According to market predictions, the facial oil market is expected to reach a valuation of USD 1069 million by 2023, with a projected compound annual growth rate (CAGR) of 6% from 2023 to 2033. By 2033, the market is anticipated to reach USD 1915.61 million.
The facial oil market has seen an increase in demand due to the presence of antioxidants and vitamins that help restore skin health and radiance. The numerous benefits of using oil-based skincare, such as anti-aging, hydration, blemish clearing, skin repair, and moisturizing, have also contributed to the growing popularity of facial oil products.
The COVID-19 pandemic had a negative impact on the facial oil market. The shutdown of many companies affected the manufacturing and trading of facial oil, and customers’ purchasing behavior shifted towards reliable and safe products. The supply chain slowdown also affected the facial oil market, leading to decreased sales. However, the rise in demand for e-commerce channels has led to alterations in business marketing strategies.
Facial moisturizing oil currently holds the largest revenue share in the facial oil market and is expected to continue growing steadily in the coming decade. On the other hand, anti-aging oil is expected to witness a rapid growth rate, driven by increased awareness among the geriatric population about the benefits of the product.
The facial oil market sees higher revenue generation from female customers as compared to male customers, owing to the higher preference for skincare among females. The offline distribution channel, which includes retail and departmental stores, is responsible for the highest revenue generation in the facial oil market.
However, the online channel is expected to grow at an exponential rate during the forecast period, driven by increased adoption and convenience of online shopping.
North America is expected to maintain its dominance in the facial oil market throughout the forecast period. This is due to the presence of a majority of key players and a high rate of product adoption in the region, resulting in the largest revenue share for North America.
Europe is the second-highest revenue-generating region in the facial oil market, with an increasing number of mergers and acquisitions of national and international players in the market.
The Asia-Pacific region is expected to experience the highest compound annual growth rate (CAGR) in the facial oil market due to its large target population. The region’s market growth will be boosted by an increase in research and development activities for innovation.
The prevalence of skin problems among the population in Asia-Pacific will drive the growth of the facial oil market. During the forecast period, there will be an increase in the presence of manufacturers in the region due to the growth of the market.
Facial Oil Market: Key Market Participants Shiseido Procter & Gamble Co. Burberry Group Plc. Unilever L’Oréal Biersdorf AG Avon Products, Inc. Estée Lauder Companies
The following are key market participants in the Facial Oil Market:
- Procter & Gamble Co.
- Burberry Group Plc.
- Biersdorf AG
- Avon Products, Inc.
- Estée Lauder Companies
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