As cited by the research report titled ‘Global Borage Oil Market Size study, by Application (Cosmetics, Medical, Dietary Supplements and Others) and Regional Forecasts 2021-2027’, available with Market Study Report, global borage oil market was worth USD 42.13 million in 2020 and is projected to grow with a healthy CAGR of 5.2% to accumulate USD 60.08 million over 2021-2027.
 

Increasing demand of the product in medical field due to the benefits it provides to the patients suffering from obesity, eczema, menopause, depression, heart disease, stroke, diabetes, and asthma, coupled with growing demand from cosmetics sector due to anti-aging and anti-inflammatory properties associated with the product are the major factors driving global borage oil market growth.
 

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For instance, in a report released by L'Oréal S.A., global cosmetics market recorded a growth of 5.5% in 2019, an increase of 1.5 percentage points as compared to 2016. Moreover, in 2019, growth of the online cosmetics sales was around 27% and e-commerce share in beauty market rose to 14%.
 

It is to be noted that borage oil contains high levels of omega-6 series EFAs that are vital for structure of skin and its functioning. It is determined as a protection in arterial plaquing, associated with inflammatory disorder marked by loss of integrity and function of the arterial endothelium.
 

Speaking of the negatives, dearly cost of the product, due to high variability in the prices of raw materials used, is likely to hamper the market growth over the estimated timeline.
 

Considering the application range, worldwide borage oil industry is segmented into medical, cosmetics, dietary supplements, and others.
 

Geographically, Asia Pacific, Europe, North America, and Latin America are prominent contributors to the overall industry valuation. Of these, North America is leading the market forecast currently and is poised to showcase lucrative growth trends over the estimated timeline, on account of growing number of patients suffering from chronic diseases, along with higher per capita income.
 

Meanwhile, Asia Pacific is likely to account for a massive revenue share over 2021-2027, owing to increasing disposable income, growing penetration of medical services, and rising awareness about the benefits of borage oil in the cosmetics industry.
 

Prominent players influencing the worldwide borage oil industry dynamics are Avestia Pharma, William Hodgson & Co., Premium Crops Ltd., Parchem Fine & Specialty Chemicals, KK Enterprises, Icelandirect Inc., Desert Whale Jojoba Co. Inc., Connoils LLC, Aromex Industry, and AOS Products Private Limited.