In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Jojoba oil refers to a type of liquid, extracted from the seeds of jojoba plant. Arizona, California and Mexico are the three major producers of jojoba all across the globe. Jojoba oil is enriched with high nutrient properties and free fatty acid. These oils have significant use in cosmetic industry, pharmaceutical industry, and personal care products. Cosmetic companies such as L’Oreal, JE internationals and others are investing heavily in the research and development activities of the jojoba oil. Consumers worldwide prefer jojoba oil products over other oil or wax products as jojoba oil offers high nutritious value and less fatty acid than other oils.
The global jojoba oil market was accounted for USD 160.3 Million in 2016 and is anticipated to reach around USD 250 Million by the end of 2024. Further, the market is expected to flourish at a CAGR of 5.8% over the forecast period. Jojoba oil is likely to witness high demand owing to the increased demand from the cosmetics industry. By application, cosmetics and personal care products is showcased to achieve higher market value over the forecast period owing to the rapid expansion of cosmetic industry across the globe.
In 2015, North America region accounted for the highest percentage share followed by Asia-Pacific. North America region held a dominant share of 39.7% in the jojoba oil market globally. Further, North America jojoba oil market was valued at USD 60.8 Million in 2016 and is expected to continue its dominance over the forecast period on the account of growing cosmetic and personal care industry in the region. U.S. and Mexico are likely to capture the largest market share by the end of 2024 in North America region.
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Asia-Pacific region is anticipated to witness stupendous growth at a CAGR of 7.6% during the forecast period i.e. 2017-2024. Increasing inclination towards natural products in the Asia-Pacific countries is expected to garner the growth of global jojoba oil market. Further, rising concern of personal healthcare and increasing disposable income are anticipated to swell the demand for the jojoba oil during the forecast period.
Our-in depth analysis of the global jojoba oil market includes the following segments:
The global jojoba oil market is further classified on the basis of region as follows:
Increasing awareness about the benefits of organic and natural products and rising preference for such products are anticipated to be the dynamic factor behind the growth of the jojoba oil market across the globe. In addition to this, major cosmetics companies are using jojoba oil as an ingredient in manufacturing shampoos, moisturizers, skin creams and others. Apart from this, rising trend towards manufacturing and supplying herbal medicines is also expected to intensify the growth of jojoba oil market.
Rising disposable income and increasing population in the growing economies such as China, India and others is envisioned to bolster the growth of jojoba oil market over the forecast period. Increasing desire for living a healthy life is propelling the growth of the jojoba oil market. Further, the market is expected to escalate at a rapid pace during the forecast period on the account of the rising cosmetics and personal care industry. Beside this, the increasing men grooming activities is expected to surge the demand for jojoba oil products over the next few years.
However, insufficient supply of jojoba oil is anticipated to restrain development of the global jojoba oil market. Additionally, lack of awareness in undeveloped nations and low yield of the crop is hampering the growth of the market.