As per the Global Market Insights, Inc report, “Worldwide Black Seed Oil market was valued at USD 17.5 million in 2020 and will surpass a revenue collection of USD 30 million by 2027 with an annual growth rate of 7.9% over 2021 to 2027.”
The global black seed oil market is anticipated to exhibit significant growth by 2027 owing to the rising awareness of the product’s benefits, particularly in medical applications.
Recently, in addition to its multiple medical benefits, the oil has also found a viable application scope in the global fight against Covid. Surging research activities to explore black seed oil’s role in tackling Covid infection are also expected to boost market demand.
Thymoquinone (TQ), a key active ingredient found in black seed oil, is known to possess antiviral, anti-inflammatory, antioxidant, immunomodulatory, antimicrobial, and anticoagulant properties.
Studies suggest it boosts the activity and volume of natural killer cells, lymphocytes, cytokine suppressors, and macrophages. The ingredient has also displayed antiviral potential against several viruses, such as hepatitis C, Epstein-Barr, human immunodeficiency, murine cytomegalovirus, and other coronaviruses.
Notably, a recent study conducted in Egypt has found that TQ also demonstrated substantial antiviral activity against a SARSCoV-2 strain extracted from the patient.
Molecular docking research has indicated that it could potentially inhibit Covid development by binding to the receptor-binding domain on the envelop and spike proteins of SARS-CoV-2.
As a result, there is an increase in the significance of black seed oil in medical settings, especially against the ongoing pandemic, which is likely to propel industry expansion through the forecast period.
The market has further been segmented into personal care and cosmetics (hair care, skincare, and fragrances), nutraceuticals (functional foods and food supplement/dietary supplements), pharmaceuticals, culinary, flavourings, and dressings.
The application segment of fragrances is forecast to grow at a distinguished CAGR of more than 7.0% through the analysis period. Increasing consumer awareness regarding the importance of personal grooming and a rising focus on achieving presentable looks are anticipated to fuel market demand in the coming years.
The flavouring and dressings application segment is expected to garner a valuation of over USD 1.4 million by 2027. It is speculated to grow considerably through the coming years owing to its prevalent usage in bakery products and salads.
In the regional landscape, the LATAM market was valued at over USD 0.60 million in 2020 and is expected to grow at a CAGR of 6.2% through the assessment period.
The MEA market valuation is estimated to surpass USD 6.5 million by 2027, expanding significantly over the forecast timeframe. The Middle East is a key manufacturer of black seed oil, which is expected to fuel regional growth through the analysis period.