Caraway Oil Price Trend and Forecast

Caraway Oil Regional Price Overview

Get the latest insights on price movement and trend analysis of Caraway Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Caraway Oil Price Trend for the First Half of 2024

In the first half of 2024, the price trend for caraway oil, a highly valued essential oil extracted from caraway seeds, reflected the broader dynamics of the caraway seeds market. Caraway oil, known for its distinctive aromatic qualities and health benefits, is widely used in the food, pharmaceutical, and cosmetic industries. The increasing demand for natural and plant-based ingredients, along with the growing recognition of caraway oil's medicinal properties, particularly in digestive health and diabetes management, contributed to steady demand.
 

Caraway Oil Price Chart

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However, the market also experienced fluctuations due to shifts in the supply of caraway seeds, which are influenced by factors such as the expansion of the bread industry and the rising interest in plant-based diets. As Europe maintained its leadership in the caraway seeds market and Asia-Pacific emerged as a rapidly growing region, the caraway oil market mirrored these developments. The industry's reliance on consistent supply and the growing consumer preference for natural products kept caraway oil prices relatively stable despite occasional supply chain challenges. Overall, the market for caraway oil demonstrated resilience, supported by its industrial significance and enduring demand across key sectors.

Analyst Insight

According to Procurement Resource, a similar market performance is expected for caraway oil in the coming months as well, not much change is projected going forward.
 

Caraway Oil Price Trend for the Second Half of 2023

Caraway oil belongs to the category of essential oils and is thus known for its distinct aroma and flavor. Due to its defined properties, it is a popular ingredient in the food and beverage industry, particularly in the production of liqueurs, baked goods, and savory dishes. In the pharmaceutical sector, it is used as an important additive in the production of digestive aids and herbal remedies. Additionally, the antimicrobial and antioxidant properties of the oil make it useful in the cosmetic and personal care sectors.

During the third quarter, a peak decline was observed in the prices of caraway seeds and caraway oil, with a significant fall in the export volumes of Asian countries. But since then, the market projected strong momentum and recovered on the back of high procurement from overseas industries. Among the Asian countries, cumin holds the position of second largest exported spice after chili in India. The price surge during the third and fourth quarters was based on untimely rainfalls and crop production shortages, mainly in Gujarat and Rajasthan.

Analyst Insight

According to Procurement Resource, the price trend of Caraway Oil is expected to reap the benefits of delayed sowing activities in agriculture-dependent nations due to the adverse effects of climate change and unpredictable rainfall patterns.
 

Caraway Oil Price Trend for the First Half of 2023

Caraway Oil is directly milled from Caraway seeds, so the Caraway Oil price trend very closely mimic that of its feedstock Caraway seeds prices. Caraway Oil is primarily used in ayurvedic pharmaceuticals, flavor, fragrance, etc. industries. So, the downstream demands from these industries and market supplies drove the price trend primarily.

Caraway Oil prices followed an upward trajectory throughout the first half of 2023. Caraway seeds experienced constricted supplies after a long time; the primary reason behind this supply curtailment was significantly lower yields from the Caraway-producing regions. The biggest factor behind this decline in yields was climate change. Disrupted and uneven rainfall throughout the country affected the crop yield in a detrimental manner. So, with lesser supplies and moderate demands, the prices of Caraway Oil shot up.

Analyst Insight

According to Procurement Resource, the price trend for Caraway Oil are expected to continue behaving in a similar manner since the current weather patterns will affect the agricultural yields adversely.

Procurement Resource provides latest prices of Caraway Oil. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.