Argan Oil Market Outlook
Argan oil is an organic compound extracted from the kernels of the argan tree and commercially produced in absolute, concentrated, and blended variants. It is largely used in culinary and cosmetic applications as it is a rich source of antioxidants, vitamin E and A, omega-6 fatty and linoleic acids, and triterpenoids
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The global argan oil market size reached US$ 276.9 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 541.1 Million by 2027, exhibiting a growth rate (CAGR) of 12% during 2022-2027.
It can be ingested in the form of a supplement capsule or applied topically. Argan oil provides various health benefits, including treating skin irritation, acne, signs of aging, and stretch marks.
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Argan Oil Market Trends:
The rising demand for argan oil across the cosmetics and food and beverage (F&B) industries is one of the prime factors driving the market growth. For instance, it is used as the main ingredient in the manufacturing of several premium personal care products, such as soaps, shampoos, lotions, conditioners, and creams. Furthermore, key players are launching organic oil packed in recyclable containers to meet the growing environmental consciousness among consumers. Apart from this, the increasing consumer expenditure power and the rising product demand across the pharmaceutical industry are creating a positive outlook for the market.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players:
- Arganbulk
- Argane Aouzac
- Arganfarm sarl. au.
- ARGANisme
- Kamakhya Bottlers
- Konouz Rayyan (PURUS International)
- Lipidine
- Malakbio
- OLVEA Morocco
- Organica Group Ltd.
- Zidrop Argan Oil
- Zineglob Ltd.
Key Market Segmentation:
The report has categorized the market based on type, form, application and distribution channel.
Breakup by Type:
- Conventional
- Organic
Breakup by Form:
- Absolute
- Blend
- Concentrate
Breakup by Application:
- Personal Care and Cosmetics
- Medical
- Aromatherapy
- Food
- Home Cleaning
- Others
Breakup by Distribution Channel:
- B2B
- B2C
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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Global Argan Oil Market Information by Type (Natural, Organic), by Application (Food, Personal Care Products, Aromatherapy), by Distribution Channel (Supermarket/Hypermarket, Specialty Retailers, Convenience Stores, E-commerce) and by Region Forecast till 2023
The Global Argan Oil Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW).
Middle East and Africa (Rest of the World) holds a major market share followed by North America.
High demands for healthy oils with widespread applications from the developed countries of these regions are contributing to the growth of Argan oil market.
Morocco, U.S., the Netherlands, China, U.K., and Japan are the major importers of Argan oil.
Rise in consumption of healthy food products has supported the sale of Argan oil in the global market.
