Grand View Research’s market report forecasts global revenue and volume growth. The report provides an analysis of the latest industry trends in the transition period between the 2nd to the 3rd decade of the 21st century.
The global jojoba oil market size was estimated at USD 126.1 million in 2018 and is anticipated to expand at CAGR of 8.4% by 2025. The industrygrowth locomotive will be personal care products consumption, such as shampoos, moisturizers, and skin ointments. Moreover, increasing awareness about product benefits is projected to boost the demand, particularly in Asia Pacific region. Rapidly expanding organic categories in the two most populated states in the world – China and India, is expected to fuel market growth.Additionally, increasing demand for naturally-derived care products has moved the product commercialization.
Cosmetics & personal care was the leading application segment in 2018 and is predicted be the primary application segment in the coming years due to increasing product usage in skin and hair care products.
Pharmaceutical is expected to be the second fastest-growing application segment over the forecast period due to rising product demand.
Industrial segment is expected to experience healthy growth due to increasing product usage as a bio-fuel and lubricant as it creates lesser pollutants. The product also has applications in insulation of electrical wires, pill coatings and batteries, and candle waxes.
North America held the largest market share in terms of revenues in the previous years and is projected to expand further at a CAGR of 7.09% from 2019 to 2025 due to potential demand from the cosmetics & personal care industry. Increasing emphasis on R&D for organic personal care products is also likely to contribute to the region’s growth. Presence of a large number of key manufacturers in the region among them companies from ISRAEL is driving the market further.
We’ll keep you being posted.
THE JOJOBA VALLEY TEAM