Westford, USA, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Argan oil manufacturers now have easier access to the skin care market thanks to consumers' growing preference for natural and organic skin and hair products. It is projected that rising consumer demand from the food, health care, and cosmetics sectors will fuel market rise. The personal care and cosmetics sector is expanding as consumers become more aware of enhancing their outward appearance and way of life. In addition, people are shifting from synthetic to natural personal care products due to the rise in skin and hair conditions such as dermatitis, dry and damaged hair, and difficulties with skin aging.
Based on SkyQuest's research insights, the global skincare market is projected to grow with a stable CAGR of 5.1% to cross USD 207.22 billion by 2028. With such substantial growth prospects in the skincare industry, players operating in the argan oil market have huge scope to cash on the emerging opportunities.
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- Pages - 237
- Tables - 88
- Figures - 70
Eating argan oil is thought to improve intestinal health and stabilize cholesterol levels. As a result, people with cardiac conditions use more argan oil in their diet. Argan oil is a product made from the kernels of the argan tree. In addition to vitamins A and E, it also includes considerable linoleic acid, antioxidants, and omega-6 fatty acids. Since argan oil is believed to strengthen the immune system, various players in the food service business use it to increase sales.
Prominent Players in Argan Oil Market
- Olvea Group (France)
- Biopur Sarl (Morocco)
- ARGANisme Cosmetics S.A.R.L (Morocco)
- Purus International (Morocco)
- Zineglob ltd (Morocco)
- L'OCCITANE Group Melvita (France)
- Malak Bio (Morocco)
- Kanta Enterprises (India)
- Argan Gold Liquid (UK)
- Nadifi Argan oil (Morocco)
- John Masters Organics Inc. (US)
- Frontier Natural Products Co-op ltd (US)
- Conai Corporation (US)
- Vima Seuss (Morocco)
- Zit Siddi Yassine Sarl (Morocco)
Absolute Form Segment to Account for Dominant Share in the Argan Oil Market owing to Increased Application in Medical Field
The absolute form segment dominated the argan oil market and generated more than 54.23% of revenue in 2022. The rising demand for the product's pure forms in cosmetics, aromatherapy, and medical applications is attributed to the market expansion. It is made from plant kernels using solvent extraction techniques, and it is a highly concentrated version. The segment is expected to be further driven by additional factors, such as increased consumer spending power and the growing use of argan oil in diverse applications.
North America is a major argan oil user due to the rising use of bio-based cosmetics, personal care products, and aromatherapy. Body, mind, and spirit health are all improved by using argan oil in aromatherapy. In addition, massage with aromatherapy promotes equilibrium in the body, reduces stress, and supports numerous immune system processes. As a result, aromatherapy products are increasingly well-liked throughout North America.
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Conventional Type Segment Emerges as the Swiftly Growing Product Category
The conventional type segment led the market and was accountable for 48% of revenue share under the product category in 2022. A significant proportion of this market can be ascribed to consumers' growing desire for argan-based cosmetics. Traditional argan oil is a valuable source of vital fatty acids and other nutrients produced from the kernels of the argan tree. Typically, argan oil is refined into edible and cosmetic grades.
Among all the continents, Europe is one of the ones that use the most argan oil. In the personal care and cosmetics sector, Europe holds the biggest market share. In Europe, cosmetic products are mostly produced through solvent extraction of kernels, used to create moisturizers, shampoos, and anti-wrinkle cosmetics. Furthermore, Europe has dominated biopharmaceutical research. European pharmaceutical firms have produced bio-based medications for various illnesses, including diabetes, cancer, high blood pressure, and cardiovascular ailments.
The research report contains a list of the market's top competitors, strategic insights, and an analysis of the significant factors affecting this argan oil market. A successful firm must comprehend the target market's different dynamics, attitudes, and expectations for a particular product. Leading market competitors use organic and inorganic tactics, such as strategic alliances, joint ventures, mergers, and acquisitions, to boost sales.
Key Developments in Argan Oil Market
- The most recent PHYTORx series of Booster serums and Face Oils has been introduced by Lotus Professional, a company that closely works with Indian skin. The Lotus Professional PHYTORx Serums are a powerful concentration of active compounds designed to address various skincare issues. As a result, the consumer actively influences investment growth in domestically produced goods with active ingredients, ingredient-based skincare, and the beauty industry.
- Namaste Beauty has recently launched a selection of high-quality, vegan products that are both cruelty-free and vegan to care for skin and hair by reviving skin, renewing the soul, and accentuating natural beauty. In addition, Argan oil's inclusion in various beauty product lines is anticipated to boost sales.
- Creme of Nature, a hair care brand, has unveiled a new, modern packaging design for its Argan Oil from Morocco collection, which it is promoting with the hashtag #ShineDifferent. The ethnic brand provides hairstyle and care items blended with Moroccan Argan Oil, which is organically certified. The product line doesn't use mineral oil, petrolatum, or sulfates in its formulation.
- Argan oil Shop, an online distributor of argan oil, announced the campaign to spread knowledge about Moroccan oil, particularly its advantages for hair and skin care. This project will help the business build its brand and connect with customers worldwide.
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Key Questions Answered in Argan Oil Market Report
- Which are the key factors pushing the growth of the argan oil market?
- Which are the most profitable segment and sub-segments?
- What are the lucrative opportunities present in the global market?
- Which players hold a dominant position in the target market?
- Which regions are anticipated to lead the global argan oil market?
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