The Jojoba Oil Market Size Is Expected To Reach Over US$ 260.0 Million By 2028. Growing awareness of jojoba oil and increasing demand for beauty products are key factors in the growth of the jojoba oil market. In addition, the jojoba oil report mentions that the market size was US$ 130.2 million in 2019 and that it is likely to have a CAGR of 8.9 per cent between 2020 and 2028 during the forecast period.
The Increased Demand for Beauty Products
Growing demand for beauty products such as shampoos, conditioners, oils and others, along with rising consumer spending, are key reasons for the growth of the global jojoba oil market. The benefits of jojoba oil, such as moisturising, antibacterial, antioxidant, non-comedogenic, hypoallergenic, help control sebum production, help promote collagen synthesis, help speed up wound healing, and others are another key factor in global jojoba oil market growth over the coming years. The global volume of the jojoba oil market is estimated at 16,800 tonnes in 2019 and is expected to see significant growth over the forecast period.
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Rising disposable income
Increased disposable income across the globe, along with rising demand for jojoba oil in emerging economies such as India, China, Brazil, Indonesia, and others, are some of the other key factors for global jojoba oil market growth in the coming years. In addition, the growing demand for jojoba oil among personal care product manufacturers is another key factor in the growth of the global market during the forecast period.
Alchemy Research and Analytics LLP has assessed the impact of the ongoing COVID-19 pandemic on the jojoba oil market for 2020 and 2021. As for our extensive secondary and primary research, demand for jojoba oil decreased during the COVID-19 period due to sudden closure and reduced consumer spending on unnecessary items. Moreover, the severe impact of the COVID-19 pandemic on the manufacturing industry worldwide has reduced the supply of raw materials and jojoba oil worldwide, which has had a serious impact on the growth of the jojoba oil market in 2020 and 2021.
Market Trends
The increased consumer inclination towards a healthy lifestyle is one of the leading trends which are observed in the global jojoba oil market. The growing consumer focus towards a healthy lifestyle due to increased stress levels and hectic work-life schedules are anticipated to enhance the demand for jojoba oil owing to the high content of vitamins & minerals which is good for health.
Market Drivers
The major factors which are driving the growth of the global jojoba oil market are the growing demand for organic personal care products along with increased demand for jojoba oil in the nutraceutical & pharmaceutical products. The rising demand for organic personal care products is one of the key drivers observed by Alchemy Research & Analytics LLP. As per a recent article the global organic personal care market was estimated at over US$ 13.5 billion in 2019 and presumed to grow at a CAGR of 9.7% over the forecast period.
Market Challenges
The jojoba oil market challenges are the high cost of jojoba oil and availability of substitutes. The high cost of jojoba oil is one of the key restraints observed in the global jojoba oil market by Alchemy Research and Analytics LLP.
Segment Insights
On the basis of the application, the market for jojoba oil is segmented into cosmetics & personal care, pharmaceutical, industrial and other products. In 2019, the cosmetics & personal care category accounted for the largest share of the global jojoba oil market and accounted for more than 65 per cent of the market share of revenues in the same year. Jojoba oil is used as a moisturiser and emollient in a number of skincare products such as hand, eye, skin lightening creams and facials. Increased consumer demand for organic personal care products due to increased consumer awareness of the harmful effects of chemicals used in personal care products is another key factor expected to increase category growth over the forecast period.
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Regional Insights
North America accounted for the largest share in the global jojoba oil market in 2019 and had over 40% of the market revenue share in the same year. The region had its dominance due to the highest production and consumption of jojoba oil in the region along with a huge market for cosmetics & personal care products. The U.S. had the highest share in the North America jojoba oil market in 2019 presumed to continue its dominance over the forecast period.
Asia Pacific is estimated to witness the fastest growth in the global jojoba oil market over the upcoming years due to rising consumer spending for personal care products and growing awareness for personal care products. China accounted for the largest share in the Asia Pacific jojoba oil market in 2019 besides India is presumed to witness the fastest growth in the regional market over the forecast period.
Key Manufacturers Aim to Enhance Their Portfolios by Partnerships
According to Alchemy Research and Analytics major market players in the jojoba oil market are focusing on strategies such as partnerships, collaboration, acquisitions, and mergers to enhance their geographic presence as well as product portfolio. The jojoba oil market is highly fragmented.
Alchemy Market Research lists out the names of key market players in the jojoba oil market. They are as follows:
- Purcell Jojoba
- Inca Oil SA
- Ecooil
- ConnOils LLC
- Jojoba Naturals
- JD Jojoba Desert
- Hallstar
- Nutrix International LLC
- US Organic Group Corporation
- OPW Ingredients GmbH
- Herbo Nutra
- The Jojoba Company Australia Inc.
- Gustav Heess Oleochemical Products GmbH
- Vantage Specialty Chemicals Inc.
A Significant Industry Development-
June 2020: JD Jojoba Desert introduced JD Jojoba Hair Complex is an exclusive complex of natural oils and vitamins essential for healthy hair and scalp. Combining all-natural JD Jojoba Golden Oil with ingredients such as Hemp Seed Oil led to this versatile product for rinse-off and leave-in hair care products. JD Jojoba Hair Complex also provides moisture balance for the scalp with proven benefits for hair such as conditioning, heat protection, and anti-frizz capabilities.
Further Report Findings-
- Asia Pacific is presumed to witness the fastest growth over the forecast period owing to the growing demand for personal care products along with rising consumer spending for health and wellness.
- North America accounted for the largest share in the global jojoba oil market in 2019 and had the highest share in terms of production as well as consumption. The growing demand for cosmetic products along with North America being the largest market for personal care products.
- Based on type, the cold-pressed category accounted for the largest share in 2019 and had over 60% of the market revenue share in the same year. High quality & purity owing to chemical-free and temperature-controlled extraction are the key factors for the category dominance.
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