Antioxidants are gaining wide attention in the cosmetic industry, as these offer efficient solutions for skincare. Antioxidants stop the oxidation process under which a compound loses electrons and negatively affects the skin. The oxidation process happens due to internal and external reasons, such as UV radiation, pollution, etc. Oxidation affects the skin by causing blackheads, wrinkles, loss of hydration, etc. Since consumers across the world are becoming more conscious regarding healthy and young-looking skin, manufacturers are moving toward the usage of antioxidants in cosmetic products. Marula oil contains high antioxidant properties and comprises vitamin E and C, which are capable of resisting the oxidation process.
The marula oil market has witnessed substantial growth over the past few years, and this trend is expected to continue through the course of the forecast period (2020 to 2030). The global marula oil market is estimated to rise at a steady CAGR of around 5% during the forecast period.
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Key Takeaways from Marula Oil Market Report
- By type, owing to its high quality and purity, along with comprising low chemicals, cold processed virgin oil is dominating the marula oil market with the highest market value share.
- Soft kernal seeds, as a source of marula oil, is anticipated to register substantial value CAGR, attributable to the easy sourcing process along with higher conversion rate of oil from soft kernel seeds.
- By application, skincare products are exhibiting the highest market value share, owing the high utilization of marula oil in skincare products such as anti-aging creams, moisturizers, and others.
- Organic marula oil is projected to witness high market value growth during the forecast period in the marula oil market; major contributing factor is the growing consumption of organic cosmetic products.
- Due to the COVID-19 pandemic, the demand for cosmetics and personal care products was affected in Q2 – 2020, which is expected to pick pace in the next two quarters. As such, growth of the marula oil market will also pick up over the coming months.
“Increasing demand for natural ingredients from manufacturers of natural cosmetics is anticipated to boost the global demand for marula oil. Manufacturers in the marula oil market space can gain significant profits by leveraging this increasing demand to offer higher amounts of marula oil, which can benefit them in the long run,” says a PMR analyst.
Marula Oil Market: Competitive Landscape
Global leaders in the marula oil market have adopted efficient strategies to increase their presence and market share in the market space. Key players are investing in strategic expansion of their manufacturing facilities. Manufacturers in the cosmetics industry are also introducing innovative products to cater to rising consumer expectations. Such new product launches are helping manufacturers increase their market share in the global marula oil market.
Explore More Valuable Insights on Global Marula oil Market
Persistence Market Research, in its upcoming study, offers an impartial analysis of the global marula oil market, presenting historical data (2015–2019) and estimation statistics for 2020–2030. The study offers compelling insights on the marula oil market based on nature (organic and conventional), type (cold pressed oil and cold processed virgin oil), source (soft kernal seed oil and whole nut & nut’s hard shell), and application (skin care products, hair care products, cosmetic products, and others), across seven regions.
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