WHITE OIL MARKET ANALYSIS

Regional Analysis

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North America has been the dominant region in the global white oil market for several years. The region is expected to account for 37.6% of the market share in 2024. The U.S. accounts for the major share due to the high demand from various end-use industries such as pharmaceuticals, personal care, and cosmetics. The pharmaceutical industry has a strong presence in the region, especially in the U.S., and uses white oil as an inactive ingredient in ointments, tablets, and other medical formulations. The personal care industry is also well-established and growing, driving consumption of white oil as it is utilized as a base ingredient in products like skin creams, lotions and beauty aids.  Stringent FDA regulations in North America have driven companies to use only top-grade white oil to avoid health issues. This has benefited suppliers producing high-quality white oil. Further, several pharmaceutical and personal care giants are headquartered in the region which secures significant domestic demand and market share. Export opportunities are also high for North American white oil producers to sell to international personal care product manufacturers.

The Asia Pacific region is poised to emerge as the fastest-growing market for white oil in the coming years. Countries like China, India, Indonesia, and Vietnam have shown strong growth and are anticipated to significantly drive the regional market. This is attributed to rapid industrialization, rising disposable incomes, and population growth. The personal care sector is booming in Asia Pacific with consumers increasingly spending on skin and hair care products.  Rising pharmaceutical production in Asia Pacific, especially generics in India, is also propelling white oil consumption. Being a cost-competitive region provides an advantage to local personal care companies to use white oil as base oils and expand product ranges. This will support Asia Pacific in gaining market share. Further, booming e-commerce has opened new markets and sales channels for personal care brands to increase penetration in the fast-growing region.