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Petroleum Jelly Market Report 2024: Global Size, Share, Growth, Trends, Forecast to 2033
Petroleum Jelly Market Report
According to The Business Research Company's, The petroleum jelly market size has grown strongly in recent years. It will grow from $1.3 billion in 2023 to $1.37 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to industrial applications, medical and pharmaceutical uses, cosmetics industry growth, consumer awareness and preferences, regulatory environment.
The petroleum jelly market size is expected to see steady growth in the next few years. It will grow to $1.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to regulatory environment, sustainable and eco-friendly products, health and wellness trends, shift towards natural and organic products, global pandemic impact. Major trends in the forecast period include technological advancements, digital marketing and e-commerce, innovation and product development, growing demand for skincare products, innovative product formulations.
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Market Drivers and Trends:
The rising demand for cosmetic procedures is expected to propel the growth of the petroleum jelly market going forward. Cosmetic procedures are medical or non-medical interventions performed to enhance or alter a person's appearance to achieve a desired aesthetic outcome. Petroleum jelly is a flexible substance frequently used in cosmetic procedures to cover the surgical site with a thin coating of petroleum jelly before cosmetic surgery and to treat scars after cosmetic surgery on wounds or surgical incisions. For instance, in March 2023, according to a report published by the British Association of Aesthetic Plastic Surgeons, a UK-based surgical association, in 2022, around 31,057 cosmetic procedures were performed in the UK, an increase of 102% from 2021. Therefore, the rising demand for cosmetic procedures is driving the growth of the petroleum jelly market.
Major companies operating in the petroleum jelly market are focusing on developing innovative products, such as petroleum jelly with vitamin E, to provide reliable services to customers. Petroleum jelly with vitamin E is a type of petroleum jelly enriched with vitamin E that helps protect the skin from damage caused by free radicals. For instance, in February 2021, SMC Enterprise Ltd., a Bangladesh-based manufacturer and distributor of consumer goods, launched SMC Pure Petroleum Jelly. It is enriched with Vitamin E and Lemon extract, a high-quality premium product available in 15 ml and 50 ml sizes. Vitamin E is added to SMC Pure Petroleum Jelly to nourish the skin. It gives the skin more radiance and makes it smooth and healthy. SMC Pure Petroleum Jelly has Vitamin E and lemon extract to energize the skin all day and helps with minor skin issues, including treating burns and calming inflammation.
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Major Key Players of the Market:
Exxon Mobil Corporation, Shell Inc., Petróleo Brasileiro S.A., PJSC LUKOIL, Repsol S.A., Unilever plc, Sasol Wax Group, Teva Pharmaceuticals Inc., H&R Group, Sonneborn LLC, Nippon Seiro Co. Ltd., Bliss GVS Pharma Ltd., Polwax SA, Calumet Specialty Products Partners LP, Blistex Inc., Eastern Petroleum Pvt. Ltd., Raj Petro Specialities Pvt. Ltd., Sovereign Chemicals & Cosmetics, Kerax Limited, Vasa Cosmetics Private Limited, Persia Paraffin, Unisynth Group, ShimiTaghtiran Company, Unicorn Petroleum Industries Pvt Ltd., KK India Petroleum Specialities Pvt.Ltd., Nexton Lubricants
petroleum jelly Market 2024 Key Insights:
• The petroleum jelly market is expected to grow to$1.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Impact Of Rising Demand For Cosmetic Procedures On The Petroleum Jelly Market
• Innovative Products In The Petroleum Jelly Market
• North America was the largest region in the petroleum jelly market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
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