Global Argan Oil Market is predicted to reach USD 1.79 billion by 2022 owing to the increase in demand for luxury cosmetics and growing consumer inclination towards organic ingredients. Argan oil is a natural material extracted from the oleaginous almond of Argan tree, which is rich in fatty acids, and other important nutrients beneficial for human health. Over the years, argan oil is emerging as a food delicacy and as an anti-aging skin cosmetic product. It is found in specialty shops in both rural and urban markets in Europe and is known by a lesser population.
Additionally, there are numerous internet websites, which deal in argan products through online. However, the oil is regarded as ‘world’s most expensive vegetable oil’. The growing acceptance for argan oil in the skin and food industry is expected to drive argan oil market with a CAGR of 19.6% in the forecast period.
The growing health awareness among consumers regarding healthy oils majorly impacts the market. The wide applications of this oil in multiple industries is also fueling argan oil industry globally. Mass-market penetration is resulting in introduction of new products in retail sector across various regions. Rising focus on research & development has led to modernizations in the product line and has augmented the market share of oil in the global market. The rise in market demand for food items with greater nutritional value supports the sale of argan oil worldwide, creating a positive impact on the market.
Among the several sources of argan oil, natural sourced argan oil is projected to hold the larger share. Moreover, owing to the increased demand for chemical-free products, the sale of argan oil is predicted to experience an upsurge. The industry is also fueled by the growing interest for hair & skin products.
Besides, increasing awareness among consumers due to the advantages offered by argan oil is expected to drive argan oil market in the near future. Also, the growing interest for enhanced vitamins and supplements among consumers in products from sustenance and refreshments to personal care products is predicted to boost the market development in the coming years. Nevertheless, the cost of argan oil and non-accessibility of retail locations are few restrictions to the market. Argan oil restricts its selection among purchasers, which adds to the limitations of argan oil industry.
Argan oil market is categorized on the basis of application and geography. On the basis application, the market is divided into food, cosmetic and medical. Owing to the growing need for cosmetics products, cosmetics industry is expected to dominate the market in the coming years.
Geographically, Argan oil industry is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Middle East & Africa is predicted to hold larger share of the market owing to the higher cultivation of oil. The key players of Argan oil industry are ARGANisme Cosmetics S.A.R.L, Argan Diva, OLVEA Morocco, Saadia Organics, Essence OfArgan, NadifiArgan, Biopur, Josie Maran Cosmetics, Argan Liquid Gold, and Zineglo.
Global Argan Oil Application Outlook (Volume, Tons, Revenue, USD Million, 2012 - 2022)
Global Argan Oil Regional Outlook (Volume, Tons, Revenue, USD Million, 2012 - 2022)
• North America
• Asia Pacific
• Middle East & Africa
• Central & South Africa
Research Support Specialist, USA