Cosmetic Oil Market Size, Share and Industry Analysis Report by Source (Mineral Oil, Vegetable Oil {Coconut Oil, Almond Oil, Olive Oil, Palm Oil, Avocado Oil, Essential Oils, Soy Oil, Sunflower Oil, Jojoba Oil, Argan Oil, Rapeseed Oil}), Application (Hair

Cosmetic Oil Market Size, Share and Industry Analysis Report by Source (Mineral Oil, Vegetable Oil {Coconut Oil, Almond Oil, Olive Oil, Palm Oil, Avocado Oil, Essential Oils, Soy Oil, Sunflower Oil, Jojoba Oil, Argan Oil, Rapeseed Oil}), Application (Hair Care {Hair Oil, Shampoos}, Skin Care {Creams & Lotions, Massage Oil, Baby Oil, Soap-Based Product}, Lip Care) and Function (Skin Conditioning & Moisturizing, Hair Conditioning), Country Outlook Application Development, Competitive Market Share & Forecast, 2021 - 2027

The cosmetic oil market is anticipated to witness robust growth over 2027 driven by proliferating demand for organic products across the globe. In addition, surging adoption of vegetable oil in the cosmetics sector is set to further bolster market growth through the forecast period.

Mineral oils have been used extensively in cosmetic products, however, there has been a shift towards the usage of vegetable oils in these products in recent years. As vegetable oils are considered to be contaminant-free and more natural alternatives to mineral oil-based cosmetics, there has been an upsurge in consumer interest, which has been favorable for product uptake.

The cosmetic oil market has been segmented in terms of source, application, function, and region. Based on source, the market has further been divided into mineral oil and vegetable oil. The vegetable oil segment has been segregated into coconut oil, olive oil, palm oil, almond oil, avocado oil, essential oils, sunflower oil, soy oil, jojoba oil, rapeseed oil, argan oil, and others.

The olive oil segment is anticipated to reach a valuation of more than USD 398 million by 2027. The palm oil segment is set to register a CAGR of over 5.1% through the forecast period. The avocado oil segment is poised to record above 5.5% CAGR over the study timeline.

The soy oil segment was valued at USD 83 million in 2020 and is expected to amass notable gains by 2027. The sunflower oil segment is projected to see substantial growth owing to increasing consumer awareness regarding beneficial antioxidant properties of vitamin E in sunflower oil.

The rapeseed oil is projected to observe robust growth by 2027 due to mounting demand for emollients, thickeners, and occlusives in skin care applications. The others source segment is likely to grow at a CAGR of approximately 5.1% over the forecast period.

Based on application, the market has been divided into hair care, skin care, make-up, lip care, and others. The hair care segment has further been segregated into hair oil, shampoos, and others. In 2020, the others hair care segment was valued at over USD 84.24 million and is estimated to witness substantial growth over 2021-2027.

The skin care segment has been segregated into creams & lotions, massage oil, baby oil, soap-based product, and others. The cosmetic oil market share from the massage oil segment was valued at USD 441 million in 2020 and is slated to register a considerable growth rate through 2027.

The soap-based product segment is estimated to record substantial growth to surpass USD 195 million valuation by 2027. Meanwhile, the others skin care segment is likely to exhibit optimistic growth by 2027, expanding at over 4.2% CAGR through the study timeframe.

The lip care segment is estimated to deliver a CAGR of about 4.8% over the review timeline to attain a significant valuation by 2027. The others application segment is foreseen to showcase steady growth through the analysis timespan on account of escalating demand for perfumery products.

Based on function, the cosmetic oil market has been divided into skin conditioning & moisturizing, hair conditioning, and others. The others function segment is estimated to grow at a CAGR of around 4.6% over the estimated period.

From the regional point of view, the Latin America cosmetic oil market is anticipated to exceed USD 571 million in revenue by 2027, growing at nearly 5.7% CAGR over the forecast period. Meanwhile, the Middle East and Africa cosmetic oil industry is slated to surpass a valuation of USD 293 million by 2027, progressing at a CAGR of approximately 5.5% over the forecast time period.