Karanja oil, also known as Pongamia pinnata oil, finds versatile applications, which is anticipated to lead to lucrative revenue generation opportunities for the players operating in the Karanja oil market. The demand for karanja oil is especially high in animal feed and personal care industry. Rise in demand for fortified animal feed and pet food is expected to drive the global Karanja oil market over the forecast period. Major consumption as a personal care product through direct and indirect channels is expected to result in the personal care and cosmetics segment dominating the global Karanja oil market. Native producing regions and traditional applications of Karanja oil are expected to be the major reasons responsible for the Asia Pacific region dominating the global Karanja oil market throughout the forecast period.
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Increasing demand for home-based gardening and kitchen garden essentials in recent past has made Karanja oil a majorly demanded natural pesticide. Large-scale adoption of natural base cosmetics and personal care ingredients will also fuel the demand for functional oils and essential oils all over the globe. Karanja oil fits perfectly as it is a versatile solution for various applications. This particular factor is also leading to increased growth opportunities for the manufacturers operating in the Karanja oil market. Home-based remedial kits for various ailments have gained traction over the last few years and are expected to continue to see a similar growth trend over the forecast period, which is expected to drive the demand for Karanja oil owing to its versatile use in the treatment of various ailments.
In 2018, SoulTree launched its line of natural beauty products with locally sourced essential oil, targeting rising natural cosmetics and personal care market in India. The company has tied up with organic farmers in the region to source essential oil for its products.In 2018, Pilgrim Collection Ltd. launched their line of essential oil related diffusers, which use karanja oil. The company designs and supplies modern wireless IoT devices and aroma collections, globally.
The Asia Pacific region is expected to dominate the global Karanja oil market over the forecast period owing to the presence of the large-scale traditional base market in the region. The region is also a major producer of Karanja oil and Karanja oil based finished products. The North America region is expected to experience comparatively faster growth over the forecast period in the Karanja oil market owing to the expanding consumer base for natural-based products and home-based remedy solutions. Europe is expected to capture substantial demand share in the global Karanja oil market due to increasing adoption of home gardening in developed regions.
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Our analysis will follow a modeling-based approach and triangulation methodology for the Karanja Oil market to estimate data covered. Critical analysis of market dynamics and assessment of data points, segmentation and players will be conducted for the Karanja Oil market. The product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data are collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.