockdown at the regional and national level have impacted demand for apricot kernel powder across the globe.
For the market to resurrect to its original form, production activities should restart at the force which is possible post 4th quarter of FY2020. Not only siding demand, but supply has also been put on hold to normalize the market prices which is set to normalize the overall production cost, post-market resurrection. All in all supply chain of apricot kernel powder has been disrupted and is set to remain till the end of 4th quarter FY 2020.
Apricot Kernel Powder Market: Regional Outlook
Middle East & Africa region dominates the production of apricot kernel powder followed by Europe and Asia pacific. Turkey and Iran are considered as leading manufacturer, backed by favorable climatic conditions to support production of apricot. Turkey is known for exporting sweet and bitter apricot across the globe, with more than 900,000 tonnes.
Furthermore, Spain and France are amongst countries producing apricot kernel in sizable quantity for exporting worldwide. Apricot kernel powder market is expected to gain traction in Asia Pacific, backed by growing food & beverages industry in the region. With large number of old age population and mounting demand for natural cosmetic products is expected to drive demand for apricot kernel powder in Europe.
Apricot Kernel Powder Market: Competition Outlook
Prominent global players in the apricot kernel powder market includes Upichem, Mckinley Resources, Izmir Organic, Saral Sabzaar, Bata Food, Sun Ten Pharmaceutical, BioPowder, VedaOils and JM Van De Sandt. Apricot kernel powder market global players are collaborating with regional players to ensure their global presence and reach till their targeted audience. In addition to collaboration with regional players key players are also focusing on product innovation to meet mounting demand for apricot kernel powder for end-use based application.
Key global players like Biopowder are collaborating with production firms to ensure timely availability of raw material and consistency in production process. Furthermore, key players are also focusing on collaboration with global suppliers in order to reach their targeted segment across the globe.
Segmentation analysis of Global Apricot Kernel Powder Market
Global apricot kernel powder market is bifurcated into four major categories: Apricot type, application, end-use industry and region.
On the basis of apricot type, the global market for apricot kernel powder is divided into:
- Bitter Apricot Kernel
- Sweet Apricot Kernel
On the basis of application, the global market for apricot kernel powder is categorized as:
- Personal Care Ingredient
- Household & Detergent Adhesives
- Food & Food Ingredient
On the basis of end-use industry, the global market for apricot kernel powder is categorized as:
- Food & Beverages
Based on the region, the global market for apricot kernel powder is segmented as:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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