Argan Oil Market to Grow with a CAGR of 7.8% Globally through 2028
Rising demand for organic products and increasing
demand from personal care industry are driving the Global Argan Oil Market in
the forecast period 2024-2028.
According to TechSci Research report, “Global Argan
Oil Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Argan Oil Market stood at USD 398.98 Million
in 2022 and is anticipated to grow with a CAGR of 7.8% in the forecast period,
2024-2028. The global argan oil market has witnessed significant growth and
transformation in recent years, driven by a combination of factors that have
reshaped the industry. Argan oil, derived from the kernels of the argan tree
predominantly found in Morocco, has gained worldwide recognition for its
versatile applications in skincare, haircare, and even culinary uses. This
valuable oil is celebrated for its natural and organic properties, making it an
attractive choice for consumers seeking health and beauty products free from
synthetic additives.
The market's growth is fueled by the increasing demand
for natural and organic cosmetics and personal care products. Consumers are
increasingly prioritizing products that align with their health and
environmental consciousness, and argan oil fits these criteria perfectly. It is
renowned for its moisturizing, anti-aging, and skin rejuvenation properties,
making it a sought-after ingredient in a wide range of beauty and personal care
items, including moisturizers, serums, shampoos, and conditioners.
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Oil Market”
Furthermore, the argan oil market has expanded its
reach into the culinary world. Traditionally used in Moroccan cuisine for its
nutty flavor, argan oil has gained international recognition as a gourmet
ingredient. It is incorporated into various dishes, salad dressings, and
desserts, and its health benefits, such as heart-healthy unsaturated fatty
acids, have caught the attention of chefs and health-conscious consumers.
The global beauty and personal care industry plays a
pivotal role in the growth of the argan oil market. Argan oil's versatility and
the numerous benefits it offers have made it a sought-after ingredient in
various products. This growth is not limited to developed regions; developing
countries are also witnessing a surge in demand for argan oil-based products,
reflecting the product's global appeal.
Moreover, international trade and export have
contributed significantly to the argan oil market's expansion. Morocco, the
primary producer of argan oil, has actively engaged in exporting this valuable
commodity. It has reached consumers in regions such as the United States,
Europe, and Asia. Various trade agreements and partnerships have facilitated
the distribution of argan oil, making it a sought-after product worldwide.
The sustainability and ethical aspects of argan oil
production are gaining increasing importance. The Moroccan government,
recognizing the economic value of argan oil, has implemented measures to
protect the argan tree and the traditional knowledge of argan oil extraction.
This includes fair trade practices that ensure the equitable distribution of
benefits among local communities, particularly women who play a significant
role in argan oil extraction. These sustainable practices have improved the
quality and authenticity of argan oil and contribute to environmental
conservation.
In conclusion, the global argan oil market has
experienced remarkable growth due to factors such as the demand for natural and
organic cosmetics, the expansion of culinary applications, international trade,
and government support for sustainable production practices. As awareness of
the benefits of argan oil continues to spread, the market is poised for further
expansion, offering numerous opportunities for manufacturers and stakeholders
in the beauty, health, and food industries. The argan oil market's future
appears promising, driven by its versatility and its ability to align with
evolving consumer preferences and industry trends.
The Global Argan Oil Market is segmented into type, application,
distribution channel, regional distribution, and company.
Based on type the market is segmented into conventional
and organic.
Based on application the market is segmented into food,
personal care, medical, others.The global argan oil market has witnessed a
notable surge in demand from the personal care industry. Argan oil's
exceptional properties, including its moisturizing, anti-aging, and
skin-nourishing benefits, have made it a prized ingredient in a wide array of
personal care products. Skincare items, such as moisturizers and serums, and
haircare products, including shampoos and conditioners, increasingly feature
argan oil. This trend is a direct response to the growing consumer preference
for natural and organic ingredients in their beauty and wellness routines,
which is driving the market's growth in the personal care sector.
Based on distribution channel the market is segmented
into offline and online.
Based on region the market is segmented into five
regions, North America, Europe, Asia Pacific, Middle East & Africa, and
South America.
Major companies operating in Global Argan Oil
Market are:
- OLVEA
- ARGANisme
- Pure Argan Co.
- DSM
- Malakbio
- Lipidine
- Argane Aouzac
- Organica Group Ltd.
- Arganfarm Sarl. Au.
- Zidrop Argan Oil
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“Increasing demand for organic products is a
significant trend that is expected to have an impact on growth over the
forecasted period. Rising awareness about medicinal and health benefits, increasing
government support and sustainable practices, and rising popularity in the
beauty and cosmetic industry will positively impact the global argan Oil Market.
Due to the wide range of products available to meet specific needs of, as well
as the growing popularity of the online distribution channel, the market is
growing at impressive rate through projected period,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Argan Oil
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Type (Conventional, Organic), By Application (Food, Personal Care,
Medical, Others), By Distribution Channel (Offline, Online), By Region, By
Competition, 2018-2028”, has evaluated the future growth potential
of Global Argan Oil Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Argan Oil
Market.
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