The Cosmetic Oil Market will record remuneration of $7 billion in by 2027, Says Global Market Insights Inc.

SELBYVILLE, Delaware, Jan. 20, 2022 /PRNewswire/ -- As per the latest report by Global Market Insights Inc., the Cosmetic Oil Market was valued at USD 4.8 billion in 2020 and is expected to reach a valuation of around USD 7 billion by 2027, registering with a CAGR of 5.5% from 2021 to 2027. The research report gives a detailed assessment of market size & estimations, drivers & opportunities, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.

Cosmetic oils find extensive usage in personal care products. Cosmetic products have seen a surge in demand among men for grooming and improving their appearance is likely to propel product uptake in the coming years. Moreover, rising adoption of make-up products due to the expanding population of working women, along with mounting awareness pertaining to selfcare and physical appearance, is foreseen to promote market growth through the forecast timeline. 

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Vegetable oils have gained massive popularity in the cosmetics setting on account of rising awareness pertaining to its benefits. Surging usage of natural ingredients in cosmetic products in order to reduce the chances of adverse effects of these products on the skin is likely to bolster adoption of vegetable oils. Owing to mounting prominence in cosmetics, the vegetable oil source segment is forecast to reach a valuation of nearly USD 5.9 billion by 2027.

In 2020, the cosmetic oil market from the make-up application segment was valued at over USD 775 million and is slated to expand at approximately 5% CAGR through the review timeline. Soaring consciousness among consumers pertaining to their physical appearance, particularly among the younger population, is calculated to boost segmental development. Furthermore, growing internet penetration has impelled consumer interest in new make-up products, which is speculated to fuel their sales, thereby augmenting segmental revenue in the future.

Key reasons for cosmetic oil market growth:

1.  Increasing usage in make-up products.

2.  Rising consumer interest in essential oils.

3.  High adoption in hair conditioning products.

4.  Growing prominence of vegetable oils in cosmetics.

2027 forecasts show 'hair conditioning' segment retaining its dominance:

Based on function, the hair conditioning segment is anticipated to be valued at more than USD 2.5 billion by 2027. Surging usage of DIY hair coloring as well as other hair products has boosted the demand for hair conditioning products for reducing damage, which is expected to drive the segmental growth over the review period.

Asia Pacific to maintain top status in terms of revenue:

The Asia Pacific cosmetic oil market is projected to see steady growth at a CAGR of about 6.5% through the forecast period to exceed a valuation of USD 2.95 billion by 2027. Rising living standards, coupled with increasing penetration of cosmetic products, are likely to product uptake in APAC. Cosmetic oils like mineral oil, essential oils, and vegetable oil, are widely utilized in cosmetic products for skin conditioning, blending, formulating, and adding fragrance to cosmetics product. In addition, proliferating product demand from regional manufacturers for use in cosmetic products is set to foster regional market outlook in the forthcoming years.

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Impact of COVID-19 pandemic on cosmetic oil market:

Following the onset of COVID-19, patients infected with the virus reported several symptoms, including loss of smell and taste. Subsequently, there was an upsurge in research focus on the antiviral properties of essential oils, which has played a vital role in industry expansion during the pandemic. Additionally, stringent lockdown restrictions across the globe caused a decline in sales of make-up products in the initial stages of the pandemic. However, increased focus on expediting economic recovery, along with widespread vaccination drives, has boosted make-up product sales, thereby helping the market regain its pre-COVID momentum in recent years.

Leading market players

Some key companies functioning in the global cosmetic oil industry are Symrise AG, Exxon Mobil Corporation, Maverik Oil LLC, Renkert Oil LLC, Sonneborn, Sinopec Corporation, DoTerra International LLC, and ATDM CO. Ltd., among others.

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.

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SOURCE Global Market Insights Inc.