Our recent market research and analysis indicate that several agricultural products are set to dominate the cosmetics industry in the coming year, driven by a growing preference for organic beauty products.
In the first segment of this topic, we highlighted the prominence of aloe vera, turmeric, and essential oils in the production of organic cosmetic products.
In this second and final segment, focused on the "dominating products in the market to watch out for", we will explore the carrier oils—coconut oil, avocado oil, jojoba oil, baobab oil, and argan oil.
We will examine their evolution, health benefits, and the significant roles they play in the global cosmetics industry.
Rich in vitamins, fatty acids, and antioxidants, carrier oils, also referred to as base oils or vegetable oils, are integral to the formulation of various cosmetic products, such as lotions, creams, and serums, due to their beneficial properties for the skin. They are essential for diluting highly concentrated essential oils, which can cause skin irritation if applied directly.
Coconut Oil
Coconut oil has experienced significant growth and evolution in the cosmetic industry, driven by its numerous benefits and the increasing consumer demand for natural products. Its natural antimicrobial properties make it an excellent moisturizer, which has led to its widespread use in skincare products such as lotions and creams. Due to its hydrating properties, coconut oil is also utilized in various cosmetic products, including makeup primers, highlighters, and lip glosses, and is effective in treating skin infections and preventing acne. Additionally, coconut oil is extensively used in hair care products for its ability to nourish and strengthen hair, reduce protein loss, and promote healthy hair growth.
The global coconut oil market has been expanding steadily. In 2023, the market size was valued at approximately USD 5.9 billion and is projected to reach USD 9.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.3%. This growth is largely attributed to the rising popularity of natural and organic products in the cosmetics and personal care sectors.
Avocado Oil
The market trend has positioned avocado oil as a key component in many skincare and haircare formulations. Rich in monounsaturated fats and vitamin E, avocado oil deeply moisturizes the skin, making it ideal for dry and sensitive skin types. The antioxidants in avocado oil help combat free radicals, reducing signs of aging such as wrinkles and fine lines. Its high oleic acid content promotes skin cell regeneration and healing, making it beneficial for treating wounds and sunburns. It is also frequently used in shampoos, conditioners, and hair masks to strengthen and moisturize hair, reducing breakage and promoting healthy growth.
The global avocado oil market has seen significant growth in recent years. In 2022, the market size was valued at approximately USD 593.62 million and is projected to grow at a CAGR of 5.4% from 2023 to 2032, potentially reaching USD 1 billion by 2032. This growth is driven by the increasing demand for natural and organic products, particularly in the cosmetics and personal care industry.
Jojoba Oil
Rich in vitamins E and B, jojoba oil helps protect the skin from oxidative stress. Its anti-inflammatory properties soothe irritated skin and reduce redness. With natural antibacterial properties, jojoba oil can prevent bacterial infections on the skin and does not clog pores, making it suitable for acne-prone skin. It closely resembles the skin’s natural sebum, making it an excellent moisturizer for all skin types.
Jojoba oil is commonly found in moisturizers, serums, and cleansers, and is also used in shampoos, conditioners, body oils, and lotions to nourish hair and improve skin elasticity and hydration. Its high stability and resistance to oxidation make it a preferred ingredient for extending the shelf life of cosmetic formulations.
In 2022, the jojoba oil market was valued at approximately USD 130.8 million and is projected to expand at a compound annual growth rate (CAGR) of 7.7% from 2023 to 2030. This growth is driven by the increasing demand for natural and organic ingredients in cosmetics and personal care products.
Baobab Oil
The rising popularity of natural and organic cosmetics is expected to continue driving the demand for baobab oil in the cosmetic industry. In 2023, the market was valued at approximately USD 2.36 billion and is projected to grow to USD 6.208 billion by 2032, with a compound annual growth rate (CAGR) of 11.12%. This growth is fueled by the increasing demand for organic and natural cosmetic products.
Baobab oil is highly valued in the cosmetic industry for its numerous benefits. Its anti-inflammatory properties help soothe irritated skin and promote healing. It is commonly found in moisturizers, serums, and anti-aging creams due to its hydrating and rejuvenating properties. Shampoos, conditioners, and hair oils often include baobab oil to enhance hair health and shine. Additionally, it is used in body lotions and oils for its moisturizing and skin-soothing benefits.
Argan Oil
Argan oil is renowned for its numerous benefits, particularly in the cosmetic industry. The global market for argan oil is rapidly growing, making it one of the most sought-after carrier oils in the industry. According to Grand View Research, the market size was estimated at approximately USD 299.45 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.4% from 2023 to 2030, while OTI R&R Department report suggests that the market size reached USD 340.9 million in 2023 and is projected to reach USD 734.9 million by 2032, with a CAGR of 8.6% during the forecast period.
Argan oil is widely used in various cosmetic products due to its beneficial properties. It is incorporated into lotions, creams, and serums for its moisturizing and anti-aging effects. Rich in fatty acids and vitamin E, argan oil deeply hydrates and nourishes the skin. Its antioxidant properties help reduce the appearance of wrinkles and fine lines. Additionally, argan oil strengthens hair, reduces breakage, and adds shine. It is also used in beard oils, aftershaves, and other grooming products.
The growing consumer preference for natural ingredients and the multifunctional benefits of carrier oils are driving their demand in the cosmetic industry. As consumers increasingly seek natural and organic products that offer both efficacy and sustainability, the demand for these ingredients is expected to rise in the coming years.
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