[Research Report] The Cosmetic Oil market is expected to grow from US$ 5157 million in 2022 to US$ 8206 million by 2030; it is expected to record a CAGR of 5.5% from 2022 to 2030.
Market Insights and Analyst View:
Various essential oils such as almond, coconut, and mineral oil are examples of cosmetic oils. Cosmetic oils are widely used in the production of hair care and skincare products such as lotions, creams, hair oil, shampoos, facial oil, etc. Various properties, such as moisturizing, antimicrobial, and anti-inflammatory, of these oils boost the demand for cosmetic oil. Additionally, it is anticipated that the rising desire for natural and organic beauty products will also increase the demand for cosmetic oils.
Growth Drivers and Challenges:
In recent times, health and skin care awareness has increased significantly among consumers across the globe. Consumers are seeking products that help them look youthful. Due to increased disposable income, consumers are willing to spend a tremendous amount on skincare and haircare products that make their skin appear healthy and radiant. People also spend extensively on personal care products as they are conscious about their appearance in social settings. Due to the increasing pressure to look good in an image-focused society, people are dedicated to researching the best products for their skin type. Per the data published in L'Oréal's 2020 annual report, the global beauty markets witnessed a growth rate of 8% in 2019. This shows the rising expenditure on personal care and beauty products globally, boosting the demand for cosmetic oils worldwide.
Moreover, increasing adoption for organic ingredients in cosmetics boost the demand for cosmetic oil as consumers become more aware of the adverse effects of chemical and synthetic ingredients used in product formulation. For instance, as more customers are experiencing hair loss issues, they have strated using organic oils, namely Viva Naturals, mama earth oil, and others that provide a variety of nutrients to hair that helps in hair growth. Thus, a rising preference for organic oils is expected to boost the global cosmetic oil market growth.
Report Segmentation and Scope:
The "Global Cosmetic Oil Market" is segmented based on type, application, and geography. On the basis of type the cosmetic oil market is segmented into mineral oil, olive oil, coconut oil, argon oil, jojoba oil, avocado oil, almond oil, and others. based on category, the market is bifurcated into organic and conventional. In terms of application, the market is classified into creams and lotions, baby oil, massage oil, shampoo, hair oil, make-up products, and others. The cosmetic oil market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
The cosmetic oil market is segmented based on type into mineral oil, olive oil, coconut oil, argon oil, jojoba oil, avocado oil, almond oil, and others. The coconut oil segment holds a significant market share and is projected to register a significant CAGR in the cosmetic oil market during the forecast period. Coconut oil has wide application scope within the cosmetic and prsonal care industry, resulting in an inflated demand from countries like India, Japan, and South Korea. Various emerging and well-established brands have started using coconut oil owing to its natural properties. For example, Farsali manufactures facial oils, which is a trending product among make-up artists across the globe. Coconut oil is widely utilized owing to its skin moisturizing properties. Coconut oil treats skin illness, heal wounds, and protects skin against blemishes. Thus, owing to its functional benefits, coconut is highly used cosmetic oils among cosmetic manufacturers. These factors are expected to drive the segment's share in the forecast period.
Based on geography, the cosmetic oil market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The cosmetic oil market in North America is significantly growing with the thriving personal care & cosmetic industry. Further, there is a growing trend of using natural, vegan, and organic cosmetic products amongst consumers in the region due to a growing preference for chemical-free products, which tends to increase the sales of natural and organic cosmetics oils. Increasing cases of grying hair and early aging among the youth population due to lack of nutrition increases the sales of hair care and skin care products. Cargill, Incorporated, ADM, and Maverik Oils are some of the well-established players in cosmetics oil in North America. These factors are expected to generate lucrative opportunities for the growth of the cosmetic oil market in the region.
Industry Developments and Future Opportunities:
Various initiatives taken by key players operating in the cosmetic oil market are listed below:
1. In May 2022, Symrise - a Germany based cosmetic Ingredients manufacturer launched a 'Beauty Activations' brand accelerator project to work with cosmetics manufacturing companies in North America region. Brands will receive access to in-depth marketing analytics, an award-winning ingredient range, and specialized formulas from collaborating with Symrise through the Beauty Activations platform.
2. In September 2021, LVMH, Henkel, Natura & Co., Unilever , and L'Oreal collaborated inporder to establish a method for ranking and assessing the environmental effects of the cosmetics industry.
3. In September 2021, Symerise Cosmetic Ingredients entered a strategic partnership with Kobo to expand the cosmetic business.
4. In October 2020, the doTERRA launched various essential oil products and diffusers, including three new wellness programs designed in order to help people focus on their health.
5. In October 201, Symerise filled a range of patent applications for its multifunction cosmetic ingredient Hydrolite 7 green.
The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, business closures, and travel restrictions in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the personal care and cosmetic industries. The shutdown of production units negatively impacted the global supply chains, delivery schedules, manufacturing activities, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020.
Moreover, bans imposed by governments of various European countries, Asia Pacific, and North America on international travel compelled companies to temporarily discontinue their partnership and collaboration plans. All these factors imped various industries in 2020 and early 2021, thereby hampering the growth of cosmetic oil market growth. However, by the end of 2021, many countries were fully vaccinated, and governments announced relaxations in certain regulations, including lockdowns and travel bans. The relaxation of trade restrictions aided in import and export operations, positively impacting the cosmetic oil market growth.
Competitive Landscape and Key Companies:
A few of the prominent players operating in the global cosmetic oil market include SOPHIM IBERIA S.L; Maverik Oils; RENKERT OIL; Lebermuth, Inc; OLVEA Vegetable Oils; Cargill, Incorporated; Vigon International, LLC; Young Living Europe B.V.; Sonneborn LLC; ADM among others. These market players are adopting strategic development initiatives to expand, further driving the cosmetic oil market growth.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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to segments covered.
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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1.SOPHIM IBERIA S.L
5.OLVEA Vegetable Oils
10.Young Living Europe B.V
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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