Jojoba oil refers to a type of liquid, extracted from the seeds of jojoba plant. Arizona, California and Mexico are the three major producers of jojoba all across the globe. Jojoba oil is enriched with high nutrient properties and free fatty acid. These oils have significant use in cosmetic industry, pharmaceutical industry, and personal care products. Cosmetic companies such as L’Oreal, JE internationals and others are investing heavily in the research and development activities of the jojoba oil. Consumers worldwide prefer jojoba oil products over other oil or wax products as jojoba oil offers high nutritious value and less fatty acid than other oils.
“Jojoba Oil Market: Global Demand Analysis & Opportunity Outlook 2024”
The global jojoba oil market is segmented into application such as pharmaceutical, cosmetic & personal care products, industrial and others. Among these segments, cosmetic & personal care products segment is expected to dominate the overall jojoba oil market and is projected to grasp a remarkable CAGR by 2024.
Likely, increasing application of jojoba oil in making of cosmetic products is believed to flourish the growth of global jojoba oil market. Furthermore, increasing awareness regarding the benefits of organic and natural products is also expected to positively impel the growth of the global jojoba oil market over the forecast period.
Global jojoba oil market is anticipated to showcase a robust CAGR of 5.8 % over the forecast period i.e.
2017-2024. Moreover, the global jojoba oil market is anticipated to account exponential sales of USD 250 Million by the end of 2024. Additionally, the market is riding on the back of rising adoption of jojoba oil due to health benefits.
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In terms of geography, with 39.7% share, North America region captured the lion share in the global jojoba oil market in 2016. Moreover, North America jojoba oil market was accounted at USD 60.8 Million in 2016.
Further, U.S. is the major contributor in the market of jojoba oil in this region. Apart from this, Asia-Pacific region is projected to seize a notable CAGR of 7.6% during the forecast period owing to swift expansion of cosmetic & personal care industry.
Wide Application of Jojoba Oil
Increasing application of jojoba oil in various sectors such as pharmaceutical, food and beverages and others is expected to foster the growth of jojoba oil market in near future. Furthermore, growing awareness regarding the benefits associated with jojoba oil such as it prevents aging and helps to protect your skin along with rising penetration of jojoba oil in cosmetics such as sunscreen, lotions, skin crème and others are predicted to be the dynamic factor behind the rapid growth of jojoba oil market.
Evolution of Cosmetic & Personal Care Industry
Growing popularity of herbal products among the population due to fewer side effects and rising men grooming activities is expected to intensify the demand for jojoba oil products over the next few years. This factor is anticipated to flourish the growth of jojoba oil market.
On the contrary, insufficient supply of raw material is projected to hamper the growth of jojoba oil market by the end of 2024.
The report titled “Jojoba Oil Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global jojoba oil market in terms of market segmentation by application, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global jojoba oil market which includes company profiling of Desert Whale Jojoba Company, Eco Oil, Purcell Jojoba International, Inca Oil SA, The Jojoba Company, Egyptian Natural Oil Co., Mosselman S.A, LaRonna Jojoba Company, Del Amo Chemical Company Inc. and Spectrum Chemicals & Laboratory Products.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global jojoba oil market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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