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Mink oil market to reach valuation of us$ 31.70 MN by 2031
8/12/2021
Mink Oil Market: Introduction
A recent report published by Transparency Market Research on the global mink oil market includes industry analysis and opportunity assessment for 2021-2031. The Latin America mink oil generated around US$ 2.34 Mn, expanding at a CAGR of 4.7% during the forecast period.
Natural Sebum Oil to Escalate Demand for Mink Oil
Globally, the mink oil market is likely to rise at a steady growth rate, due to high awareness about the healing properties of mink oil and its partial use in the medical industry. The modern day advantage of mink oil is its similarity to secretions from human sebaceous gland, which releases the sebum oil. Besides, the oil is known to help protect human skin from damage, thus driving its demand for skin care products.
Today, mink oil has been recognized as an effective sebum oil help to enhance human skin. The mink oil has the ability to treat skin problems. Besides, medical benefits has now made mink oil a popular product among consumers, and this increasing popularity is expected to bolster the demand for mink oil in the near future.
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Increasing Preference for Authentic Fatty Acids to Fuel Demand for Mink Oil
Consumer inclination toward authentic mink oil products is anticipated to witness significant increase due to the benefits from omega 7 fatty acids and palmitoleic acid. Manufacturers and suppliers of emollients and lubricants products are optimizing product offerings according to the consumer demand. The manufacturers are leveraging business opportunities in fatty acids and the mink oil market, owing to high profit margins.
The altering choices of consumers toward avoiding the products with no additives and chemicals have increased the demand for genuine and natural products. Thus, consumers worldwide prefer natural products.
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Regulations Imposed by Governments to Slower Demand for Mink Oil
The number of animal slaughtered in developed regions such as North America and Europe is very high. Governments across several regions of the world have already laid down guidelines regarding animal slaughtering and using animal products. As per the Fur Commission USA, the regulations set by the government may affect the mink fur farming, which can affect the supply of the necessary raw ingredients. Moreover, these regulation may affect the supply by slowing down the production of mink oil. These factors may hinder the growth of the mink oil market.
Growing Concerns for Natural Product to Affect Market Growth
Globally, with the exceptional rise in utilization of natural products, the demand for unaffected and genuine products have reached new heights. Rising awareness of consumers over natural and organic trend has raised concerns on the usage of animal-derived products. Nowadays, consumers are more focused about products that impact the environment. Moreover, animal slaughtering has elevated the issues that have influenced the buying decisions of consumers, especially in developed regions such as North America and Europe. In addition, increased restrictions from associations of animal welfares to minimize the utilization of the products from various segments, which may affect market growth.
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Global Mink Oil Market Segmentation
Mink Oil Market, by Grade
- Low Grade
- Premium Grade
Mink Oil Market, End-use
- Leather Durrant
- Animal Feed Additives
- Cosmetics & Personal Care
- Other
Mink Oil Market, by Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
The world has undergone a major shift in the way of living since the COVID-19 pandemic struck. A notable change in the functioning of various businesses and sectors has influenced their working mechanisms extensively. The food and beverage sector is no stranger to this change. Transparency Market Research (TMR) has studied many aspects concerning the difference between the trends in the pre-pandemic and post-pandemic world across the food and beverage industry.
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