Jojoba oil increases shelf-life of the product as it does not oxidize or become rancid which make it an important ingredient in various cosmetic and pharmaceutical products. In addition, jojoba oil contains several vitamins and minerals such as vitamin E and B complex, silicon, chromium, etc. Jojoba oil is also used as an electric insulator, plasticizer, adhesive, foam control agent, and many applications. Moreover, jojoba oil acts as transformer oil, cutting and grading oil. In pharmaceuticals, it is used as a carrier for medicinal formulae, antibiotics stabilizer, and appetite depressant.
On the basis of grade, the jojoba oil market is segmented into winterized jojoba and lite or bleached jojoba. On the basis of application, the market is segmented into cosmetics, pharmaceutical, industrial, and others. Cosmetics segment is expected to account for major share in the market, owing to increasing adoption of jojoba oil in various skin care and beauty products such as body lotion, moisturizers, lipsticks, balms, etc. due to its special properties. Also, jojoba oil is mainly consumed in the production of herbal medicines owing to its medicinal properties in pharmaceutical industry.
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Based on the region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to account for highest share in terms of revenue over the forecast period, owing to increasing adoption of jojoba oil in various industrial applications in various countries in this region. The market in Asia Pacific accounted for second-highest CAGR in terms of revenue, owing to increasing production and demand for organic and natural beauty products in developing countries such as India and China in the region.
Key players operating in the global jojoba oil market include Desert Whale Jojoba Company, Inc., Eco Oil Argentina SA, Purcell Jojoba International, Egyptian Natural Oil Co., The Jojoba Company Australia Inc., W. ULRICH GmbH, Earth Expo Company, El Baraka For Natural Oils, Mosselman S.A, and LaRonna Jojoba Company.