Cosmetic Oils Market Forecast and Growth 2031

The cosmetic oils market size is projected to reach US$ 5.26 billion by 2031 from US$ 8.40 billion in 2023. The market is expected to register a CAGR of 6.0% during 2023–2031. The increasing adoption of organic ingredients in cosmetics is likely to remain a key trend in the cosmetic oils market.

Cosmetic Oils Market Analysis

In recent times, health and skin care awareness has increased significantly among consumers worldwide. In the quest to appear youthful with healthy hair and radiant skin, consumers are willing to spend a tremendous amount on skincare and haircare products. The image-focused society further pressurizes people to work on their appearance in social settings. As per the data published in L'Oréal's 2021 annual report, a growth rate of 8% in 2021 was witnessed in the global beauty markets. These scenarios compel people to find the best available products for their skin type. As cosmetic oils are among the major ingredients used in these products, the demand for cosmetic oils worldwide will continue to propel in tandem with the growth of personal care and beauty products.

Cosmetic Oils Market Overview

Almond, coconut, and mineral oil are among the cosmetic oils widely used in the production of haircare and skincare products such as lotions, creams, hair oil, shampoos, and facial oil. Various properties, such as moisturizing, antimicrobial, and anti-inflammatory, of these oils boost the demand for cosmetic oil. Additionally, it is anticipated that the rising desire for natural and organic beauty products will increase the demand for cosmetic oils.

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Cosmetic Oils Market: Strategic Insights

Cosmetic Oils Market

• Market Size 2023
  US$ 8.40 Billion
• Market Size 2031
  US$ 5.26 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Mineral Oil
• Olive Oil
• Coconut Oil
• Argon Oil
• Jojoba Oil
• Avocado Oil
• Almond Oil

Category

• Organic and Conventional

Application

• Creams and Lotions
• BaOil
• Massage Oil
• Shampoo
• Hair Oil
• Make-up Products

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Cosmetic Oils Market Drivers and Opportunities

Strategic Development Initiatives by Key Market Players to Favor Market

Cosmetic oil manufacturers and end users worldwide are investing significantly in strategic initiatives such as product innovations, expansions, and mergers & acquisitions of their businesses to attract a large number of consumers and enhance their market position. For instance, Symrise Cosmetic Ingredients launched a 'Beauty Activations' brand accelerator project in May 2022 to work with cosmetics and personal care manufacturing companies in North America. Brands associated with Symrise will gain access to specialized formulas, comprehensive marketing data, and an award-winning assortment of ingredients via the Beauty Activations platform. Such product innovations by key players help create a strong foothold in the cosmetic oils market.

Increased Expenditure on Skincare and Makeup

The increasing purchasing power of consumers significantly influences consumers to spend more on skincare and makeup products. Further, the growing awareness of products supplemented with cosmetic oils that help improve the health of hair and skin accelerates the demand for such products. Thus, cosmetic oils are gaining significant traction in skincare and makeup products, owing to which lucrative opportunities for the market will continue to unveil in the upcoming years.

Cosmetic Oils Market Report Segmentation Analysis

Key segments that contributed to the derivation of the cosmetic oils market analysis are type, category, and application.

• Based on type, the cosmetic oils market is divided into mineral oil, olive oil, coconut oil, argon oil, jojoba oil, avocado oil, almond oil, and others. The mineral oil segment held the largest market share in 2023.
• By category, the market is segmented into organic and conventional. The conventional segment held a larger share of the market in 2023.
• In terms of application, the market is categorized into creams and lotions, baby oil, massage oil, shampoo, hair oil, make-up products, and others. The hair oil segment dominated the market in 2023.

Cosmetic Oils Market Share Analysis by Geography

The geographic scope of the cosmetic oils market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

The cosmetic oil market in North America is significantly growing with the thriving personal care and cosmetic industries. Further, there is a growing trend of using natural, vegan, and organic cosmetic products in the region due to an increasing preference for chemical-free products, which tends to increase the sales of natural and organic cosmetics oils. Increasing cases of graying hair and early aging among the youth population due to lack of nutrition increases the sales of haircare and skincare products. Cargill, Incorporated, ADM, and Maverik Oils are among the well-established players in the cosmetics oils market in North America.

Cosmetic Oils Market Market Report Scope

Cosmetic Oils Market News and Recent Developments

The cosmetic oils market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion and strategies:

• LVMH, Henkel, Natura & Co., Unilever, and L'Oreal collaborated in order to establish a method for ranking and assessing the environmental effects of the cosmetics industry. (Source: Natura & Co, Press Release, 2021)
• Symrise Cosmetic Ingredients entered a strategic partnership with Kobo to expand the cosmetic business. (Source: Symrise, Newsletter, 2021)

Cosmetic Oils Market Report Coverage and Deliverables

The “Cosmetic Oils Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles