Jojoba Oil Market To Reach USD 233.2 Billion By 2032 | DataHorizzon Research
The jojoba oil market size valued at USD 123.2 Billion in 2022 and is anticipated to reach USD 233.2 Billion by 2032 at a CAGR of 6.7%.
Fort Collins, Colorado, May 01, 2024 (GLOBE NEWSWIRE) --*The popularity of jojoba oil in the population drives the industry growth.*
*Jojoba oil* is a key ingredient in numerous skin and hair care formulations across various brands, owing to its remarkable ability to enhance quality. Abundant in essential nutrients such as Vitamin B, Vitamin E, zinc, and copper, jojoba oil functions as an outstanding anti-inflammatory agent. Its multifaceted benefits include facilitating wound healing and alleviating inflammation, making it highly valued in skincare. Additionally, jojoba oil is found to be extensively used in hair care products, as it aids in moisturizing the hair, stimulating hair growth, and combating damage and premature greying.
In recent years, there has been a noticeable upsurge in the demand for anti-aging creams and lotions, driven primarily by the increasing elderly population. Many individuals increasingly turn to anti-aging and anti-wrinkle products to preserve a youthful and radiant complexion. Factors such as escalating pollution levels, UV radiation exposure, and lifestyle factors contribute to accelerated skin aging, further bolstering the demand for anti-wrinkle solutions. Jojoba oil plays a pivotal role in these formulations due to its moisturizing, anti-inflammatory, anti-aging, and anti-wrinkle properties, effectively mitigating damage caused by these environmental stressors. With the burgeoning demand for such products, the jojoba oil market is poised for substantial growth.
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*Segmentation Overview:*
*The jojoba oil market has been segmented into grade, application, sales channel, and region.*
*Cold-pressed jojoba accounted for a significant market share in 2023*
· Based on grade, the market is segmented as cold pressed jojoba, winterised jojoba, and lite jojoba. Cold-pressed jojoba oil holds a significant share in the grade segment. Since it is unprocessed, it is rich in nutrients and vitamins needed to ensure effective results.
*Cosmetics & personal care registered tremendous growth in the past few years.*
· The market is segmented by application into cosmetics and personal care, pharmaceutical, industrial, and others. Cosmetics and personal care hold a significant share in the application segment as they are majorly used in cosmetic and hair care products, and the demand for cosmetic products is touching new highs with each passing year.
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*Jojoba Oil Market Report Highlights:*
· The jojoba oil market growth is anticipated at a *CAGR of 6.7% by 2032.*
· There has been a significant increase in demand for jojoba oil, primarily due to the surge in skincare trends and the growing awareness of the importance of skin health among both men and women.
· North America holds a significant share of the jojoba oil market, and the United States has a substantial share in this region. According to Lending Tree, Americans spend around USD 1,754 yearly on beauty products. Gen Z consumers spend around USD 2,048 on beauty and skincare products, with 30% of this spending on skincare products.
· Some prominent players in the jojoba oil market report include US Organic Group Corp., Inca Oil, Jojoba Desert, Shay and Company, Eco Oil Argentina, Jojoba Naturals, OPW Ingredients, Purcell Jojoba, Connoils LLC, and Hallstar Beauty.
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