According to a new market report published by Credence Research “Emu Oil Market Growth, Future Prospects and Competitive Analysis, 2016 – 2024,” the global emu oil market is expected to reach over US$ 154.05 Mn by 2024, expanding at a CAGR of 5.6% from 2016 to 2024.
Browse the full Emu Oil Market – Market Growth, Future Prospects and Competitive Analysis, 2016 – 2024 report at http://www.credenceresearch.com/report/emu-oil-market
The global emu oil market is progressing at a considerable pace and is anticipated to attain significant market size over the next few years. Emu oil is manufactured using natural product from emu bird, and is widely used in various applications such as skin care, face care, hair care, medical and others. The global emu oil market was valued at US$ 94.34 Mn in 2015, and is expected to reach US$ 154.05 Mn by 2024, expanding at a CAGR of 5.6% from 2016 to 2024.
The market is witnessing growth due to rise in consumer awareness regarding benefits associated with emu oil. Moreover, widening distribution channels and new product launches are further stimulating the market growth. High prices of raw materials and various other cost issues are the major factors inhibiting the market growth.
Among the various application areas, medical segment dominated the market and accounted for 34.80% share of the market in 2015. This segment is projected to maintain its dominance over the next eight years. Owing to its anti-inflammatory properties, emu oil is widely use in medical applications. Skin care application accounted for the second largest share of the market. Emu oil is widely used to relieve cracked skin, soothe superficial irritations and most popularly to nourish the skin to diminish surface wrinkles and fine lines. Hair care application is projected to be the fastest growing segment in forecast period from 2016 to 2024. New product launches, entry of various players and widening distribution channels are the major factors contributing to the growth of this segment.
Based on geographical distribution, global emu oil market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific is the largest market for emu oil and accounted for 30.72% share of the market in 2015. It is also projected to be the fastest growing regional market. Asia Pacific market is witnessing growth due to rising awareness regarding recognized benefits of emu oil coupled with changing lifestyles and increasing purchasing power of consumers.
Emu oil suppliers are highly concentrated in North America and Asia Pacific. Following are few key manufacturers in the global emu oil market; Progressive Emu Inc., Thunder Ridge Emu Products, Dr. Adorable Inc., Akshaya Laboratories Pvt. Ltd., Willow Springs Emu Oil, Emu Tracks , Baramul Emu Oil, Songline Enterprises LLC , Only Emu Products , LB Processors, LLC and Uniquely Emu Products, Inc.
- Increasing consumer health awareness driving growth of the global emu oil market
- Distribution is a key success factor in the current emu oil market
- Asia Pacific will drive demand in upcoming years
- New product launches from leading manufacturers