IMARC Group’s latest report, titled “Jojoba Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global jojoba oil market reached a volume of 13,440 Tons in 2017, exhibiting a CAGR of around 12% during 2010-2017. Jojoba oil is a type of vegetable oil extracted from the crushed beans of the jojoba shrub. It occurs in the form of a liquid wax which is similar to sebum, an oil produced naturally by the human skin. Jojoba oil acts against the growth of any fungal or bacterial microbes which are harmful for the skin and also offers nourishment to dry skin. As it is a rich source of various fatty acids, many manufacturers are using jojoba oil instead of animal fats for the production of skin creams and lotions.
Jojoba Oil Market Trends:
Jojoba oil extends the shelf-life of the end-products as it does not break down, become rancid or oxidise under high pressures and temperatures. On account of this, the manufacturers have started producing herbal products by using jojoba oil as one of the main ingredients. Moreover, an increase in disposable incomes across emerging nations, such as India and China, as well as a rapid rise in awareness among the consumers about the availability and benefits offered by natural and organic products are some of the other factors positively impacting the market growth. However, low yield of the crop and insufficient supply of jojoba oil act as primary obstacles for the growth of the market. Looking forward, the market is projected to reach a volume of more than 22,000 Tons by 2023.
Jojoba Oil Market Summary:
- Jojoba oil currently finds myriad applications across the cosmetics, pharmaceuticals and industrial sectors. Amongst these, the cosmetics sector dominates the market, holding majority of the market share. This can be accredited to the lasting moisturising effect of jojoba oil due to which it is increasingly being used in the production of several skin care products such as exfoliators, moisturisers and lotions.
- On a geographical front, North America represents the largest market for jojoba oil. This can be attributed to the flourishing personal care and cosmetics industry in the region. North America is followed by Europe, Asia Pacific, Latin America and Others.
- The competitive landscape of the market has also been examined with some of the key players being Purcell Jojoba International, Eco Oil Argentina SA, Egyptian Natural Oil Co, Inca Oil SA, The Jojoba Company and Desert Whale Jojoba Company, Inc.
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