Market Overview:
Argan Oil Market Size is anticipated to reach USD 427.05 million by 2030, registering a CAGR of 20.38% during 2022-2030.
Global argan oil market is growing continually, witnessing a rising demand. Market growth attributes to the increasing consumption of argan oil in cosmetics and personal care industries. Besides, factors such as increasing awareness for health benefits that argan oil offers and rising beauty consciousness among consumers boost the growth of the market. Moreover, growing usages of argan oil in many baked products, frozen desserts, and sweet & savory snacks escalate the market growth. Argan oil is extensively used in food and beverages to add flavor. Increasing consumer preference for flavored food items is propelling the argan oil market growth excellently.
Argan oil possesses antioxidant properties and omega-6 & omega-3 fatty acids, vitamin E, and triterpenoids, increasing its usage in products to enhance skin health and hair growth. Additionally, the medicinal properties of argan oil, such as anti-inflammation and moisturizing properties, increase its consumption to treat acne and stretch marks. Argan oil is also increasingly used in anti-aging products. Cumulatively led by these factors, the argan oil market is expected to garner exponential traction over the estimated period.
Substantial investments made by industry players to improve extraction techniques play a causal role in market development, improving the quality of the oil. Food and beverage is the second-largest end-use industry of argan oil after personal care products. Rise in the global population and economy are some of the major factors triggering the growth of the global argan oil market. Additionally, the growing production of argan oil due to the increasing government initiatives is positively impacting market growth.
Key Players:
Some of the Argan Oil Market key players are Olvea Group of France, ARGANisme Cosmetics S.A.R.L of Morocco, Biopur Sarl of Morocco, Zineglob ltd of Morocco, Purus International of Morocco, Malak Bio of Morocco, L'OCCITANE Group Melvita of France, Nadifi Argan oil of Morocco, Argan Gold Liquid of United Kingdom, Frontier Natural Products Co-op ltd of United States, John Masters Organics Inc of United States, Vima Seuss of Morocco, Conai Corporation of United States and Zit Siddi Yassine Sarl of Morocco.
Market Segmentation:
The report is segmented into three dynamics.
By Category: Organic and Conventional.
By Application: Food (Dairy & Frozen Dessert, Bakery & Confectionary, Sweet & Savory Snacks, others), Cosmetics & Personal care, and others.
By Regions: Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Regional Analysis:
Europe dominates the global argan oil market Insight. The largest market share attributes to the increasing beauty consciousness and raising awareness about the health benefits of argan oil among demographics. Besides, the presence of prominent market players and increasing usages of argan oil in food products and personal care products in the region drive the market growth. Wider application of argan oil in bakery products, cosmetics, and aromatherapy products boosts market growth in the region.
North America stands second in the global argan oil market. The market growth attributes to the increasing awareness among consumers about the goodness of argan oil and the growing demand for natural and skin health benefitting ingredients. Industry players operating in the region are increasingly focusing on the manufacturing and distribution channels to make argan oil accessible to customers worldwide. The North American argan oil market is estimated to create a substantial revenue pocket over the assessment period.
The Asia Pacific region accounts for a considerable share in the global argan oil market. Factors such as the growing application of argan oil in anti-aging product formulation and raising awareness among consumers are anticipated to fuel market growth. Moreover, the growing demand for argan oil from the cosmetics & personal care and food & beverage industry fosters the growth of the market. The APAC Argan oil market is expected to register the highest CAGR during the forecast period.
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