The global jojoba oil market is estimated to reach $272.4 million by 2026, according to a new report from Reports and Data.
In 2018, the market size was $87.8 million with a CAGR of 5%.
According to the market research company, the increasing use of jojoba oil in cosmetics and pharmaceuticals globally is fuelling market growth.
The report found:
- North America accounts for the largest market share (22.30%) in 2018, encouraged by the development of the male grooming industry.
- The cosmetics market is expected to grow at a CAGR of 5.0% during the forecast period. Within the market, there has been a notable increase in jojoba oil usage in sunscreens, moisturizer, lotions, skin creams, lipsticks and balm.
- Emerging jojoba oil utilization in herbal medicine and demand from the cosmetics market is expected to drive the jojoba oil market in the future.
- The "rapid" industrial growth rate in developing economies is likely to support the market size growth in the coming years.
Jojoba oil offers a long-lasting shelf life and does not break or oxidize under tremendous pressure and temperature, making it perfect for use in several industries.
Check out the full report here.