Vegetable Oils in Beauty and Personal Care Global Market Report 2024

The vegetable oils in beauty and personal care market size has grown strongly in recent years. It will grow from $4.91 billion in 2023 to $5.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed in the historical period can be attributed to several factors. These include a noticeable shift in consumer preferences towards natural and organic products, an increased demand for clean beauty items meeting certain standards, the growing popularity of the wellness and self-care trend influencing beauty choices, a preference for plant-based ingredients due to their perceived benefits, and heightened consumer awareness regarding the health benefits associated with skincare products containing natural elements. These factors collectively contributed to the growth and prominence of vegetable oils and other plant-based ingredients in beauty and personal care products.

The vegetable oils in beauty and personal care market size is expected to see strong growth in the next few years. It will grow to $7.19 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period can be attributed to various factors. These include an increasing demand for multi-functional ingredients capable of offering diverse benefits in beauty products, a growing trend of DIY (Do It Yourself) beauty practices gaining popularity among consumers, a global acceptance and adoption of beauty products derived from hemp, an expanding market for vegan beauty products driven by consumer preferences, and the influence of cultural factors shaping beauty standards worldwide. These elements are expected to contribute to the growth of vegetable oils and plant-based ingredients in beauty and personal care products. Key trends projected for the forecast period encompass ongoing innovations in product formulations aiming for enhanced efficacy and benefits, advancements in extraction techniques to optimize the extraction of beneficial compounds from plant-based sources, collaborations and partnerships within the industry to foster innovation, the incorporation of vegetable oils and plant-based ingredients into anti-aging products due to their potential benefits, and an emphasis on customization and personalization of beauty products catering to individual consumer preferences and needs.

The increasing awareness of natural ingredients in personal care products is anticipated to drive the growth of vegetable oils in the beauty and personal care market. Natural ingredients, derived from plants, minerals, animals, or microorganisms through physical extraction processes, are gaining prominence for their perceived benefits. Vegetable oils, a type of natural ingredient, are utilized in skin and personal care products for their reparative, nourishing, and hydrating properties. This heightened awareness of organic ingredients is reflected in the growth of the organic and natural beauty and wellness products market. The Organic Beauty and Wellbeing Market Report 2022, published by the Soil Association, revealed a 15% growth in certified organic and natural beauty and wellness products, reaching £138.23 million ($148.61 million) in 2021. This trend indicates that the rising consciousness of natural ingredients in personal care products is driving the incorporation of vegetable oils into the beauty and personal care market.

The increasing demand for cosmetics is expected to further propel the integration of vegetable oils into the beauty and personal care market. Cosmetics encompass a range of products intended to enhance body odor and improve skin appearance. Vegetable oils play a significant role in cosmetics, serving as natural and versatile ingredients that contribute to the health and appearance of the skin and hair. The growing demand for cosmetics is evident in the rise of beauty product exports. In August 2023, according to The Observatory of Economic Complexity, US beauty product exports increased by 10.4%, reaching $594 million from $538 million in 2022. This surge in demand for cosmetics is a key factor driving the growth of vegetable oils in the beauty and personal care market.

The predominant trend in the vegetable oils within the beauty and personal care market is product innovation, with major companies focusing on the development of new and inventive products to enhance their market positions. An example of this trend is evident in the launch of Olifeel Glow by Roelmi Health & Personal Care in April 2022. Olifeel Glow, derived from Olea Europaea, a typical plant of Mediterranean vegetation, stands out for minimizing waste and utilizing useful elements that might have been discarded in the past. This product is praised for adhering to the biorefinery concept by making the most of all components of Olea Europaea. Olifeel Glow, with its standardized ingredients, is designed for cosmetic use, resembling the characteristics of olive oil. Specifically tailored for aged skin, it offers moisturizing and radiant results with minimal residue, showcasing innovation in the use of vegetable oils in beauty and personal care.

Innovative product development is a focal point for major companies operating in the vegetable oils within the beauty and personal care market, exemplified by the introduction of personal care delivery systems. Personal care delivery systems play a crucial role in the controlled and effective delivery of personal care products to the skin, hair, or oral cavity. Ashland Inc., a key player in this market, unveiled the Gantrez soja delivery system in October 2023. This biodegradable, naturally occurring substance holds significance for the oral mucosa and enamel, ensuring the prolonged retention of oral care actives in the mouth. The Gantrez soja delivery system enables the creation of advanced oral hygiene solutions with antibacterial properties and sustained freshness. It is a sodium salt of an alkyl maleate-grafted soybean oil, demonstrating the innovative strides made in personal care delivery systems within the beauty and personal care market.

In October 2022, Clariant, a Switzerland-based chemicals company, completed the acquisition of BASF’s U.S. operations for a total consideration of USD 60 million. This strategic acquisition aligns with Clariant's disciplined approach to bolt-on acquisitions, offering tangible synergies and reinforcing one of its core segments. The acquisition is expected to contribute to the achievement of Clariant's 2025 targets and marks a significant step in advancing the energy transition away from fossil-based fuels. BASF, the acquired entity, is a Germany-based chemical company known for its involvement in hydrogenated vegetable oil for beauty and personal care.

Major companies operating in the vegetable oils in beauty and personal care market report are Cargill Incorporated, CREMER OLEO GmbH & Co KG, Sophim Inc, Archer-Daniels-Midland Company, Maverick Oil and Gas Inc, Louis Dreyfus Company B.V., OLVEA Group, Gustav Heess GmbH, Jayant Agro-Organics Limited, Sigma Oil Seeds B.V., ConnOils LLC, Grain Processing Corporation, Unilever plc, Johnson & Johnson, Procter & Gamble Co., L'Oréal S.A., The Estée Lauder Companies Inc., Beiersdorf AG, Avon Products Inc., Shiseido Co. Ltd., Colgate-Palmolive Company, Mary Kay Inc., Revlon Inc., Coty Inc., Amway, Kao Corporation, Henkel AG & Co. KGaA, Kimberly-Clark Corporation, The Clorox Company, Caudalie, Weleda AG, Dr. Bronner's, Aubrey Organics, Estée Lauder Companies Inc., Natura &Co, Arbonne International, Clarins Group, Jurlique International Pty Ltd, Melaleuca Inc., Neal's Yard Remedies, Union-Swiss.

North America was the largest region in the vegetable oils in beauty and personal care market in 2023 The regions covered in the vegetable oils in beauty and personal care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the vegetable oils in beauty and personal care market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

In beauty and personal care products, the primary types of vegetable oils used include orange oil, sweet almond oil, coconut oil, sesame oil, avocado oil, argan oil, macadamia oil, castor oil, shea oil, and various others. Avocado oil, extracted from the avocado fruit's flesh, is one of the oils utilized in both culinary and personal care applications. These vegetable oils are available in different forms, including conventional and organic variations, and are employed in a wide range of beauty and personal care products such as color cosmetics, skincare, hair care, and other cosmetic formulations.

The vegetable oils in beauty and personal care market research report is one of a series of new reports that provides vegetable oils in beauty and personal care market statistics, including vegetable oils in beauty and personal care industry global market size, regional shares, competitors with a vegetable oils in beauty and personal care market share, detailed vegetable oils in beauty and personal care market segments, market trends, and opportunities, and any further data you may need to thrive in the vegetable oils in beauty and personal care industry. This vegetable oils in beauty and personal care 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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