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.
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.