Apricot Kernel Powder: Market Introduction
Apricot kernel powder finds its application usage in cosmetic, medicine and oil. Apricot provides numerous nutritional and medicinal benefits, these properties has made apricot kernel powder as best option for medicines used to treat cancer patients. High nutrient content as well as proteins, carbohydrates, essential oils, and proteins are factors driving the demand for bitter apricot extract.
In addition to its application in pharmaceutical and cosmetic products, apricot kernel powder is also used in 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.
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Furthermore, bitter apricot kernel powder is used in preparation of API (Active Pharmaceutical Ingredient) to manufacture drugs.
However, U.S. Food and Drug Administration (FDA) notes disadvantages apricots kernel by showing 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. 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
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COVID-19 or Novel corona virus 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 regional and national level has impacted demand for apricot kernel powder across the globe.
For the market to resurrect to its original form, production activities should restart at force which is possible post 4th quarter of FY2020. Not only siding demand, 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 2024.
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.
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