The global argan oil market size is anticipated to reach USD 507.2 million by 2027, expanding at a revenue-based CAGR of 10.8% over the forecast period, according to a new report by Grand View Research, Inc. Argan oil is gaining popularity in the global market as it cotains omega-3 and omega-6 fatty acids, lupeol, beta amyrin, antioxidant tocopherols, triterpenoids, and butyrospermol, which play a significant role in improving skin and hair quality. This has encouraged manufacturers from industries such as aromatherapy, medical, and cosmetics products to integrate argan oil in their final products.
Key players in the market are focusing on improving the quality of product in their personal care and cosmetic products to promote healthy hair and skin. Such initiatives are anticipated to fuel the overall demand in the cosmetics application segment. Furthermore, the global demand is also witnessing a surge on account of shifting consumer preference toward organic products.
Players in the argan oil market are involved in R&D activities for improving the extraction method as it is a key step in the production process. Recently, researchers obtained argan oil using super critical fluid extraction and concluded no changes in the quality and physicochemical parameters of the product. However, the method is still in the nascent stage and is likely to play a significant role in increasing the production over the coming years.
Health consciousness coupled with a fat-free lifestyle accelerates the demand for healthy vegetable oil including argan oil. Food industry is also witnessing a surge in demand on account of increasing importance given to maintaining a healthy diet. Argan oil helps control cholesterol levels while boosting energy levels in the human body. Technological advancements are also contributing significantly to the enhancement of both chemical and microbiological qualities, thus positively influencing the overall product demand.
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Further key findings from the report suggest:
In 2019, conventional emerged as the largest type segment in the argan oil market owing to high crop yield obtained by using this cultivation method as it involves using synthetic pesticides and fertilizers
In 2019, Business to Business (B2B) dominated the distribution channel segment in the market owing to increasing direct sales of the product in the international market, especially by the manufacturers of cosmetic products
Sivan, an Israeli company is developing a super strain, called as Argan 100, which is capable of tolerating the Mediterranean climate and can manufacture 10 times more nuts as compared to the average trees of Morocco, thus contributing to the production
Some of the key players in the market are OLVEA, ARGANisme, Zineglob, PURUS (Purus International), Malakbio, Argane Aouzac, Organica Group LTD, Arganfarm, Kamakhya Bottlers, Zidrop Argan Oil, and ARGANBULK.
Grand View Research has segmented the global argan oil market on the basis of type, form, application, distribution channel, and region:
Argan Oil Type Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
Argan Oil Form Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
Argan Oil Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
Personal Care & Cosmetics
Cleaning and Home
Argan Oil Distribution Channel Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
Argan Oil Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
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