PUBLISHER: Grand View Research | PRODUCT CODE: 1553677
PUBLISHER: Grand View Research | PRODUCT CODE: 1553677
The global cosmetic oil market size is expected to reach USD 84.63 billion by 2030, registering to grow at a CAGR of 5.2% from 2024 to 2030 according to a new report by Grand View Research, Inc. Increasing use of beauty oils by the hair and skin care industries is the key factor driving the growth for the market. Cosmetic oils play a vital role in treating various hair and skin problems like dandruff, acne, eczema, and dermatitis. Such oils have natural and organic ingredients used to manufacture hair oils, facial oils, massage oils, and other cosmetic products. These factors are driving their demand among consumers as a part of their daily care regime.
Moreover, several antimicrobial, moisturizing, and anti-inflammatory properties of the product will drive the demand further. For instance lavender oil soothes minor burns and sunburns whereas tea-tree oil carries anti-inflammatory properties and is useful to treat eczema or acne. Some of the popular cosmetic oils, such as olive oil and coconut oil, are long-time personal care favorites worldwide, hence are used to manufacture a number of hair and skin care products with multiple formulation. Increasing usage of organic ingredients, such as essential oils, in personal care products appears to have set a new standard in the cosmetic industry.
The essential oil segment dominated the market with a revenue share of 25.9% in 2023. Europe is expected to be the second largest market due to rising demand for product, especially almond oil, in the region. Asia Pacific occupies the largest share of the market. Countries, such as South Korea, are known for beauty trends and innovations, featuring sophisticated ingredients and aesthetically appealing packaging and represents nearly 2.9% of the global market.