The global Jojoba oil Market is estimated to reach USD 272.4 Million by 2026, according to a new report by Reports and Data. This can be mainly associated with the growth in cosmetic manufacturing, development of alternative bio-lubricant feedstock demand particularly in developed markets of Europe and North America, and the high nutritional value of jojoba oil.
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Rising concern regarding the side effects of synthetic and chemical additives used in cosmetics and food and beverages is boosting demand for natural alternatives like jojoba oil in the market. However, long-term jojoba oil production diversifies on the regular supply of resources and capabilities to replace industrial oil with several applications at a relative price. The production yield of the crop profoundly varies on the farming process. Jojoba oil is a form of vegetable oil that can be obtained from simmondsia chinensis which is the crushed beans of the jojoba shrub. By composition, it is close to sebum and is a form of polyunsaturated liquid wax. Due to the reason, it can be easily absorbed by the skin, without any allergic reactions, and diminishing the growth of any fungal and bacterial microbes that can attack the skin. It regulates and re-balances oil production in oily skin and also provides nourishment to dry skin. Various skin-care brands have replaced animal fats and adopted the use of jojoba oil for manufacturing creams and skin lotions.
North America accounts for the largest share of 22.30% in 2018, encouraged by the development of the male grooming industry, especially in developing economies of the region, is anticipated to spur the market demand during the forecast period.
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Further key findings from the report suggest
- Long-term jojoba oil production depends on the steady supply of sources and potentials to substitute industrial oil with various applications at a relative price. The production output of the crop profoundly depends on the cultivation process. The seeds can be accessible only after five years of cultivating. This can act as a notable restraining factor for the market.
- However, companies have expanded R&D spending to innovate and develop affordable new technologies to overcome the challenges, which are expected to create enough opportunities for the existing as well as new market players. It needs low maintenance costs which is further expected to create profitable opportunities for the market players.
- The pharmaceutical industry accounts for the largest market share of 39.30% in 2018. Jojoba oil is used as appetite depressant, antibiotics stabilizer, and carrier for medicine formulae in pharmaceutical industry.
- The market for Lipids under the type segment accounts for the largest share of 35.33% of the global Market in 2018, due to the high nutrient content compared to other categories of the type segment.
- The cosmetics market is expected to grow at a CAGR of 5.0% during the forecast period. In the cosmetic industries, jojoba oil is used to provide skin protection and prevent aging. There has been a notable increase in jojoba oil usage in sunscreens, moisturizer, lotions, skin creams, lipsticks, and balm.
- Emerging jojoba oil utilization in herbal medicine and high demand from the cosmetics market is expected to drive the Jojoba oil market in the future. The rapid industrial growth rate in developing economies is likely to support the market size growth in the coming years. Also, government regulations are another factor which has improved consumer preferences. Jojoba oil offers a long-lasting shelf life. It does not break or oxidize under tremendous pressure and temperature. These properties makes it perfect for use in several industries.
- The online store market of the business mode segment accounts for the largest market share of 38.91% in 2018. The online store market is valued at USD 67.6 Million in 2018 and is estimated to reach USD 106.2 Million by 2026 at a CAGR of 5.0% during the forecast period.
- Various emerging and leading players are launching extensive and advanced solutions with new applications for various clinical settings, with a move to consolidate their shares in various regions.
- The market players are primarily focused on developing new technologies to meet the requirements of users. Various companies are also involved in numerous mergers & acquisitions as their essential strategy is to maintain sufficient market share. These factors are expected to have a positive impact on industry growth over the next few years.
- Other regions such as APAC are estimated to register a CAGR of 5.1%, during the forecast period. APAC is expected to register maximum growth over the forecast period due to the presence of untapped opportunity mainly in the developing economies of China and India.
- Key participants include Eco Oil Argentina SA, El Baraka For Natural Oils, Desert Whale Jojoba Company, The Jojoba Company, Purcell Jojoba International, Egyptian Natural Oil Co., Inca Oil SA, W. Ulrich GMBH, Earth Expo Company, and Sivkin Butik, among others.
For the purpose of this report, Reports and Data have segmented global Jojoba oil Market on the basis of Type, Application, Business mode and region:
Type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
Business Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Convenience Store
- Online Store
Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Cosmetic & Personal Care Products
Regional Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- South-east Asia
- Latin America
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