The global jojoba oil market is
expected to reach USD 254.2 million by 2024, according to a new report by Grand
View Research, Inc. The rising demand for organic personal care products along
with formulation development for specific consumer group is expected to create
new market avenues for cultivators and producers of jojoba oil.
Major cosmetic manufacturers
such as JE International, L'Oréal S.A, and Ole Henriksen are undertaking
extensive research & development for innovation of jojoba oil-based
formulations. The increasing penetration of jojoba oil in cosmetic products
including lipsticks, shampoos & conditioners, and skin creams &
moisturizers is expected to be a major factor in promoting growth. The various
abilities of the ingredient such as acting as an emollient and moisturizer and
prevention of aging skin have resulted in increased penetration of jojoba oil
in the overall cosmetic market.
Declining use of various
harmful chemicals such as aluminum salts, phthalates, and parabens coupled with
dedicated efforts from several multinational corporations for shifting towards
sustainable products has contributed towards the increase in consumption of
organic personal care products. Cosmetics containing natural ingredients such
as aloe vera, tea extract, lime, jojoba oil, and black sugar are expected to
gain consumer importance over the next seven years.
In depth research report on Jojoba Oil Market
Further key findings from the report suggest
•
Cosmetics will witness the
fastest volume growth at a CAGR of 5.5% from 2016 to 2024 as a result of rising
awareness about organic and natural products and preference towards such
products in cosmetics and personal care. Also, increasing consumer awareness
regarding grooming is expected to propel market growth further over the
forecast period.
•
North America jojoba oil market
was valued at USD 58.1 million in 2015 and will show significant rise owing to
increasing penetration of the oil in various organic skin care products. The
increasing significance of natural ingredients including vegetable oils, herbs,
and fruits in various skin care products which possess anti-ageing properties
is expected to fuel demand. Growing importance of natural ingredients in
providing hair fall control, dandruff protection, and a shining effect is
projected to have a positive impact.
•
Asia Pacific will witness
significant revenue growth at a CAGR of 7.1% from 2016 to 2024 on account of
rising demand from Japan and other Southeast Asian countries. The growth of the
male grooming industry, particularly in emerging economies of the region, is
expected to fuel demand over the forecast period.
•
Key participants include
Purcell Jojoba International, Eco Oil Argentina SA, Egyptian Natural Oil Co,
Inca Oil SA and The Jojoba Company. Some of the major users of jojoba oil
include Innocosma, Skinfood Co. Ltd, Ole Henriksen, and Primavera Life.
Grand View Research has
segmented the global jojoba oil market on the basis of application and region:
Application Outlook (Volume, Tons; Revenue, USD Million,
2013 - 2024)
•
Cosmetics
•
Pharmaceutical
•
Industrial
•
Others
Regional Outlook (Volume, Tons; Revenue, USD Million, 2013
- 2024)
•
North America
o
U.S.
o
Mexico
•
Europe
o
Germany
o
Asia Pacific
o
China
o
Japan
•
Latin America
o
Brazil
o
Argentina
•
MEA
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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