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Mustard Oil Market to Reach USD 17.8 Billion by 2032 Driven by Rising Demand Across Food and Pharmaceutical Sectors

Government regulations and health benefits of mustard oil are accelerating demand in key applications such as pharmaceuticals, and cosmetics.

According to SNS insider, the Mustard Oil Market was valued at USD 12.3 Billion in 2023 and is expected to grow at a CAGR of 4.2%, reaching USD 17.8 Billion by 2032.

Market Analysis

The Mustard Oil Market has shown remarkable growth, the growth of the market is driven by an increasing number of applications of mustard oil in food preparation and its recognized health benefits. The product features a high content of omega-3 and anti-inflammatory properties, which satisfy consumer demand for organic and natural products in their personal care and pharmaceutical applications. Moreover, local governments are increasingly adopting stricter regulations regarding edible oils, promoting the adoption of mustard oil as a healthier and more sustainable alternative. For example, governmental regulatory councils in India, one of the key consumers of mustard oil, require that edible oils purchased within the country abide by their regulations or face sanctions. The Food Safety and Standards Authority of India requires the mandatory fortification of edible oils with specified vitamins wholesalers, suppliers, and retailers. Consequently, the stringent regulatory environment incentivizes mustard oil manufacturing companies to invest in innovation and increase production capacity.

Segment Analysis

By Type

The brown mustard segment held the highest market share due to its perceived stronger flavor, higher availability, and presence in traditional cooking especially in Asia. Brown mustard is heavily used in pickles and spices of the food sector. As brown mustard is the desired choice for both spices and pickles, it maintains its dominance. Black mustard is witnessing the maximum growth as its use in pharmaceutical applications is increasing. The medicinal properties of black mustard, such as promoting digestion and pain relief, is attracting more applications in pharmaceuticals.

By Application

Mustard oil is commonly used in several Asian countries, particularly for cooking and food preparation. Moreover, this ingredient is becoming popular in international markets mainly due to the perceived health benefits. The rise of natural and organic beauty products has spurred the demand for mustard oil in cosmetics and Personal Care formulations due to its moisturizing and anti-aging properties.

Regional Analysis

The Asia-Pacific region has been dominating the mustard oil market, with India being the largest producer and consumer. Mustard oil finds its usage in various Indian households across regions and classes, and its usage is ingrained in the culinary culture of the country. Moreover, Fortunes Foods and Emami have broadened their dependency and extended the mustard oil product line by taking advantage of the local-serving policy of the government. On the other hand, North America is emerging as a fast-growing region in the mustard oil market. NA is becoming a newly developed region in the mustard oil market on account of the consumers’ increasing demand for natural and organic products for food and cosmetics. The U.S.-based companies are mixing mustard oil in organic food and elegance lines, with La Tourangelle presenting cold-pressed mustard oils for surfers.

Recent Developments

March 2023: Emami Agrotech introduced fortified mustard oil variants in the Indian market.

June 2023: Fortune Foods announced an organic mustard oil range in India, positioning the product for health-conscious consumers.

August 2023: La Tourangelle announced the launch of its premium cold-pressed mustard oil in the U.S., aiming at gourmet cooking.

September 2023: Dabur announced the launch of a new mustard oil-based product in its Ayurveda section.

Key Takeaways

The report provides a detailed analysis of the mustard oil market, including the current and future market size, growth rates, and main trends.

It supplies a thorough analysis of the key drivers of the market growth, including regulatory changes, consumers’ preferences, and technological innovations.

The segmentation of the report shows both the fastest-growing categories and the leading segments. This way, potential investors in the market can see which areas to target and plan their investments accordingly.

The report analyses the current situation in different regions, as well as the most common strategies of major companies in both developed and emerging markets.

A list of the recent products and developments made by leading companies in the mustard oil sector allows predicting the future trends in the market.