Drug Price Trends for PETROLEUM JELLY

Average Pharmacy Cost for PETROLEUM JELLY

These are average pharmacy acquisition costs (net of discounts) from a US national survey

Drug Name	NDC	Price/Unit ($)	Unit	Date
PETROLEUM JELLY	70000-0487-01	0.00648	GM	2024-12-18
PETROLEUM JELLY	70000-0487-03	0.01089	GM	2024-12-18
PETROLEUM JELLY	70000-0487-03	0.01105	GM	2024-11-20
PETROLEUM JELLY	70000-0487-01	0.00644	GM	2024-11-20

PETROLEUM JELLY Market Analysis and Financial Projection

Petroleum Jelly Market Analysis and Price Projections

Market Overview

The global petroleum jelly market is poised for significant growth, driven by its versatile applications across various industries, including cosmetics, pharmaceuticals, food processing, and industrial manufacturing.

Market Size and Growth

As of 2022, the global petroleum jelly market was valued at USD 0.51 billion and is projected to grow to USD 0.74 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.30% during the forecast period (2023-2032)[3][4].

Key Drivers of Market Growth

Cosmetics and Personal Care

The cosmetics and personal care sector is a major driver of the petroleum jelly market. The increasing demand for natural and organic skincare products, coupled with the dominance of the skincare segment in the global beauty market, is fueling the growth of petroleum jelly. In 2022, the cosmetic grade segment accounted for the highest market share of 39.35% in the overall petroleum jelly market[4].

Industrial Applications

Petroleum jelly is widely used as a lubricant in various industrial processes, including food processing, rubber, and plastic manufacturing. Its properties such as water repellency, excellent adhesion, and resistance to weather influences make it an essential component in these industries. The growing food processing sector, particularly in regions like India, is expected to enhance the utilization of petroleum jelly as a lubricant[4].

Economic and Demographic Factors

Economic factors such as rising disposable incomes, population growth, and urbanization are contributing to the increased demand for petroleum jelly. As living standards improve, consumers are more likely to spend on personal care and grooming products, including those containing petroleum jelly[3].

Regional Market Analysis

Asia Pacific

The Asia Pacific region, particularly China, holds a significant share of the global petroleum jelly market. In 2022, this region accounted for 35.70% of the overall market, with China contributing 23.20%. The growing cosmetics and manufacturing sectors in this region are key factors driving the market growth[4].

North America and Europe

North America and Europe are also expected to witness significant growth in the petroleum jelly market. The adoption of petroleum jelly as a plasticizer in the rubber and plastic sectors in North America and the fluctuating crude oil prices affecting the European market are key factors influencing the regional dynamics[2][4].

Price Trends and Projections

Recent Price Fluctuations

The prices of petroleum jelly have been volatile, influenced by global crude oil market dynamics. In the third quarter of 2023, prices surged due to OPEC+ restrictions and the impact of sanctioned Russian oil imports. However, the fourth quarter saw a decline in prices due to excessive inventories and subdued demand[2].

Regional Price Variations

• Asia: Prices witnessed a consistent growth in the first quarter of 2023 due to the Chinese festival season and the growth of packaging materials. However, the second quarter saw a decline due to falling construction and manufacturing activities[2].
• Europe: The European market mirrored the Asian market, with prices rising in the third quarter and declining in the fourth quarter due to fluctuations in crude oil supplies[2].
• North America: The North American market also experienced price fluctuations, with firmer prices in the first three months and a decline in the subsequent quarter due to domestic consumption and Red Sea trade issues[2].

Future Outlook

The price trend of petroleum jelly is expected to oscillate in the upcoming months due to uneven demand from downstream industries and overall market dynamics. Analysts predict that dull demand will continue to affect prices in the coming months[2].

Industry Insights and Competitive Landscape

The global petroleum jelly market is highly competitive, with several large players and numerous small and medium-sized enterprises. Companies are focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The strong research and development capabilities and extensive distribution networks of these companies are key factors in the competitive landscape[4].

Key Takeaways

• The global petroleum jelly market is expected to grow at a CAGR of 4.3% to 5.0% during the forecast period.
• Cosmetics and personal care, along with industrial applications, are driving the market growth.
• The Asia Pacific region, particularly China, holds a significant market share.
• Price trends are volatile and influenced by global crude oil market dynamics.
• The market is highly competitive with a focus on research and development and strategic partnerships.

FAQs

Q: What is the projected market size of the petroleum jelly market by 2032? A: The global petroleum jelly market is projected to reach USD 0.74 billion by 2032[3].

Q: Which region holds the highest market share in the petroleum jelly market? A: The Asia Pacific region, particularly China, holds the highest market share in the petroleum jelly market[4].

Q: What are the key drivers of the petroleum jelly market? A: The key drivers include the growing demand for natural and organic skincare products, increasing adoption in industrial applications, and economic factors such as rising disposable incomes and population growth[3][4].

Q: How do crude oil prices affect the petroleum jelly market? A: Crude oil prices significantly influence the petroleum jelly market, with fluctuations in oil prices directly impacting the prices and demand for petroleum jelly[2].

Q: What is the expected growth rate of the petroleum jelly market during the forecast period? A: The market is expected to grow at a CAGR of 4.3% to 5.0% during the forecast period[1][3][4].

Sources

1. Expert Market Research - Petroleum Jelly Market Size, Share & Industry Growth | 2034
2. Procurement Resource - Petroleum Jelly Price Trend and Forecast
3. Market Research Future - Petroleum Jelly Market Analysis
4. Consegic Business Intelligence - Petroleum Jelly Market Size, Share, Industry Trends 2030
5. Intratec - Petroleum Jelly Prices | Current and Forecast