The global jojoba oil market is estimated to reach $272.4 million by 2026, according to a new report by Reports and Data. This can be mainly associated with the growth in cosmetic manufacturing, development of alternative bio-lubricant feedstock demand – particularly in developed markets of Europe and North America – and the high nutritional value of jojoba oil. Rising concern regarding the side effects of synthetic and chemical additives used in cosmetics and food and beverages is boosting demand for natural alternatives, like jojoba oil, in the market. However, long-term jojoba oil production diversifies on the regular supply of resources and capabilities to replace industrial oil with several applications at a relative price. The production yield of the crop profoundly varies on the farming process. Jojoba oil is a form of vegetable oil that can be obtained from simmondsia chinensis, which is the crushed beans of the jojoba shrub. By composition, it is close to sebum and is a form of polyunsaturated liquid wax. Due to this reason, it can be easily absorbed by the skin, without any allergic reactions, and diminishing the growth of any fungal and bacterial microbes that can attack the skin. It regulates and re-balances oil production in oily skin and also provides nourishment to dry skin. Various skin care brands have replaced animal fats and adopted the use of jojoba oil for manufacturing creams and skin lotions.
North America accounts for the largest share of 22.30% in 2018 – encouraged by the development of the male grooming industry, especially in developing economies of the region – is anticipated to spur the market demand during the forecast period. Further key findings from the report suggest that long-term jojoba oil production depends on the steady supply of sources and potentials to substitute industrial oil with various applications at a relative price. The production output of the crop profoundly depends on the cultivation process. The seeds can be accessible only after five years of cultivating. This can act as a notable restraining factor for the market. However, companies have expanded research and development spending to innovate and develop affordable new technologies to overcome the challenges, which are expected to create enough opportunities for the existing, as well as new, market players. It needs low maintenance costs, which is further expected to create profitable opportunities for the market players. The pharmaceutical industry accounts for the largest market share of 39.30% in 2018. Jojoba oil is used as an appetite depressant, antibiotics stabilizer, and carrier for medicine formulae in the pharmaceutical industry.