Cosmetic Oil Market Forecast and CAGR
According to the most recent Fact.MR report, the cosmetic oil industry is expected to grow rapidly between 2021 and 2031, with a CAGR of 5.8%. Interest in these oils will see a significant recovery in the years 2021-2022, with a promising long-term development outlook.
Cosmetic oils are used for a variety of objectives depending on skin type, such as preventing irritation, skin inflammation, and providing nourishment. Initially, cosmetic oils were mainly targeted at women, but as beauty awareness grew, so did the number of influencers on various social media platforms, and thereby manufacturers began to target men as well. Over the projection period, diversification of operations to various demographics is anticipated to enhance the business of cosmetic oils.
What is Driving Demand for Cosmetic Oil?
Hair, face, and elixir oils are used in hair and skin care products. Moreover, lipsticks, lip balms, moisturizers, and serums contain these cosmetic oils as the main ingredient. Increasing demand for hair products containing beauty oils like argon oil, which aid in the treatment of dandruff, dry scalp, and other issues, will propel the market forward.
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Product demand is being boosted by the rising demand for natural ingredients. The demand for such oils in the cosmetic industry is also driven by their aesthetic benefits. Bio-oils have recently gained popularity as a natural alternative to chemical-based face creams due to their potential to treat hyperpigmentation, scars, stretch marks, and dry skin.
A strong increase in the markets for natural and organic cosmetics is anticipated in the next years, owing to the increasing consumer expectations about the substances used in cosmetics. Companies like Innisfree, and Biotique are releasing a variety of essential oils and cold-pressed face and hair oils to grow in the cosmetic oil market.
Furthermore, increased skin problems as a result of pollution, hormone imbalances, hereditary abnormalities, and other factors are predicted to boost demand for cosmetic products which incorporate cosmetic oils. Increasing demand from the facial oil sector as well is likely to fuel the market expansion of cosmetic oils in the coming years.
Covid-19 Impact on Global Cosmetic Oil Market
At the start of Q2, there was a lot of speculative demand for cosmetics at retail and department shops. This has generated enough impetus to compensate for anticipated losses from cosmetics powerhouses in Q3. Following the reopening of markets in the first quarter of 2021, demand was turned upside down due to a weak consumer basket orientation, which favored savings over the purchase of beauty items.
The decrease in the travel business and the extension of work from home has resulted in a decreased need for grooming and personal care products, which has had a cascading effect on the cosmetic oil industry as well.
On the back of strong consumer behavior and work from home factors, business growth is anticipated to approach pre-COVID levels by Q1 of FY2022.
US Cosmetic Oil Market Geographical Outlook
The United States is the most important market, with a large client base that annually spends hundreds of dollars on personal care and cosmetics. The regional cosmetic leaders such as Bramble Berry, MakingCosmetics Inc., and others, to name a few, have cashed in millions of dollars in profits with their over-the-top marketing and channeling strategies in the cosmetic oil market with competitive pricing and consumer-targeted marketing over the past half-decade.
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The leaders in the cosmetics industry are expected to create billions of dollars by investing in the creation of bio-based cosmetic oils and inclining towards strong consumer behavior about these products. Additionally, US women spend on an average around US$ 1,000 to US$ 3,000 annually on cosmetic products and treatments, which in turn showcases the country’s budding potential.
Owing to the aforementioned factors, the country is poised to experience higher growth in the upcoming forecast period.
South Korea Cosmetic Oil Market Geographical Outlook
South Korea is one of the world’s leading cosmetic markets, with industry-leading innovations and widely adopted South Korean-made goods.
Because of the huge interest in K-beauty items among consumers in the United States and Europe, Korean beauty companies have broken into the global market. Koreans prefer locally produced goods since their quality is comparable to that of products imported from the United States and Europe, and these imports are more expensive. This has not only aided regional players’ growth, but it has also aided their market expansion.
The rising demand for these cosmetic oils is mostly due to premium and mass product pricing as well as product promotion. This has resulted in a surge in demand for K-beauty products all over the world, particularly in the United States and Europe.
Because of the high demand from local customers in the United States and Canada, retailers such as Walmart, Target, and Costco, to mention a few, are sourcing K-Beauty items.
Who are the Key Manufacturers of the Cosmetic Oil Market?
Some of the leading manufacturers of the cosmetic oil market are
- Vcos Cosmetics Pvt Ltd
- Aroma Foundry
- A.G. Industries
- AOT Organic Products
- Uncle Harry’s Natural Products
- Botanic Choice
- MakingCosmetics Inc.
- Bramble Berry
The market is highly fragmented, with product sales split across several manufacturers. Product launches, the introduction of new ingredients, collaborations, acquisitions, and the building of regional and worldwide distribution networks are all examples of strategies that are being adopted by companies in the market.
To take advantage of the ongoing business opportunity, the industry’s vital producers and providers are focusing on forming long-term partnerships with end-users. More importantly, new entrants to the market are offering affordable cosmetic oils which provide the whole range of skin advantages that a potential customer seeks. This business has piqued the interest of customers and thereby has quickly increased in size.
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By Product Type
- Coconut Oil
- Almond Oil
- Olive Oil
- Castor Oil
- Argan Oil
- Essential Oil
By Application Type
By Sales Channel
- Super and Hyper Markets
- Convenience Store
- Direct Sales
- Third Party E-Commerce Sales
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
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