The global cosmetic oil market size was evaluated at USD 6 billion in 2022 and is projected to hit around USD 19.05 billion by 2032 with a registered CAGR of 12.3% during the forecast period 2023 to 2032.
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Essential oils and carrier oils like almond and coconut oil are both used in cosmetics. In the upcoming years, demand for these oils is anticipated to be driven by a variety of qualities, including their antibacterial, moisturizing, and anti-inflammatory properties, which will subsequently support market growth. Demand is also anticipated to increase due to consumers' growing preference for organic and natural cosmetic products. In addition to lipsticks, lip balms, moisturizers, and serums, cosmetic oils are utilized in hair and skin care products such as hair, facial, and elixir oils.
Depending on the kind of skin, cosmetic oils are used for a number of purposes, including nourishing the skin and avoiding irritation and skin inflammation. At first, makers of cosmetic oils mostly targeted women, but as social media influencers proliferated and beauty awareness increased, they started to also target guys. During the projection period, it is predicted that expanding operations to other demographics would strengthen the cosmetic oil industry.
The market for cosmetic oils will see increased sales due to the rising demand for cosmetic goods as a result of people's increased awareness of outward attractiveness. Because of its inherent capacity to hydrate and nourish skin as well as to give a natural odor, cosmetic oil is utilized in cosmetic goods. During the anticipated timeframe, the expansion of men-focused beauty goods and the quick development of the gender-neutral cosmetic industry are anticipated to drive product growth.
Cosmetic oils provide a number of advantages, including the ability to heal sunburn, prevent dandruff, treat acne, enhance the quality of the skin, protect the skin, prevent wrinkles, and treat acne. They are also rich in antioxidants and antibacterial qualities.
Report Scope of the Cosmetic Oil Market
|Market Size in 2023||USD 6.71 Billion|
|Market Size by 2032||USD 19.05 Billion|
|Growth Rate from 2023 to 2032||CAGR of 12.3%|
|Forecast Period||2023 to 2032|
Key Market Drivers
Key Market Challenges
Key Market Opportunities
On the basis of source, the vegetable oil segment has held the largest market share in 2022. The fastest-growing segment of the market is one that may be attributed to the rising demand for vegetable oil in cosmetic applications. Due to their ability to heal and protect the skin, essential oils, avocado, almond, palm, and other types of vegetable oils are commonly used in cosmetic goods. Due to increased public awareness of its beneficial effects on the skin, vegetable oil is being utilized more commonly in cosmetics. The market share for cosmetic oils will also be encouraged by the expansion of the use of innovative vegetable oils in cosmetic goods. Vegetable oils have also received a lot of attention because of their numerous biological roles and appealing technical characteristics including simple skin absorption and remarkable spreadability.
Due to its growing use in skin and hair care products, coconut oil has the greatest market share. Due to its ability to moisturize skin, coconut oil is frequently utilized in cosmetic goods. Additionally, coconut oil cures wounds, combats acne, and treats skin diseases and infections. Additionally, the growing popularity of organic and natural certifications in cosmetics has significantly increased the demand for vegetable oils recently, driving the growth of the industry as a whole. The development of the cosmetic oil industry will be further accelerated by the increased innovation of cosmetic products using various vegetable oils.
On the basis of application, the hair care segment has captured the largest market share in 2022. To give the hair a shiny and smooth texture, cosmetic oil is widely used in a variety of hair care products such as hair oil, shampoos, conditioners, serums, and other hairstyle products. These oils also promote the development of hair follicles by moisturizing the scalp. Additionally, the growing significance of hair care and style in people's life has had a favorable impact on the demand for various hair care products, regardless of gender.
On the basis of geography, the North America region accounted for the majority of revenue share in 2022. Because of the increased need for inventive and multipurpose cosmetic products spurred on by changing lifestyles and busy work schedules, the market for cosmetic oils in North America is expected to grow quickly. Additionally, fresh growth potential will be created by innovation and R&D for the development of new goods, as well as the presence of large cosmetic enterprises in the area. The prevalence of early aging and hair greying, especially among young people, will cause a rise in the sale of hair care products across North America. The expansion of the cosmetic oil market over the course of the projection period will also be significantly influenced by the usage of vegetable oils in daily and personal care products.
Over the course of the forecast period, the Asia Pacific cosmetic oil market is anticipated to expand at a CAGR of over 5.9%. The significant growth is linked to urbanization, population increase, and economic growth. Additionally, the growing production of personal care and cosmetic products in Asian nations like China and India is probably going to support market expansion in the area. More than 80% of the Asia-Pacific market for cosmetic oil is anticipated to be accounted for by China, Japan, India, and South Korea.
Key Market Players
Segments Covered in the Report
By Industry Vertical
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