The Apricot Oil Market size is expected to grow by 451.00 thousand tons from 2021 to 2026, at a CAGR of 4.50% during the forecast period, according to Technavio. The rising demand for Turkish apricot oil products is one of the primary reasons driving growth in the apricot oil market.
The increased demand for Turkish apricot oil products, health benefits of apricot oil and diversification of applications of apricot oil will offer immense growth opportunities. However, distribution challenges, the growing popularity of substitutes and fluctuating prices of apricot oil will challenge the growth of the market participants.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Apricot oil market 2022-2026: Vendor analysis
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
