Cosmetic oil market to witness traction from hair conditioning segment

9:35 AM, 3rd February 2021
Cosmetic oil market size from palm oil is pegged to record 5.2 percent CAGR over the next few years, considering their robust use in the formulation of creams and soaps. Palm oil can be considered a chief cosmetic oil source as it offers health benefiting attributes.

As per the latest research report by Global Market Insights, the global cosmetic oil market size exceeded over $5.5 billion in 2019 and is likely to surpass more than $7.5 billion by 2026.

Cosmetic oil market size from palm oil is pegged to record 5.2 percent CAGR over the next few years, considering their robust use in the formulation of creams and soaps. Palm oil can be considered a chief cosmetic oil source as it offers health benefiting attributes like skin smoothening, hydration, as well as protection against UV radiations.

Annual revenue of the cosmetic oil market in the hair conditioning segment exceeded over $1.5 billion in 2019 and the value is anticipated to register a 3.9 percent CAGR through 2026. This can be owed to the rising demand for these oil products to counter hair loss.

Application of the cosmetic oils in the hair care department contributed to more than $1,616.1 million in 2019. The market is estimated to strike a 3.9 percent CAGR through the coming years due to the prevalence of hair fall issues in consumers across the world. This trend has led to an awareness of the advantages offered by cosmetic oils. Furthermore, cosmetic oils derived from coconut and almond are extensively employed as carriers in cosmetic formulations.

On the other hand, the baby cosmetic oil industry will gain traction over the coming years due to the inclining use of oil for baby health and hygiene. There is also a high consumer willingness to spend on baby care products.

The Asia Pacific cosmetic oil market comprises contributors like China, Japan, India, and South Korea who collectively make up for 80 percent of this regional landscape. The industry was responsible for close to $2,254.6 million in annual remuneration in 2019. This can be attributed to the expansion of the residing population as well as rapid economic developments and urbanization in the region. A surge in production activities related to personal care as well as cosmetic products in China and India will further add impetus to the regional cosmetic oil consumption.

Growing utilization of cosmetic oil in numerous personal care products such as body lotions, creams, make-up, serum, shower-gels, exfoliating agents, and shampoos will foster market size in the forthcoming years. The utilization of cosmetic oil provides soothing and smoothing action on the skin and grooming effects on the beard and head hair.

Increasing awareness among the population in North America regarding aesthetic appearance and growing personal and health care spending will complement cosmetic oil industry expansion in the region. As per the National Health Expenditure Accounts (NHEA), the US health care spending rose by 4.6 percent and valued at $3.8 trillion in 2019. The presence of stringent FDA norms regarding cosmetic adulterations and controlled utilization of oils and chemicals in personal care products will positively influence the North America industry landscape.

Get detailed analysis on the Cosmetic Oil Market:

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Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
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