Marula Oil Market

The cosmetic industry is experiencing a drastic change with the kind of ingredients being used in different cosmetic products. Mineral and vegetable oils are mostly used in the cosmetics industry due to their capability of providing a moisturizing effect. Mineral oil is derived from petroleum, and the extracting process creates a negative impact on the environment, which is leading to growing demand for vegetable oil in the cosmetic industry. Vegetable oils are sourced from almonds, marula, castor, coconuts, and others. Marula oil, a type of vegetable oil, contains antibacterial properties, and is capable of maintaining the correct moisture level of the skin. Furthermore, mineral oil sometimes also contains impurities and contaminants, which are additional factors fueling the usage of vegetable oil in the cosmetic industry. Therefore, the negative consequences regarding the usage of mineral oil are expanding the market platform for vegetable oils, thereby boding well for the growth of the marula oil market over the coming years.

Marula Oil Market Trends

Growing Adoption of Anti-aging Products Promoting Marula Oil Use: The desire to look young has created a buzz for anti-aging products across the world. Millennials are especially on the lookout for products that will help them maintain the youthful look of their skin. Anti-aging products have become a viable solution to meet these desires of consumers. Cosmetic manufacturers are utilizing efficient ingredients to increase the anti-aging effect in cosmetic products. Marula oil contains essential omega acids, and also has antioxidant properties, which maintain the smoothness and hydration of the skin. Hence, it is widely used in anti-aging cosmetic products. Since anti-aging products are trending and gaining increased attention across the world, the marula oil market will witness significant growth ahead.

Social & Economic Development of Southern Africa an Advantage for Marula Oil: Marula oil holds great cultural and social importance in Southern Africa. The marula plant is cultivated in South Africa, Namibia, Madagascar, Swaziland, and other countries in Southern Africa. Traditionally, marula oil has been used for medicinal purposes by African people, and they call it the 'Tree of Life'. At present, the production of marula oil and other marula-based products is responsible for the economic and social development of the region. Marula oil production provides livelihood to rural African people, especially to women who handle the cold press process of marula oil. Hence, the added focus on social and economic causes will provide more opportunities to the marula oil market.

Trend of Utilizing African Ingredients in Cosmetics: Africa is a naturally diverse region, with the presence of various types of flora and fauna. The availability of different types of natural ingredients such as marula, baobab, mafura, tamanu, Kalahari melon, Mongongo, and others have become popular among cosmetic manufacturers, as these ingredients possess specific cosmetic properties. Europe is one of the top regions that is showing great interest toward importing African ingredients; marula oil is frequently adopted by European cosmetic manufacturers. Hence, the trend of utilizing Africa-based ingredients will prevail for a long time, and positively impact the growth of the marula oil market.

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Regional Analysis of Marula Oil Market

Europe is projected to hold a prominent value share in the global marula oil market during the forecast period (2020 to 2030). The major contributing factor is highly the developed cosmetic industry in the region. Europe is home to major cosmetic manufacturers such as L’Oréal, Unilever, Beiersdorf, and others, all of whom seek natural ingredients for their products. In Europe, the trend of using natural cosmetic products is also growing, which has also increased the demand for natural cosmetic ingredients such as marula oil. Marula oil is mostly exported to the European region from Africa, which is also major factor for the higher market value share of Europe in the marula oil market.

Consumers in North America are increasingly moving toward natural and plant-based beauty products, which is creating beneficial opportunity for ingredients such as marula oil. This oil is an essential oil that is used in skincare products to smoothen the skin, and it is also rich in antioxidants. Considering this factor, major cosmetic manufacturers are using marula oil in their products to provide better products to consumers. Moreover, North America is also is also experiencing rapid rise in the sales of anti-aging cosmetic products, which is further creating a better scenario for the marula oil market in the region.

COVIID-19 Impact on Marula Oil Market

The global COVID-19 pandemic has disrupted the growth of the global economy, and the cosmetics and personal care industry has also witnessed a decrease in sales. Marula oil is majorly imported from Africa, and the supply chain has been disrupted as trading activities have been suspended in some regions due to pandemic. Moreover, growing of the marula fruit, the source of marula oil, has also be affected with the disease outbreak. Sales of cosmetics and personal care products have also plummeted, as demand for the consumer side is low. Nevertheless, after the easing of lockdown restrictions, cosmetic sales are projected to increase gradually. In short, the coronavirus outbreak is expected to have a moderate to high impact on the global marula oil market.

Analysts’ Viewpoint

Marula oil has been witnessing increasing application in various cosmetic products, including anti-aging creams, shampoos, moisturizers, etc. Cosmetics and personal care industries are increasing their demand for marula oil as it contains high amount of antioxidants and also has anti-bacterial properties.

Leading manufacturers of marula oil such as Marula Natural Products, Southern Botanica, and The Marula Company are strategically investing to increase their production capacities to meet the rising demand across the globe. Manufacturers of skincare products are investing in research & development to manufacture products with marula oil as a source ingredient. However, the demand-supply gap of marula oil is restricting the market from reaching its full potential.