Jojoba Oil Market
Jojoba oil is extracted from the seed of the perennial shrub and is widely used in cosmetics and pharmaceutical products. In cosmetics, jojoba oil is used for providing skin protection and prevent aging, resulting in its increased penetration in different cosmetics such as sunscreens, lotions, skin creams, moisturizers, lipsticks, and balms. Jojoba oil has many applications in pharmaceutical industry such as, it is utilized as a carrier for medicinal formulae, antibiotics stabilizer, and appetite depressant. Jojoba oil has various characteristics such as great viscosity index, compatibility with additives, and miscibility in mineral oil base stocks. Due to these characteristics jojoba oil is also used as foam control agent, electric insulator, transformer oil, plasticizer, factice, adhesive, and more. Also, jojoba oil plays major role as lubricant in various high temperature and pressure applications such as hydraulics. Jojoba oil also acts as transformer oil, grading, and cutting oil used in various industries applications. Arizona, California, and Mexico across the globe are the major producers of jojoba oil across the globe.
The major factor driving growth of the global jojoba oil market are Increasing demand for jojoba oil in cosmetics, and pharmaceutical industries especially in herbal medicines. In addition, jojoba oil is rich in numerous vitamins and minerals such as vitamin E and B complex, silicon, copper, zinc, chromium, and iodine. This results in adoption of jojoba oil in pharmaceutical products, which in turn aid in growth of the global jojoba oil market. Rising preference for organic personal care products among individuals and safety guidelines from regulatory bodies such as EPA and REACH regarding use of jojoba oil are other factors expected to propel growth of the target market over the forecast period. However, lack of awareness of the benefits of the jojoba oil among individuals specially in developing countries is one of the major restraint for growth of the global jojoba oil market. In addition, low yield of crop is another factor hampering the growth of the target market. Rising individual preference towards herbal medicines and increasing focus on the manufacture and supply of herbal medicines by vendors in the market is the ongoing trend observed in the target market which will further expected to fuel growth of the target market over the forecast period.
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