Mink Oil Market (Grade: Low Grade and Premium Grade; and End-use: Leather Durrant, Animal Feed, Cosmetics & Personal Care, and Others)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The global mink oil market size was evaluated at USD 30.9 million in 2022 and is expected to hit around USD 47.08 million by 2032, growing at a CAGR of 4.3% during the forecast period from 2023 to 2032.

Key Pointers:

• Premium grade mink oil is anticipated to expand at a high CAGR of 3.9%, in terms of value by 2032. The low grade mink oil projected to grow at a CAGR of 3.7%.
• Based on end-use, the cosmetics & personal care segment is likely to expand at a CAGR of 4.6% during the forecast period
• Mink oil market in East Asia, Europe, and Latin America is anticipated to grow at a high rate. However, East Asia is considered to be emerging region for the mink oil market at the growth rate of 4.7%.
• Rising awareness about leather care products is likely to further fuel the demand for mink oil with 2.8% growth rate in 2022

Cosmetics & personal care and animal feed among the major segments expected to grow at the highest rate during the forecast period. Moreover, the leather Durrant segment is gaining traction due to rapid urbanization worldwide. An increased awareness regarding the fatty acids derived from animals has led to consumer demand for mink oil.

Mink oil market is gaining popularity over increased demand for mink oil-based cosmetics and skin care products. Great emollients and lubricant are ideal characteristics of mink oil driving the growth of the market.

Mink Oil Market Report Scope

Mink Oil Market: Trends

Increased application of mink oil in different industries to boost market growth:

An increase in awareness regarding fatty acids derived from animals has led to consumers demanding animal oils, especially mink oil. Hence, there is a strong push from consumers, demanding more information about fatty acids and other animal oils for various applications in different industries. Products utilized by the Leather Durant have been demanding mink oil for the past few years. With the help of technology, the supply for such emollients has seen growth, as it makes leather boots more soft, flexible, and water-resistant. Consumers around the globe are drawing more attention to such kinds of products that are driving the market for mink oil.

Robust demand for skin care products to increase sales of mink oil:

The utilization of mink oil in skin care products is due to its close similarity to human sebum. Sebum traces fatty acids in the body and secretes the body’s natural oil. With this similar composition of skin barrier, the mink oil has characteristics to penetrate into the skin’s surface. Additionally, mink oil has natural glyceride carbon chain fatty acid highly essential for the skin and skin care products, as it works as an occlusive agent in these products. Furthermore, mink oil is non-comedogenic, making it a suitable moisturizing ingredient for enhancing the skin’s overall quality and complexion.

Extensive use of mink oil in cosmetics industry to push the market growth:

Owing to the increased disposable income, the cosmetics industry is witnessing growth in demand for cosmetics. Changing lifestyle and modernization have boosted the sale of the cosmetic products. Cosmetics product manufacturers around the globe are making extensive use of mink oil, as it is non-allergic, reduces loss of water in hair, and improves texture of hair.  Manufacturers associated with the production and marketing of fatty acids and mink oils are constantly making efforts to improvise product quality to meet the rising demand for mink oil. As consumers are demanding for authentic quality of mink oil used in cosmetics, pharmaceuticals, and leather Durant, manufacturers are focused on sourcing genuine mink oil to meet the ongoing demand, which has propelled the overall demand for mink oil.

Severe Impact of COVID-19 Pandemic on Mink Oil Market Growth

In the wake of the coronavirus disease of 2019 (COVID-19), millions of animals have been culled to stop the spread of COVID-19 on mink farms across EuropeHowever, this is more than a fur oil crisis. The mink oil constraints started rising with the reports of mink on farms in the Netherlands falling ill with COVID-19, having contracted the virus from their handlers. The workers on the farm experienced sickness, which continued across the world, with serious outbreaks from Utah to Denmark. At the end of 2020, reports of mink corpses rising en masse from their graves started contaminating Danish drinking water as their juices seeped into the ground. This led governments across the world to restrict the import of mink oil and fur, hindering the growth of the mink oil market.

Europe has been the center of mink farming for a long time. The continent produced around 36 million mink pelts on more than 4,000 farms across 24 countries in 2018 alone. Denmark is the world’s biggest mink producer, with, until recently, 18 million animals were culled in November. However, mink farming was already shifting before the pandemic. Japan and several countries across Europe had all either forbidden or introduced plans to phase out oil and fur production, motivated in part by ethical concerns. Nevertheless, as the spread of coronavirus is being contained in various nations, the restoration of end-use industries, including cosmetics, skincare, and animal feed additives is expected to fuel the demand for the mink oil market post COVID-19 pandemic.

Rising Preference for Products with Authentic Ingredients Attracts New Consumers

The mink oil market is yet to achieve worldwide recognition, and is currently being dominated by a few well-established firms. The market is also mature and may even be declining. For instance, the administration at Emulon indicated that the volume of their mink oil market has been decreased considerably in recent years as a result of the animal rights movement. Cosmetic organizations are under pressure from animal welfare organizations to reduce the use of animal products. In order to perceive the market for value-added mink oil, Utah-based companies are capturing market share from existing firms. However, consumer affection for genuine mink oil products is expected to witness a significant increase in the upcoming years, correlated with its benefits from omega 7 fatty acids and palmitoleic acid. Producers and suppliers of emollients and lubricants products are optimizing product contributions according to the consumer demand.

Mink oil can also be advertised as input for leather care products. Kiwi Brands Inc. vends mink oil for leather under their own and several other brand names. Kiwi mink oil is sold by large retailers such as K Mart and JC Penney. The new vendor's products are tested in all relevant mink oil products. Furthermore, with several new entrants in the mink oil market, many key leading companies are merging or acquiring with domestic businesses to capture new regions. Another opportunity to manufacture leather care products is to market them locally. These products could be marketed through increasing shoe stores across the world. Moreover, changing preferences of consumers toward avoiding products with no additives and chemicals have increased the demand for genuine and natural products. Thus, consumers worldwide are preferring authentic natural ingredients.

Regulations, Animal Welfare Policies Laid Down by Various Governments Hamper Product Demand

The number of animal slaughter in developed regions such as North America and Europe to produce various products accounted very high in recent years. Governments across various regions of the world have previously imposed regulations for animal slaughtering and deriving animal-based products. With various animal safety governing organizations in place, regulations set by the government may affect mink oil production and also can affect the supply of the necessary raw ingredients. Moreover, analyzing the available manufacturing companies in the mink oil market, this regulation may affect the supply by slowing down the production of mink oil. These factors may hinder the growth market of mink oil products.

Some of the prominent players in the Mink Oil Market include:

• Touch of Mink
• Spec Environment solution
• PFAU Oil
• Fitohim farm LLC
• Mink Seal company
• AILI Inc.
• MOsselman

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Mink Oil market.

By Grade

• Low Grade
• Premium Grade

By End-use

• Leather Durrant
• Animal Feed
• Cosmetics & Personal Care
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Key Points Covered in Mink Oil market Study:

• Growth of Mink Oil in 2023
• Market Estimates and Forecasts (2020-2032)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Mink Oil and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Mink Oil Consumption Analysis
•  Mink Oil Production Analysis
•  Mink Oil and Management