Cosmetic & Personal Care Industry waking up with Spending on Marula Oil continues to Accelerate at 6.3% Growth by 2031: PMR
NEW YORK, Aug. 16, 2021 /PRNewswire/ -- The global marula oil market is set to accelerate a value CAGR of 6.3% and top a valuation of US$ 89 Mn by 2031.
Demand for marula oil to be used in cosmetics and personal care products is rising rapidly due to its natural and versatile nature. The fact that marula oil-containing products are valued way more than other products is a great opportunity for market players to benefit from the enormous beauty industry, which accounts for over three-fourth share in this market.
Cold pressed virgin marula oil is highly sought-after by end use industries across geographies. Europe leads the global market with over one-third market share, with high utilization of marula oil in both, cosmetic products as well as numerous other daily-use items.
However, the seasonal nature of the marula fruit, which is available for harvesting for just 2 to 3 months a year, can eventually hinder the production and supply of marula oil to end-use industries. Besides, the fruit is also prone to various diseases. As such, manufacturers need to set their supply chain in order so as to ensure seamless operations all year round.
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Key Takeaways from Market Study
- The marula oil market in countries of South Asia & East Asia is expected to expand at a CAGRs of over 8% through 2031.
- The Southern Africa market is anticipated to enjoy a CAGR growth at 6.3% over the next ten years.
- Cold pressed virgin oil holds a prominent market value share of 72%.
- Europe and North America together hold a noteworthy share of more than 60% of the global market, due to prominent cosmetics and personal care companies in these regions.
- Foodservice and retail/household are anticipated to progress at CAGRs of 7% and 6.8%, respectively, over the forecast period.
- In the European market, France and Germany hold a high share for marula oil utilization.
- COVID-19 has had a considerable impact on the major demand-driving industry of marula oil, i.e., cosmetics and personal care. Preferences of the dominating working class have been majorly impacted by the pandemic. However, the industry is adapting well and is anticipated to recover in 2021-22, boding well for marula oil suppliers.
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"Increased demand for cosmetics with natural ingredients and rising use of marula oil as an edible oil, especially as an ideal alternative for olive oil, are set to drive market expansion over the coming years," says a Persistence Market Research analyst.
Market Developments
Key manufacturers of marula oil are utilizing modern technologies for its processing.
- Kuti Oil uses a special type of pressing technology that keeps the nutrients in marula oil intact. It uses a clean, eco-friendly manufacturing process, using a hydraulic press that presses the kernels derived from marula pips by the traditional ovambo way.
- Gustav Heess has integrated the latest technology and machinery in its headquarters and production locations to maintain a sustainable and reliable supply chain for its product range. For example, it has had its facility equipped with fully automated filling lines and a state-of-the-art tank farm that meets strict compliance requirements for pharmaceuticals and cosmetics industries.
- Gramme Products has integrated state-of-the-art technology and machinery at its processing plants to ensure high yield and sustainable product supply. Its infrastructure is backed by technologically advanced tools and machines that help in maintaining high quality and quick production.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global marula oil market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031. The study offers compelling insights on the basis of nature (organic and conventional), type (cold pressed oil and cold pressed virgin oil), and end use (personal care & cosmetics, foodservice, retail/household, and food processing), across seven major regions of the world.
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