Feb 17, 2021: 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.
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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.
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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.
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