WASHINGTON, April 27, 2023 (GLOBE NEWSWIRE) -- The Global Argan Oil Market is valued at USD 264.5 Billion in 2022 and is projected to reach a value of USD 552.6 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 11.1% over the forecast period 2023-2030.
Market Overview
The growing population from the food, health care, and aesthetics industries is anticipated to expand market. Due to customers' increasing understanding of the value of improving their general appearance and manner of life, the personal care and cosmetics industry is rising. People are switching from manmade to natural personal care products due to increasing skin and hair disorders such as acne, rashes, dry and damaged hair, and withering skin problems.
We forecast that the conventional category in the Argan Oil market sales will account for more than 52% of total sales by 2030. A significant proportion of this market can be ascribed to consumers' growing desire for argan-based cosmetics. Traditionally Argan Oil is a significant source of vital fatty acids and other nutrients and is produced from the nuts of the argan tree.
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Market Dynamics
Increasing Applications in Absolute Form will Support Market Expansion
The demand for Argan Oil in cosmetics is driven by the rising number of women working and the aging population. Manufacturers are growing their product portfolios with improved solutions to meet consumer expectations. Environment-defense skincare solutions that shield the skin from germs and damaging UV radiation are in increasing demand. Due to UV radiation and dust, the skin is prone to becoming dry and dull from frequent exposure to the sun and rising pollution. Climate-defense beauty products protect and improve healthy skin, which raises the need for cosmetics containing Argan Oil.
Growing Pharmaceutical Industry and Health Benefits of Argan Oil Drive the Market Growth
Argan Oil's antioxidant qualities and the lipids it contains make it a crucial component of therapeutic goods. High levels of antioxidants in this oil, including linoleic and oleic acids, can slow the aging process by radical scavenging that harms cells. Herpes, lupus, and other skin disorders can all be treated with the benefits of Argan Oil. Unsaturated fats reduce bad cholesterol and raise good cholesterol in the body, which lowers the chance of developing heart disease. Manufacturers use this oil in cosmetic and personal care goods because of its antitumor activity, generally pro, generally pro, and anti-aging properties. As a result, the market is experiencing revenue growth due to the growing use of Argan Oil in pharmaceutical products.
Top Players in the Global Argan Oil Market
- OLVEA (Bangalore, India)
- ARGANisme (Morocco)
- Pure Argan Co (UK)
- Malakbio (Morocco)
- Argane Aouzac (U.S.)
- Organica Group Ltd (Peru)
- Zidrop Argan Oil (Morocco)
- ARGANBULK (Chtouka Ait Baha, Morocco)
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Top Trends in the Global Argan Oil Market
- One trend that Vantage Market Research (VMR) expects to see in the Argan Oil industry is the growing practice of B2C. Business to Consumer (B2C) is the term used to describe selling products directly to consumers or end customers using retail establishments such as supermarkets, department stores, specialty stores, virtual stores, and door-to-door sales. Consumers worldwide buy Argan Oil straight from the company to learn more about the product's advantages. It is anticipated that sales through supermarkets and grocery stores will rise dramatically in Europe, the Middle East, and North America.
- Another trend that VMR predicts will continue in the Argan Oil industry is its increasing trend of medical applications. Due to its antibacterial property, the medicine treats skin wounds, cuts, and abrasions more quickly. It is increasingly used for several medical conditions due to its unsaid, openly anti, aphrodisiac, anti-inflammatory, and antioxidant properties. This treats conditions like measles, burns, eczema, psoriasis, diabetes, ADHD, osteoporosis, and atherosclerosis diseases.
Top Report Findings
- Based on the Form, most of the Argan Oil market's revenue is controlled by the conventional category. The original type, made from the argan tree's berries, is a fantastic source of necessary fatty acids and other important nutrients. Conventional harvesting uses groundwater, fertilizers, and chemical pesticides to grow high-yielding cultivars and produce increased oil content. Food, medications, spas, personal care & cosmetics, and cleaners for the home are all strongly dependent on this category.
- Based on Type, most of the Argan Oil market's revenue is controlled by the absolute form category. Due to the methods used to extract this oil, there are variations in the forms of Argan Oil. Most often in Morocco, this oil is extracted from the tree in its absolute form using solvent extraction methods. The oil gets processed by grain pulverizing along with floating in solvents.
- Based on Application, most of the Argan Oil market's revenue is controlled by the Food & Beverage category. Food processing uses Argan Oil, including cooking, baking, cooking, and other meal preparation. With its medicinal advantages, Argan Oil's nutty flavor lures people to use it in various foods. Using this nutrient in food production is anticipated to enrich the product with micronutrients and fuel segment revenue growth.
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Recent Developments in the Global Argan Oil Market
- In May 2022, One 'n Only will add the new Colorfix Hair Color Remover to its color removal solutions. It successfully eliminates semi-permanent hair color while nourishing and protecting strands from damage and is made with 100% Argan Oil.
- In June 2021, the firm is marketing the new, modern packaging for The Crème of Nature with Argan Oil from Morocco line with the hashtag #ShineDifferent starting i. The ethnic brand offers hair styling and care products infused with organic Moroccan Argan Oil. Mineral oil, petrolatum, and sulfates are not ingredients in the product line's formulation.
Conventional Category of the Type Segment of the Global Argan Oil Market Projected to Generate Over Half the Total Segment Revenue
For better understanding, based on the Type, the Argan Oil market is divided into Conventional and Organic.
The Conventional market was the largest by application and is anticipated to hold the top spot during the projected period. The traditional argan tree, rich in fatty acids and other necessary nutrients, is where conventional Argan Oil is typically harvested. Instinctual pesticides, irrigation power, and fertilizers are used during the traditional Argan Oil harvesting process to cultivate various yielding plants and achieve high oil content. Demand for traditional Argan Oil is anticipated to increase due to its use in cosmetics, health products, food, and pharmaceuticals.
On the other hand, the Organic category is anticipated to grow significantly. The traditional argan tree, rich in fatty acids and other necessary nutrients, is where conventional Argan Oil is typically derived. Instinctual neonicotinoids, watering power, and chemical fertilizer are used during the traditional Argan Oil harvesting process to cultivate various yielding plants and achieve high oil content. Demand for traditional Argan Oil is anticipated to increase due to its use in cosmetics, nutritional supplements, food, and medicine.
North America Region of the Global Argan Oil Market Forecast to Generate a Major Percentage of the Total Worldwide Revenue
The North America region is anticipated to do so in the coming years. The rise in the popularity of bio-based cosmetics, personal care items, and aromatherapy products was cited as the cause. It is utilized in aromatherapy treatments to support physical, mental, and spiritual well-being. The body is balanced, stress is reduced, and multiple body functions are assisted in fighting off illnesses by essential oils. As a result, sauna goods have become popular in America and are widely available in specialty stores and online shopping malls. Due to increased innovation in hair styling methods and consumer awareness of attractive looks, particularly in developed economies like North America, hair care products are anticipated to be in high demand.
The Asia Pacific region is predicted to develop the fastest in the Argan Oil market. The personal care and cosmetics industries in Asia Pacific are the biggest product consumers. As a result of the growing population and the outstanding health advantages of Argan Oil, it is anticipated that demand for various personal care and cosmetic products will increase in the Asia Pacific.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Argan Oil Market Forecast Report (2023-2030).
Global Argan Oil Market Segmentation
By Type
- Conventional
- Organic
By Form
- Absolute
- Blend
- Concentrate
By Application
- Personal Care & Cosmetic
- Medical
- Aromatherapy
- Food
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 264.5 Billion |
| Revenue Forecast by 2030 | USD 552.6 Billion |
| CAGR | 11.1% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | OLVEA, ARGANisme, Pure Argan Co., Malakbio, Argane Aouzac, Organica Group Ltd, Zidrop Argan Oil, ARGANBULK |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/argan-oil-market-2098/request-sample |
Key Questions Answered in the Argan Oil Market Report are:
- What is Argan oil, and what are its properties and benefits?
- What is the current size and growth rate of the Argan oil market globally and regionally?
- What are the key market trends and drivers shaping the Argan oil industry?
- What are the different types of Argan oil products available in the market, and what are their respective market shares?
- What are the major distribution channels for Argan oil, and what is the market share of each channel?
- Who are the key players operating in the Argan oil market, and what is their market share?
- What is the competitive landscape of the Argan oil market, and what are the key strategies adopted by the players to gain a competitive advantage?
- What are the challenges and opportunities faced by the Argan oil market, and how are the players addressing them?
- What are the regulations and standards governing the production and sale of Argan oil, and how are they affecting the market?
- What is the future outlook for the Argan oil market, and what are the growth prospects and opportunities for the players?
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