Argan Oil Market Size, Share & Trends Report

Argan Oil Market Size, Share & Trends Analysis Report By Type (Conventional, Organic), By Form (Absolute, Blend), By Application (Medical, Food), By Region (North America, APAC), And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-671-4
  • Number of Pages: 80
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the argan oil market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for argan oil market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of argan oil market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Argan Oil Market Categorization:

The argan oil market was categorized into four segments, namely type (Conventional, Organic), form (Absolute, Blend, Concentrate), application (Personal Care and Cosmetics, Medical, Aromatherapy, Food), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The argan oil market was segmented into type, form, application, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The argan oil market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twelve countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; China; India; Japan; Brazil; Morocco; GCC.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Argan oil market companies & financials:

The argan oil market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • OLVEA -Olvea is a global manufacturer specializing in vegetable oils and specialty ingredients. It procures raw materials from organic, conventional or fair-trade supply chains and serves end products to food, pharmaceutical, and cosmetics industries. The company operates under two business segments, namely fish oils & fish meals and vegetable oils & specialty ingredients.

  • ARGANisme -ARGANisme is a global manufacturer and wholesaler specializing in argan oil and other vegetable oils. The product portfolio comprises organic argan oil, organic prickly pear seed oil, pure rose water, shampoos, soaps, hair masks, nutri night cream, and other creams for age-defying, skincare, body, & haircare applications. Organic argan oil is fully cold-pressed and certified by the Ecocert and the U.S. NOP.

  • Zineglob - Zineglob is a global manufacturer and exporter specializing in argan oil, prickly pear seeds oil, and beauty cosmetics. It focuses on providing personal care products and private labeling services to clients across geographies.

  • KONOUZ RAYYAN (PURUS International) - KONOUZ RAYYAN (PURUS International) is a global producer, exporter, and an agent of agricultural and seafood products. It sources and supplies a variety of products from Morocco. Its product categories include edible oils, argan cosmetics, dry food, and seafood.

  • Malakbio - Malakbio is a global manufacturer and exporter of argan oil for cosmetics and culinary applications, bio prickly pear seed oils for hotel and massage center products, ghassoul clay, alum stone, henna, Moroccan clack soaps, essential oils, and argan-based cosmetic products. The products offered by the company fall under G&G range, argan oils, cosmetics, natural oils, and hammam categories.

  • Lipidine - Lipidine is a global manufacturer specializing in the production of conventional and organic argan oil and barbary fig seed oil for cosmetics and food applications. The company offers argan oil in three different qualities, including cold-pressed organic argan oil for cosmetics and food applications, unscented organic argan oil for cosmetic applications, and roasted organic argan oil for food applications.

  • Argane Aouzac - Argane Aouzac is a global producer of argan oil and works with laboratories across North America, Europe, Asia, and Oceania. It works in collaboration with 450 women from villages to procure argan kernels sustainably. Argan oil offered by the company is available in a wide variety including virgin, roasted, and organic. The oil is produced through cold-press extraction and is used for both culinary and cosmetic applications. Cosmetic argan oil (non-roasted) majorly finds application in personal care and cosmetic products such as skincare, haircare, acne treatment, protection & healing of the skin, foot, and hand, nail treatment, and lip moisturization. Culinary argan oil (roasted) is used for flavoring applications.

  • Organica Group LTD- Organica Group LTD is a producer and exporter of organic cosmetic products such as argan oil, bio-prickly pear seed oil, essential oils, Ghassoul, and Moroccan black soap worldwide. It also provides services such as private labeling to customers located across America, Europe, Asia, Australia, and Africa. Its products are manufactured by the cooperatives from the south-west region of Morocco and are exported directly to the customers. The company’s product offerings include essential oils, vegetable oils, dried plants, and wellness products. Its argan oil product offerings include organic deodorized argan oil and organic extra virgin culinary argan oil.

  • Arganfarm - Arganfarm is a manufacturer and supplier of argan oil and argan-based products. Its products are available for retail and wholesale clients worldwide. The company caters to around 750 wholesale clients and 900,000 online retail clients. It performs all the processes of oil extraction and final product manufacturing in-house from hand-sorting to bottling finished argan oil. Its product offerings include cosmetic argan oil, culinary argan oil, all-natural amlou, and wholesale argan oil. Cosmetic argan oil is used in personal care products such as anti-aging creams.

  • Kamakhya Bottlers - Kamakhya Bottlers is a manufacturer, producer, and exporter of essential oils. The company also provides contract manufacturing and custom packaging services. Its product categories include essential oils, carrier oils, specialty ingredients, pharma grade oils, spice oils, mint oils, and saw palmetto oil. The carrier oils product category includes apricot oil, argan oil, avocado oil, black seeds oil, cactus seed oil, and various others. Argan oil offered by the company is used for soothing & lessening of stretch marks, restoring skin elasticity, makeup removal, and cosmetics. 

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Argan Oil Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Argan Oil Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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