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Cosmetic Oil Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global cosmetic oil products market was valued at USD 4.7 billion in 2022 and is expected to grow at a CAGR of 5.4% from 2023 to 2030. The growing demand for natural ingredients and organic cosmetics is responsible for the growth of the market. Increasing awareness regarding personal hygiene, increasing disposable income, and growing beauty consciousness among individuals are further driving the market. Moreover, the increasing demand for skincare products, such as face and body oils, is expected to support market growth.
The changing lifestyle of people, such as the increasing work pressure and the resulting stress, is leading to the growth of the market. The demand for natural and organic products is growing due to the lack of awareness regarding the side effects of chemical-based products. Furthermore, the increasing awareness among consumers regarding the importance of natural ingredients in cosmetic oil products is creating an opportunity for the market.
In addition, the increasing number of innovative product launches to cater to the growing product demand from customers is expected to further support the growth of the market. For instance, in March 2022, The Ordinary, a popular brand of natural skincare products, launched its first-ever face oil, the 100% Organic Cold-Pressed Rose Hip Seed Oil. Furthermore, the rise of the clean-beauty movement has led to the increasing demand for natural and organic cosmetic oils.
Moreover, the increasing demand for anti-aging products is boosting the market. For instance, in February 2021, Weleda launched its new anti-aging range, Face Oil, which is a blend of natural oils such as argan, jojoba, rosehip, and pomegranate seed oil. Furthermore, the increasing use of facial oils to hydrate the skin and fight wrinkles is expected to drive the market.
Additionally, the increasing number of men’s grooming products is also driving the growth of the market. For instance, in June 2021, Aroma Magic launched its new range of men’s skincare and grooming products, including oils and creams. This product range is specifically designed to meet the needs of men. Moreover, the increasing number of men’s salons is further boosting the demand for men’s grooming products.
Product Insights
The face oil segment led the market and accounted for a share of around 35.6% in 2022. Face oil products are gaining immense popularity among consumers due to their significant moisturizing benefits. The demand for face oils is increasing due to their ability to provide deep hydration, improve dryness and reduce the appearance of wrinkles. According to an article published by Allure, in January 2020, face oils are made up of natural ingredients like jojoba oil, argan oil, and rosehip oil that help nourish, balance, and protect the skin.
The body oil segment is anticipated to expand at the fastest CAGR of 9.7% over the forecast period. As consumers become more aware of the potential benefits of body oils, the demand has seen a surge in recent years. Consumers are increasingly using body oils on their skin to improve its hydration, nourishment, and elasticity. According to an article published by Healthline, in August 2019, body oils, when applied regularly, can help keep the skin soft, supple, and healthy. Additionally, the increasing demand for natural body oils is driving the market growth revenue.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the largest market share of over 40.2% in 2022. Consumer inclination towards supermarkets & hypermarkets as a primary source to purchase beauty and personal care products is the major driver of the segment. According to a survey by Mintel, the majority of respondents in 2020 said that they prefer to shop for cosmetics and personal care products from supermarkets & hypermarkets as it offers a wide selection of products and assists them in making quick purchasing decisions.
The online segment is expected to witness the highest CAGR of 11.7% during the forecast period. The rising internet penetration and the increasing use of mobile devices have driven the growth of the e-commerce industry, which is expected to offer lucrative opportunities for the players in the cosmetic oil products market. The availability of a wide range of products and competitive pricing are the major factors driving the growth of the online segment. Additionally, promotional strategies such as discounts, coupons, and cashback offered by e-commerce companies have increased the online sales of cosmetic oil products.
Type Insights
The mineral oil segment accounted for the largest revenue share of 41.4% in the year 2022. Mineral oil is the most commonly used base oil in cosmetics and personal care products. Its ability to help lock in moisture and prevent skin from becoming dry has made it increasingly popular among consumers. The rising demand for natural cosmetic oil products has resulted in mineral oil being used in many products. Mineral oil provides a non-greasy feel and is used in body lotions and creams, lipsticks, mascara, and eye shadow.
The vegetable oil segment is anticipated to expand at the highest CAGR of 8.8% over the forecast period. Vegetable oils are derived from plant sources and are widely used in the cosmetics industry. They are naturally rich in essential fatty acids, vitamins, and antioxidants. The increasing popularity of organic and natural cosmetic oil products among consumers is propelling the demand for vegetable oils. For instance, almond oil, coconut oil, and olive oil are popularly used in makeup products, such as lip balm, face cream, and body lotion.
Regional Insights
Europe is estimated to hold the largest share in the global cosmetic oil market. The growing demand for organic and natural products among the consumers in the region is projected to drive the market. Additionally, the presence of several manufacturers and distributors of cosmetic oils in the region is expected to further fuel the growth of the market. For instance, in October 2021, Germany-based company ECO Cosmetics launched a new line of organic cosmetic oils in Europe.
The Asia Pacific is expected to witness the fastest growth during the forecast period. The increasing demand for cosmetic oils among urban consumers in the region is driving the growth of the market. Additionally, the presence of local manufacturers in the region is also expected to contribute to market growth. For instance, in March 2021, India-based cosmetics manufacturer, Amruta Organics, launched a new range of cosmetic oils in the region.
Financial Projections
In this part of the cosmetic oil product business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your cosmetic oil product business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a cosmetic oil product business comes from the sale of the products, as well as from sponsoring and advertising. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the cosmetic oil product business running will be described. The list of operating expenses includes the cost of raw materials, packaging, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the cosmetic oil market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In July 2022, The Body Shop launched a range of vegan cosmetic oils, including argan, almond, jojoba, and coconut oil.
– In August 2022, L’Oréal launched its ‘True Match’ range of facial oils, which are designed to provide long-lasting hydration and nourishment to the skin.
– In October 2022, Nivea launched a range of natural oils, including argan, jojoba, and almond oil, designed to provide intense hydration.
Some of the prominent players in the cosmetic oil market include:
– L’Oréal SA
– The Estée Lauder Companies Inc.
– Unilever
– Shiseido Co., Ltd.
– Beiersdorf AG
– Kao Corporation
– Coty, Inc.
– The Body Shop
– Nivea
– Kose Corporation
Global Cosmetic Oil Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global cosmetic oil products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Facial Oils
– Hair Oils
– Body Oils
– Fragrance Oils
– Aromatherapy Oils
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Organic
– Synthetic
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Cosmetic Oil Products Market?
[A]: The growing awareness regarding the health benefits of cosmetic oils, the increasing emphasis on natural and organic products, the rising demand for multifunctional products, and the growing preference for ayurvedic and herbal products are some of the major factors driving the global cosmetic oil products market.
[Q]: Who are the Key Players in the Cosmetic Oil Products Market?
[A]: Some of the key players in the cosmetic oil products market are Estee Lauder Companies, Unilever, L’Oréal S.A., Shiseido Company Limited, Avon Products, Inc., The Procter & Gamble Company, Amway Corporation, The Body Shop International PLC, Amka Products Ltd., and Kao Corporation.
[Q]: What are the Key Segments in the Cosmetic Oil Products Market?
[A]: The key segments in the cosmetic oil products market are product type (essential oils, vegetable oils, mineral oils, and others), end use (skin care, hair care, aromatherapy, and others), and distribution channel (online retail, offline retail, and others).
[Q]: What are the Opportunities for Growth in the Cosmetic Oil Products Market?
[A]: There is a growing demand for multifunctional products such as facial oils and makeup removers that provide additional benefits, such as hydration and nourishment. Furthermore, the increasing popularity of natural and organic cosmetic oil products is expected to provide opportunities for market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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