The global cosmetic oil market size is expected to reach USD 72.28 billion by 2025, registering a 5.2% CAGR over the forecast period. Increasing usage of cosmetic oils by skin and hair care industries is a key factor to drive the growth of this market. Cosmetics oils play an important role to reduce hair and skin problems such as eczema, dandruff, acne, and dermatitis. In addition, cosmetic oils used natural and organic ingredients to manufacture facial oils, hair oils, massage oils, and other cosmetic products which are majorly driving the demand for this market among consumers.
Moreover, cosmetic oil’s beneficial properties such as moisturizing, several antimicrobial, and anti-inflammatory will drive the demand further. For instance, lavender oil recovers minor burns and sunburns, also tea-tree oil has anti-inflammatory properties. Some popular oils such as olive oil and coconut oil are favorite for a long time across the globe. Hence, manufacturers are using this oil in various skin care and hair care products with many formulations. Increasing usage of organic oils such as essential oils in personal care products estimated to set a new standard for the cosmetic industry.
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The essential oil segment is projected to grow with a CAGR of 5.8% during the forecast period. The major trend which has given robust momentum to this market is due to the growing demand for natural and non-toxic claims made by various companies such as L’Oreal, Coty, and Unilever. Europe held the second-largest market share, in 2018 due to the rising demand for organic and natural skin care products, especially for almond oil. Asia Pacific held the largest share with more than 30%, in 2018. This high percentage share can be attributed to product innovation in cosmetic oil, especially in South Korea and Singapore. For instance, South Korea is known for product innovation and beauty trends which represent nearly 3% of the global cosmetic oils market.
Further key findings from the report suggest:
• Based on geography, Asia Pacific is projected to reach USD 24.65 billion by the end of forecast year and estimated highest CAGR of 5.8% during the forecast period.
• Others product segment accounted for 17.41% market share of the total market. However, it is expected to witness a slight decline in the next few years.
• Introduction of new product is one of the main strategies following by top players to sustain in competitive edge and expanding their product portfolio.
Global Cosmetic Oil Market : Key Players
Unilever; L’Oreal S.A., The Procter & Gamble Company, Avon Products, Inc.; Shiseido Co., Ltd., and Beiersdorf AG.
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