The global jojoba oil & derivatives market is expected to witness significant growth over the forecast period. The growing cosmetics industry across the globe is assumed to have a positive impact on jojoba oil market. Jojoba oil & derivatives are mostly used in hair care products to enhance hair growth and it is also effective in treating dandruff. Jojoba oil has the potential to replace conventional oilseed crops such as corn, olive, peanut, soybean, and castor in food processing owing to high nutrient content as compared to its counterparts. Other commercial applications include pharmaceuticals, automotive, and food products. Jojoba oil derivatives include esters, alcohol, wax, and proteins. Lipids were the largest jojoba derivatives used in 2014. Regulatory guidelines from EPA and REACH are expected to have a positive influence on the overall market. The better biophysical property, when compared to other oilseeds, is expected to boost market demand. Jojoba oil has a better viscosity index in comparison to conventional petroleum oil. This makes the oil work as better automotive lubricants for usage in high temperature. Surging alternative biolubricant feedstock demand particularly in mature markets of North America and Europe is expected to fuel jojoba oil & derivatives market growth over the forecast period. Growing environmental concerns among consumers and end-use industries are expected to further bolster the market growth over the forecast period.
Long-term jojoba oil production depends on the consistent supply of resources and the potentials to replace industrial oil with multiple applications at a comparable price. The production yield of the crop highly depends on the cultivation method. The seeds become accessible only after a period of five years. This may emerge as a major restraint for the market. However, companies have increased R&D spending to develop new and affordable technologies to overcome the aforementioned challenges. This is expected to create ample opportunities for the existing as well as new entrant market participants. The low maintenance requirement for jojoba seed plantations is expected to create lucrative opportunities for the jojoba oil & derivatives market participants.
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The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.