PUBLISHER: Grand View Research | PRODUCT CODE: 1233119
PUBLISHER: Grand View Research | PRODUCT CODE: 1233119
The global jojoba oil market size is expected to reach USD 236.6 million by 2030 and is expected to expand at 7.7% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is attributed to the high demand from key end-use industries, especially personal care & cosmetics, and pharmaceuticals.
Jojoba oil is widely used as an active ingredient in the personal care & cosmetic industry. The product continues to gain popularity in several cosmetic formulations such as serums, lip balms, lip colors, face oils, etc. owing to its antioxidant properties. Industry players such as L'Oreal, and Sephora have developed jojoba oil-based cosmetic product lines. Growing consumer inclination toward natural and organic products is expected to drive the demand for jojoba oil in cosmetic products.
Favorable technological advancements are significantly contributing to the overall product demand by continuously enhancing both the chemical and microbiological qualities of the oil. However, jojoba oil is an expensive raw material for manufacturers in the cosmetics and personal care industries, which is expected to pose a restraint to market growth.
The growing popularity of the product and its benefits have fostered research and development activities as well as given rise to several startups globally. Several new players have emerged in the market owing to the growing popularity of the product. Industry players are focusing on price differentiation and attractive product packaging to gain consumer attention.