Market Trends of White Oil Industry
Increasing Demand from Personal Care Products Across the World
- White oils are an essential part of many cosmetic formulations. They are commonly used in almost all cosmetic and personal care products, from emulsions to anhydrous cosmetics, such as lip balm, baby oil, skincare, haircare products, creams, lotions, and emollients.
- White oil can be used to ease diaper rash and eczema irritation. The cosmetic industry also makes good use of liquid paraffin. The substance is used in various beauty products, including detergent creams, cold creams, hydrated creams, bronzed oils, and makeup products.
- In the United States, the revenue in the beauty and personal care market stood at USD 93.38 billion in 2022, of which USD 43.29 billion accounted for personal care products. These products include lotions, hair dyes, lipsticks, cosmetics, creams, deodorants, bath soaps, dental care products, shampoos, toothpaste, perfumes, UV filters, detergents, sunscreens, fragrances, and household items.
- According to Cosmetic Europe, the personal care association, Europe's 500 million consumers use cosmetic and personal care products daily to protect their health, enhance their well-being, and boost their self-esteem. They range from antiperspirants, fragrances, makeup, and shampoos to soaps, sunscreens, toothpaste, and cosmetics.
- Moreover, according to Cosmetics Europe, the cosmetics and personal care industry in Europe was valued at EUR 88 billion (~USD 95.93 billion) in 2022.
- Key players, such as L'Oréal, P&G, Unilever, and Shiseidō, dominate the market for personal care products. According to the report by L'Oreal, the annual growth of the global cosmetics market was 6 % in 2022.
- According to the Cosmetica Italia, the consumption of cosmetics products in Italy grew from EUR 10,236 million (~USD 11,158.98 million) in 2015 to EUR 11,458 million (~USD 12,491.17 million) in 2022.
- Thus, all the above factors are expected to drive the demand for white oil during the forecast period.
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Asia-Pacific is Expected to Dominate the Market
- Asia-Pacific dominated the market as the largest and fastest-growing market for white oil in 2022.
- According to Textile Value Chain, China holds about 40% of global textile markets & India claims second position.
- China is the largest textile-producing and exporting country in the world. With its rapid growth over the last two decades, the Chinese textile industry became one of the main pillars of the country's economy. China's top export goods are clothing accessories, textile yarns, and textile articles.
- According to the National Bureau of Statistics of China, the textile production volume in China accounted for 2.8 billion m in November 2023, compared to 2.7 billion m in April 2023.
- In China, more women are joining the workforce, thus driving the instinct to look good. Interestingly, the cosmetics industry also witnessed a surge in demand among men. It is owing to factors such as awareness and the importance of grooming.
- Products with natural ingredients, especially fruit- and plant-based products, are in high demand. L'Oreal group is coming up with a series of product introductions and a rollout of customized social initiatives in China. Such trends are driving the demand for white oil in the country.
- The country's most extensive application of white oils in India is hair oil, a part of the cosmetics and personal care industry. The overall cosmetics and pharmaceutical industries account for around three-fourths of the white oil consumption in the country.
- According to the India Brand Equity Foundation, India is also the second-largest producer of garments and textiles globally and the fifth-largest textile exporter. In addition, India's textile and apparel industry contributes 2% to India's GDP. In 2023, India exported USD 35.58 billion in textiles and apparel (T&A), including handicrafts.
- Owing to such trends in various industries in Asia, the demand for white oils is likely to increase during the forecast period.
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