Selbyville, Delaware, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global cosmetic oil market size was estimated at $5.5 billion in 2019 and is slated to surpass $7.5 billion by 2026, registering a CAGR of 4.5% from 2020 to 2026. The report gives a complete analysis of the top winning strategies, drivers & opportunities, market estimations as well as size, top investment avenues, wavering industry trends, and competitive scenarios.
The haircare application segment was valued at USD 1,616.1 million and is likely to grow with a CAGR of 3.9% by the end of 2026 owing to increasing hair fall issues coupled with increasing awareness about the advantages of cosmetic oils. Cosmetic oils such as coconut oil and almond oil are widely used as a carrier oil in cosmetic formulation.
The palm oil segment is likely to grow with a CAGR of 5.2% owing to increasing demand in formulations of creams and soap attributed to its properties such as skin smoothening, hydration, and protection against UV radiation. Increasing concern towards health and hygiene amidst the outbreak of COVD-19 is likely to augment the cosmetic oil market growth of the soap-based products.
The hair conditioning market was valued at USD 1.5 billion and is likely to grow with a CAGR of over 3.9% by the end of 2026 owing to increasing demand for products for preventing hair loss. Furthermore, increasing consumer spending on baby care products to augment the demand for the baby oil market.
The Asia Pacific cosmetic oil market was valued at USD 2,254.6 million and is likely to grow with a CAGR of over 5.9% during the forecast period. The high growth is attributed to economic growth, increasing population, and urbanization. Furthermore, increasing manufacturing of personal care & cosmetic product in Asian countries such as China and India are likely to foster the market growth in the region. China, Japan, India, and South Korea are expected to be the major market for cosmetic oil in Asia-Pacific accounting for more than 80% of the Asia Pacific market.
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Notable market players analyzed in the cosmetic oil industry report include Exxon Mobil, Sinopec Corporation, Maverik Oils, Renkert, Sonneborn, DoTerra, Symrise, ATDM CO.LTD, Henry Lamotte Oils GmbH, OLVEA Vegetable Oils, Cargill, Incorporated, BASF, Gustav Heess GmbH, Connoils, L’Oreal and Unilever among many others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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