New York, US, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Argan Oil Market Information by Category, Application, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 427.05 million by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 20.38% during the review timeframe.
Market Synopsis
Manual or mechanical methods can be used to extract argan oil from the kernels of argan tree fruits. Oil was previously extracted manually from the kernels. However, the time has been saved, and high-quality products have been ensured thanks to machine developments. Argan oil is divided into two varieties based on extraction: edible argan oil and cosmetic argan oil. The color of argon oil varies from medium to pale yellow after extraction due to a filtration procedure. To learn more about the benefits of argan oil, experts are conducting studies on it. It is widely utilized in the food, drug, and nutraceutical industries. The generated oil is combined with several variations in concentrated form.
It can either be combined with another form of medication or taken as a capsule. In the beauty and personal care sectors, argan oil has emerged as one of the most popular items. This is explained by their cutting-edge qualities, which include significant antioxidant and anti-inflammatory content and other noteworthy advantages for skincare and haircare.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 427.05 Million |
| CAGR | 20.38% (2020–2030) |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Category, Application and region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rise of consciousness about beauty |
| High demand in confectionaries frozen desserts sweets and snacks |
Market Competitive Landscape:
The noteworthy contenders in the argan oil market are:
- Purus International of Morocco
- Malak Bio of Morocco
- Argan Gold Liquid of United Kingdom
- Frontier Natural Products Co-Op Ltd Of United States
- L'OCCITANE Group Melvita of France
- Nadifi Argan oil of Morocco
- John Masters Organics Inc of United States
- Vima Seuss of Morocc0
- ARGANisme Cosmetics SARL of Morocco,
- Biopur Sarl of Morocco
- Zineglob ltd of Morocco
- Olvea Group of France
- Conai Corporation of United States
- Zit Siddi Yassine Sarl of Morocco
Market USP Covered:
Market Drivers:
The demand for argan oil is increasing as people's awareness of its beauty benefits grows. Argan oil is quite popular in confections, frozen desserts, candies, and snacks because it gives these products flavor, which promotes growth. According to the current trend in the argan oil industry, people nowadays like to consume flavored goods, helping the market grow. Most cosmetic products contain argan oil, accelerating the market's expansion. Due to its anti-aging qualities, the substance is becoming increasingly popular in various cosmetic formulas such as serums, lip balms, lip tints, and face oils. The consumption of argan oil in cosmetic goods is anticipated to increase as consumers' preferences for natural and organic products grow.
Argan oil's growing appeal and its advantages have encouraged global R&D efforts and the emergence of numerous businesses. All potentially dangerous compounds are completely absent from organic products. Over the past several years, demand for organic personal care products has surged due to growing consumer awareness of the many benefits these products have over their synthetic equivalents. Consumers are becoming more conscious of their appearance, placing a premium on youthful-looking, healthy skin. This trend is anticipated to increase consumer demand for natural cosmetics and personal care items, benefiting the argan oil market.
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Market Restraints:
However, the product's high cost will impede the market's expansion rate. The high costs associated with research and development in emerging countries also hinder the market's overall growth for argan oil. Throughout the forecast period, the argan oil market will also face additional challenges from rigorous governmental regulations and the usage of conventional extraction methods.
COVID 19 Analysis
Due to increased consumer awareness during the COVID-19 pandemic, it is anticipated that there will be an increase in the demand for personal hygiene and home care products. The pandemic has increased consumer awareness of the importance of maintaining personal and household hygiene to lower infection risk. Personal care items are anticipated to see an increase in demand as a result. The coronavirus outbreak has significantly impacted the market for medical equipment and supplies in North America. Medical goods like test kits, hand sanitizers, and bio-based medications are in greater demand. Due to supply chain disruptions, companies in the logistics sector struggle to meet the rising demand for medical equipment and supplies in North America.
Market Segmentation
By Category
The organic segment will have the highest growth rate in the forecast period.
By Application
Cosmetics & personal care are predicted to gain a significant stake in the forecast period.
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Regional Insights
The rising use of biobased cosmetics, personal care, and aromatherapy products has made North America one of the major argan oil users. The substance helps to improve physical, mental, and spiritual wellness when used in aromatherapy treatments. Massage with aromatherapy improves stress reduction, physical balance, and numerous immune system activities. The only region in the world that engages in commercial-scale production is the Middle East and Africa. In Morocco, argan trees are primarily grown in the semi-arid and dry areas surrounding Essaouira and Agadir.
Given the advantages of argan oil, numerous NGOs and international cosmetics businesses have intervened recently to stop deforestation and promote the planting of argan trees in the area. One of the biggest markets for argan oil worldwide is Europe. The organic personal care and cosmetics business in Asia-Pacific is showing great promise. The biggest regional market is China, which Japan and India trail. Due to powerful domestic enterprises, India is one of the most preferred countries for making affordable pharmaceuticals. Argan oil producers in the area should benefit from novel organic medications for treating diseases like cancer, hormone imbalances, gastrointestinal problems, cardiovascular disease, anti-infectives, anti-aging, and stress reduction.
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