Petroleum Jelly Global Market Report 2024

The petroleum jelly market size has grown strongly in recent years. It will grow from $1.3 billion in 2023 to $1.37 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The expansion observed in the historical period can be attributed to factors such as industrial applications, medical and pharmaceutical uses, growth in the cosmetics industry, increased consumer awareness and preferences, and the regulatory environment.

The petroleum jelly market size is expected to see steady growth in the next few years. It will grow to $1.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be attributed to factors such as the regulatory environment, a focus on sustainable and eco-friendly products, trends in health and wellness, a shift towards natural and organic products, and the impact of the global pandemic. Key trends in the forecast period encompass technological advancements, the rise of digital marketing and e-commerce, a focus on innovation and product development, a growing demand for skincare products, and the development of innovative product formulations.

The anticipated surge in demand for cosmetic procedures is poised to drive the growth of the petroleum jelly market. Cosmetic procedures encompass medical or non-medical interventions aimed at enhancing or altering an individual's appearance for aesthetic purposes. Petroleum jelly, renowned for its versatility, is frequently employed in cosmetic procedures. It is used to provide a thin coating on the surgical site before cosmetic surgery and to treat scars post-surgery. As an illustration, a report from the British Association of Aesthetic Plastic Surgeons disclosed that in 2022, the UK witnessed a 102% increase in cosmetic procedures, totaling around 31,057 procedures, as compared to 2021. This surge in cosmetic procedures is a key factor propelling the growth of the petroleum jelly market.

The growing demand from the pharmaceutical industry is expected to be a driving force behind the petroleum jelly market's expansion in the forthcoming years. The pharmaceutical industry encompasses various facets, including research, development, and manufacturing. Petroleum jelly finds extensive use in the pharmaceutical sector for crafting creams, ointments, and lotions. It serves as a skin protector and moisturizer in numerous pharmaceutical products. According to the European Federation of Pharmaceutical Industries and Associations, the international pharmaceutical (prescription) market is projected to reach $1256.86 billion in 2021, up from $1077.86 billion in 2020. This increasing demand from the pharmaceutical industry is a significant driver for the petroleum jelly market.

The potential side effects pose a substantial challenge to the future growth of the petroleum jelly market. Negative publicity surrounding the potential side effects of petroleum jelly can impact the market negatively, leading to reduced consumer demand. Concerns about safety may prompt consumers to seek alternative products perceived as safer. For instance, in 2021, the U.S. Food and Drug Administration (FDA) issued a warning about certain lots of petroleum jelly due to potential contamination with harmful bacteria or impurities. These possible side effects present a hindrance to the growth of the petroleum jelly market.

Key players in the petroleum jelly market are concentrating on product innovation to cater to customer needs. One such innovation involves the development of petroleum jelly enriched with vitamin E. This variant is designed to offer skin protection from free radicals, and in February 2021, SMC Enterprise Ltd. launched SMC Pure Petroleum Jelly enriched with Vitamin E and Lemon extract. This premium product, available in 15 ml and 50 ml sizes, aims to nourish the skin, providing radiance and smoothness while addressing minor skin issues.

In August 2021, Unilever PLC acquired Paula's Choice, a US-based developer of research-backed skincare products, including petroleum jelly, enhancing Unilever's premium skincare portfolio.

Major companies operating in the petroleum jelly market report are Exxon Mobil Corporation, Shell Inc., Petróleo Brasileiro S.A., PJSC LUKOIL, Repsol S.A., Unilever plc, Sasol Wax Group, Teva Pharmaceuticals Inc., H&R Group, Sonneborn LLC, Nippon Seiro Co. Ltd., Bliss GVS Pharma Ltd., Polwax SA, Calumet Specialty Products Partners LP, Blistex Inc., Eastern Petroleum Pvt. Ltd., Raj Petro Specialities Pvt. Ltd., Sovereign Chemicals & Cosmetics, Kerax Limited, Vasa Cosmetics Private Limited, Persia Paraffin, Unisynth Group, ShimiTaghtiran Company, Unicorn Petroleum Industries Pvt Ltd., KK India Petroleum Specialities Pvt.Ltd., Nexton Lubricants.

North America was the largest region in the petroleum jelly market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the petroleum jelly market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the petroleum jelly market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The petroleum jelly market consists of sales of cosmetic formulations, lip balms, skin lotions and creams, diaper rash Creams, healing ointments, makeup removers, hair products, and barrier creams. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The main types of products in the petroleum jelly market include white petroleum jelly, yellow petroleum jelly, and others. White petrolatum jelly is a refined blend of semi-solid hydrocarbons sourced from petroleum jelly that undergoes a decolorizing process. It is available in pharmaceutical, cosmetic, and industrial grades, catering to diverse end-user industries such as pharmaceuticals, cosmetics and personal care, shipping, leather, telecommunications, and others.

The petroleum jelly market research report is one of a series of new reports that provides petroleum jelly market statistics, including petroleum jelly industry global market size, regional shares, competitors with a petroleum jelly market share, detailed petroleum jelly market segments, market trends and opportunities, and any further data you may need to thrive in the petroleum jelly industry. This petroleum jelly market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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