The North America Maracuja Oil Market would witness market growth of 8.8% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 2904.13 Tonnes, showcasing a growth of 17.3% (2020-2023).
Renowned for its nourishing and rejuvenating properties, Maracuja oil is a common product in skincare formulations such as moisturizers, serums, and facial oils. Its high content of essential fatty acids and antioxidants makes it an ideal choice for hydrating and protecting the skin, leaving it soft, supple, and radiant. Thus, Canada market consumed 233.59 Tonnes of Maracuja oil in cosmetics & personal care segment in 2023.
The US market dominated the North America Maracuja Oil Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,126.9 Million by 2031. The Canada market is experiencing a CAGR of 11.3% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 10.3% during (2024 - 2031).
With an increasing aging population and growing consumer awareness of the importance of preventive skincare, there is a rising demand for anti-aging products. Maracuja oil’s high antioxidant content and ability to promote skin regeneration make it a sought-after ingredient in anti-aging formulations. Beauty brands are expanding their offerings to include a wider range of maracuja oil-infused products. This includes skincare products, haircare, body care, and cosmetic products. Maracuja oil can be found in everything from moisturizers and serums to shampoos, conditioners, and lip balms.
Moreover, maracuja oil is versatile and can be used in sweet and savory food and beverage products. It can be used as a flavoring agent, a cooking oil, or a finishing oil, adding depth and complexity to dishes. Maracuja oil is a natural ingredient derived from the seeds of passion fruit, making it an attractive option for food and beverage manufacturers seeking clean labels and minimally processed ingredients.
As per the International Trade Administration (ITA), in the first half of 2022, the Canadian cosmetics industry was the fastest-growing industry in the country. In 2022, Canada’s personal care and beauty sector earned around $11 billion in revenue. Canadian consumers are increasingly drawn to natural and clean beauty products, preferring ingredients that are plant-based, sustainably sourced, and free from synthetic chemicals.
The availability of maracuja oil-based cosmetics through various retail channels, including specialty beauty stores, department stores, pharmacies, and online platforms, increases accessibility for Canadian consumers. Wide distribution channels ensure that consumers across Canada can access maracuja oil products easily. Also, ITA estimates by 2024, cosmetic industry revenue is anticipated to increase by 1.45% yearly to USD 1.8 billion. Hence, the factors mentioned above will drive the regional market growth.
Free Valuable Insights: The Maracuja Oil Market is Predict to reach USD 3.6 Billion by 2031, at a CAGR of 9.8%
Based on Distribution Channel, the market is segmented into Offline and Online. Based on Application, the market is segmented into Cosmetics & Personal Care, Food & Beverage and Others. Based on Nature, the market is segmented into Conventional and Organic. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)
By Application (Volume, Tonnes, USD Billion, 2020-2031)
By Nature (Volume, Tonnes, USD Billion, 2020-2031)
By Country (Volume, Tonnes, USD Billion, 2020-2031)
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