Global Jojoba Oil Market is anticipated to reach USD 254.2 million by 2024. Jojoba oil implies a type of liquid extracted from the seeds of jojoba plant. California, Mexico, and Arizona are the three foremost manufacturers of jojoba across the globe. Jojoba oil is nutritious and has high content of fatty acids. These oils find applications in pharmaceutical industry, personal care products, and cosmetics.
The factors that propel the growth of the Jojoba Oil Market include considerable development in overall manufacturing of cosmetics, high nutritional value of jojoba oil derivatives, growing demand for substitute bio lubricant feedstock mainly in established markets, and rising concern regarding side effects of synthetic and chemicals additives used in beverages and food. On the other hand, the fact that jojoba seeds take 5+ years to be accessible could hamper the market.
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Jojoba Oil industry is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. Jojoba Oil industry may be explored by grade type, application, distribution channel, and geography. The market may be explored by grade as Lite Jojoba (Bleached Jojoba) and Winterized Jojoba.
The key applications that could be explored in the Jojoba Oil Market include Pharmaceutical, Cosmetics, Industrial, and Others. The “Cosmetics” segment led the jojoba oil industry in 2015 and is anticipated to maintain its dominance by 2024. It has an impressive lasting conditioning; which has resulted in growing its application in numerous skin care products such as exfoliates, moisturizers, and lotions. The market could be explored based on distribution channel as Online Store, Convenience Store, Hypermarkets/Supermarkets, and Others.
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North America accounted for the major share of the Jojoba Oil Market Size in 2015 and will continue to lead in the forecast period. The factors that could be attributed to the growth include the development of the personal care and cosmetic manufacturing in the Mexico and U.S. Growing disposable income with the rising populace has resulted in an enhancing demand for improved beauty products in developing countries of India, China, and South East Asia.
Some of the key players that fuel the growth of the Jojoba Oil industry comprise Charkit Chemical Corporation, Vantage Specialty Ingredients, Inc., Desert Whale Jojoba Company, ECO OIL ARGENTINA, Egyptian Natural Oil Co., Purcell Jojoba International, LaRonna Jojoba Company, Mosselmans and others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.