Pune, India, Nov. 07, 2023 (GLOBE NEWSWIRE) -- According to the new research study titled "Cosmetic Oil Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Category, Application, and Geography," the market is expected to grow from $5.16 Billion in 2022 to $8.21 Billion by 2030; it is expected to record a CAGR of 5.5% from 2022 to 2030.
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Cosmetic oil manufacturers and end users across the globe are investing significantly in strategic initiatives such as product innovation, expansion, and mergers & acquisitions of their businesses to attract large number of consumers and enhance their market position. To maintain their strategic position in the market, key players are investing significantly in quality enhancement of forage seeds. For instance, Symrise Cosmetic Ingredients launched a 'Beauty Activations' brand accelerator project in may 2022 in order to work with cosmetics and personal care manufacturing companies in North America region. Brands will receive access to specialized formulas, in-depth marketing analytics, and an award-winning range of ingredients from collaborating with Symrise via the Beauty Activations platform. Similarly, 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. Such product innovation by key players helps to create a strong foothold in the cosmetic oil market.
The increasing prevalence of skin diseases caused by synthetic ingredients in beauty products and cosmetics fuels the demand for organic skin care products. Thus, manufacturers are launching different organic skin care products. For instance, Lady Green – a organic beauty brand based in France, launched a range of organic make-up and face care products, including face wash, face cream, mascara, and BB cream, for blemished, acne-prone skin in February 2021. Such product innovation increases the demand for organic cosmetic oil.
Moreover, Key market players are expanding their presence in various countries to cater to the increasing demand by collaborating with other companies or acquiring other businesses. In September 2021, Symrise Cosmetic Ingredients partnered strategically with Kobo to expand the cosmetic business. Additionally, in September 2021, LVMH, Natura & Co., Henkel, L'Oreal, and Unilever collaborated in order to establish a method for ranking and assessing the environmental effects of the cosmetics and personal care industry. Such business expansion strategies by major manufacturers are expected to drive the cosmetic oil market growth in the forecast period.
Cosmetic Oil Market: Competition Landscape
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 are among the key players operating in the cosmetic oil market. These key players adopt product innovation strategies and invest in business expansions to meet consumers' demands, further driving the cosmetic oil market.
The report includes the segmentation of the Cosmetic Oil market as follows:
The cosmetic oil market is segmented on the basis of type, category application, geography. Based on type, the 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. Based on application, the market is categorized into creams and lotions, baby oil, massage oil, shampoo, hair oil, makeup products, and others. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). The cosmetic oil market in North America is further segmented into the US, Canada, and Mexico. The European market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The cosmetic oil market in Asia Pacific is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The cosmetic oil market in South & Central America market is categorized into Brazil, Argentina, and the Rest of South & Central America.
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Impact of COVID-19 Pandemic on Cosmetic Oil Market
The bans imposed by various governments in Europe, North America, and Asia Pacific on international travel forced the companies to put their collaboration and partnership plans on hold temporarily. During the starting phase of the COVID-19 pandemic, implementing lockdown restrictions and shutdown of manufacturing units led to a production shortfall, creating a demand and supply gap. The manufacturers of personal care products faced significant challenges owing to supply chain constraints caused by trade bans, nationwide lockdowns, and travel restrictions. The distruptions in supply chain created a shortage of raw materials, which negatively affected the production and distribution of various products, which leads to increased in the prices. These factors hampered the profitability of the cosmetics and personal care industry in 2020 and early 2021, thereby hampering the cosmetic oil market growth.
However, in 2021, various economies resumed their operations as governments announced relaxation in the previously imposed restrictions, which fueled the global marketplace. Moreover, manufacturers were permitted to open at full capacity, which helped them overcome from demand and supply gap and other repercussions. As people of many countries were fully vaccinated by 2021, the manufacturers focused on increasing their production to revive their businesses.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
- Olive Oil Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis
- Avocado Oil Market Forecast to 2027 - COVID-19 Impact and Global Analysis
- Almond Oil Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis
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