IMARC Group, a leading market research company, has recently released a report titled “Argan Oil Market Report by Type (Conventional, Organic), Form (Absolute, Blend, Concentrate), Application (Personal Care and Cosmetics, Medical, Aromatherapy, Food, Home Cleaning, and Others), Distribution Channel (B2B, B2C), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global argan oil market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global argan oil market size reached US$ 340.9 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 734.9 Million by 2032, exhibiting a growth rate (CAGR) of 8.6% during 2024-2032.
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Global Argan Oil Market Trends:
The growing incorporation of argan oil in luxury spa treatments and high-end beauty products is a significant driver of market growth. Its reputation for enhancing skin elasticity and promoting hair health in premium skincare lines and exclusive salons has fueled demand among affluent consumers seeking effective, prestigious beauty solutions.
Moreover, the rise in personalized beauty routines and the integration of argan oil into niche products such as beard oils and luxury spa treatments are aiding in market expansion. Apart from this, increasing research into argan oil's potential health benefits beyond skincare and culinary uses is bolstering the market growth.
Factors Affecting the Growth of the Argan Oil Industry:
- The increasing consumer demand for natural products:
The increasing consumer awareness and preference for natural and organic products have significantly boosted the demand for argan oil. As consumers become more conscious of the potential harmful effects of synthetic chemicals in cosmetics and food products, they are turning towards natural alternatives like argan oil. Its rich composition of essential fatty acids, antioxidants, and vitamin E makes it highly desirable for skincare, haircare, and as a dietary supplement. This trend is reinforced by a growing preference for sustainable and ethically sourced ingredients, aligning with the eco-conscious consumer mindset.
- Its diverse applications across industries:
The expanding applications of argan oil across various industries contribute to its market growth. In the cosmetics and personal care sector, argan oil is valued for its moisturizing, anti-aging, and healing properties, leading to its incorporation in a wide range of products such as creams, serums, shampoos, and conditioners. The culinary uses of argan oil, particularly in gourmet cuisine, have also gained traction due to its nutty flavor and health benefits. As chefs and consumers alike explore healthier cooking oils, argan oil stands out for its unique taste profile and nutritional value.
- The geographical and environmental factors:
The geographical and environmental factors specific to Morocco, where argan trees grow predominantly, play a crucial role in shaping the argan oil market. The argan forest is The United Nations Educational, Scientific and Cultural Organization (UNESCO) Biosphere Reserve, highlighting its ecological importance and the need for sustainable harvesting practices. The limited geographical distribution of argan trees and the labor-intensive process of extracting oil from their kernels contribute to argan oil's premium pricing. Efforts to preserve the argan forest and support local cooperatives that produce argan oil sustainably have become integral to the market dynamics.
Argan Oil Market Report Segmentation:
Breakup by Type:
- Conventional
- Organic
Conventional represents the largest market segment as it is more widely available and affordable compared to organic varieties.
Breakup by Form:
- Absolute
- Blend
- Concentrate
Absolute dominates the market because it is highly concentrated and valued for its potency and effectiveness in various applications.
Breakup by Application:
- Personal Care and Cosmetics
- Medical
- Aromatherapy
- Food
- Home Cleaning
- Others
Aromatherapy accounts for the majority of the market share due to its growing popularity for relaxation and therapeutic benefits.
Breakup by Distribution Channel:
B2B
B2C
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
- Others
B2B stores represent the biggest distribution channel with their efficient bulk sales and supply chain management secured their dominance in distribution.
Regional Insights:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
North America dominates the market with its robust demand for premium natural products.
Competitive Landscape with Key Players:
The competitive landscape of the argan oil market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
- 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.
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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