According to the findings of new report published by Grand View Research, Inc.; the global jojoba oil market size is estimated to reach $254.2 million by 2024. The key factor driving the market growth includes the increasing demand for organic personal care products across the globe. In addition, the developments of formulations for target-specific consumer groups are anticipated to provide the jojoba oil manufacturers with numerous growth opportunities. This is further predicted to boost the market development over the forecast period (2013 to 2024).
Jojoba oil possesses some excellent abilities that provide slower aging and provide skin protection. These properties have also contributed toward its increased adoption in a variety of products like sunscreens, skin creams, lotions, lipsticks, balms, moisturizers, and so on. This is also likely to promote the market growth during the forecast years.
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Jojoba oil also has some exceptional medicinal qualities an antibiotics stabilizer, as an appetite depressant, and as a carrier for drug production. These qualities are predicted to result in an increased demand for the product from the pharma industry in the next few years. A popular trend of consuming herbal medicines, due to the many adverse effects of allopathic drugs, is also projected to cause tremendous product demand in the pharma industry. All these factors are projected to play a key role in boosting the overall market growth over the next six years.
The worldwide jojoba oil market is categorized as per application and region. Based on application, the market is segregated into cosmetics, industrial, pharmaceutical, and others. On the basis of geographies, the market is divided into Latin America, Asia Pacific, Europe, North America, and Middle East and Africa (MEA). North America was estimated at $58.1 million in 2015 accounting for around 39.2% of the global market share in terms of volume.
The region is expected to grow further experiencing a significant compound annual growth rate. This expansion can be attributed to a rapid development of the personal care and cosmetics sector in the region, particularly in United States and Mexico. A rise in disposable income along with the growing target population base has also resulted in an increased demand for enhanced beauty products in developing regions such as China, South East Asia, and India.
Competition in the Europe and America markets has increased since the major players are investing heavily in the R&D activities for the development of novel products and oil extracting technologies. This factor is projected to fuel the market growth in these regions during the forecast period. The Asia Pacific regional market is said to have a significant growth rate of 7.1% from 2016 to 2024 as a result of the rising demand from Japan and other Southeast Asian economies. The product witnesses a huge demand from Japan on account of high consumer preference toward organic and natural ingredients in various personal healthcare products.
The Japanese culture has believes in the extensive use of organic products and thus, consumers there tend to prefer naturally obtained products over artificial products. In addition, the popular industry of Japanese oil massages also demands this product as it looks like the sebum in human body. Furthermore, rapidly expanding male grooming sector, especially in the developing countries from the Asia Pacific region, is also likely to drive the regional market for jojoba oil in the coming years.
The Jojoba Company; Inca Oil SA; Eco Oil Argentina SA; Purcell Jojoba International LLC; Egyptian Natural Oil Co.; and Desert Whale Jojoba Company, Inc. are some of the prominent companies in the global market for jojoba oil. Vantage recently announced the opening of a new jojoba seed crushing facility located near its jojoba farm in Argentina. The construction of this facility can help the company further expand its jojoba oil extraction capabilities, and can catapult them into becoming one of the leading global suppliers of jojoba oil. This plant can also allow them to continue meeting the fast-growing, worldwide customer demand for jojoba-based sustainable beauty ingredients.
Access Press Release Of This Research Report by Grand View Research: https://www.grandviewresearch.com/press-release/global-jojoba-oil-market
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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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