Jojoba Oil Market is anticipated to reach USD 254.2 million by 2024. Jojoba oil implies a type of liquid extracted from the seeds of jojoba plant. California, Mexico, and Arizona are the three foremost manufacturers of jojoba across the globe. Jojoba oil is nutritious and has high content of fatty acids. These oils find applications in pharmaceutical industry, personal care products, and cosmetics.
The
factors that propel the growth of the Jojoba Oil Market include considerable
development in overall manufacturing of cosmetics, high nutritional value of
jojoba oil derivatives, growing demand for substitute bio lubricant feedstock
mainly in established markets, and rising concern regarding side effects of
synthetic and chemicals additives used in beverages and food. On the other
hand, the fact that jojoba seeds take 5+ years to be accessible could hamper
the market.
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Jojoba
Oil industry is anticipated to grow at a significant CAGR in the upcoming
period as the scope, product types, and its applications are increasing across
the globe. Jojoba Oil industry may be explored by grade type, application,
distribution channel, and geography. The market may be explored by grade as
Lite Jojoba (Bleached Jojoba) and Winterized Jojoba.
The
key applications that could be explored in the Jojoba Oil Market include
Pharmaceutical, Cosmetics, Industrial, and Others. The “Cosmetics” segment led
the jojoba oil industry in 2015 and is anticipated to maintain its dominance by
2024. It has an impressive lasting conditioning; which has resulted in growing
its application in numerous skin care products such as exfoliates,
moisturizers, and lotions. The market could be explored based on distribution
channel as Online Store, Convenience Store, Hypermarkets/Supermarkets, and
Others.
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North
America accounted for the major share of the Jojoba Oil Market Size in 2015 and
will continue to lead in the forecast period. The factors that could be
attributed to the growth include the development of the personal care and
cosmetic manufacturing in the Mexico and U.S. Growing disposable income with
the rising populace has resulted in an enhancing demand for improved beauty
products in developing countries of India, China, and South East Asia.
Some
of the key players that fuel the growth of the Jojoba Oil industry comprise
Charkit Chemical Corporation, Vantage Specialty Ingredients, Inc., Desert Whale
Jojoba Company, ECO OIL ARGENTINA, Egyptian Natural Oil Co., Purcell Jojoba
International, LaRonna Jojoba Company, Mosselmans and others. The leading companies
are taking up partnerships, mergers and acquisitions, and joint ventures in
order to boost the inorganic growth of the industry.
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