According to MRFR analysis, the global Argan Oil market size is expected to register a CAGR of 20.38% from 2022 to 2030 and hold a value of over USD 427.05 million by 2030.
Argan oil is cast-off in different food products due to its sweetness and nutty flavor. This culinary oil extracted from argan kernels usually contains fat, carbohydrate, sugar, fiber, and calories, which make it a healthy extract for use in pharmaceuticals and food products. The existence of flavonoids such as polyphenols combined with other compounds gives it a unique flavor. The growing use of argan oil in beauty products, food items, and pharmaceuticals is anticipated to drive revenue growth for the argan oil market. Vitamin E, melatonin, and omega fatty acids in this oil improve skin health and hair condition. However, the prevalence of substitutes and the high cost of producing argan oil is restraining demand and restrictive market revenue growth.
The COVID-19 pandemic harmfully impacted the argan oil market as production was stopped due to governments' social distancing policies. The supply chain was strictly affected at this time, which limited market expansion. Throughout the first two quarters of 2020, the market was in a state of stagnation. Huge reductions in global demand also caused a significant drop in revenue. But in the first quarter of 2021, the market restarted its typical growth trajectory. However, due to enlarged consumer awareness during the COVID-19 pandemic, there was an increase in demand for personal hygiene and home care products. The pandemic has enlarged consumer awareness of the importance of maintaining personal and household hygiene to lessen infection risk.
Regional Analysis
North America dominates the food inclusions market and will remain to flourish in its trend of dominance during the forecast period due to the growing demand from the cosmetic industry and the incidence of major key players in this region.
Asia-Pacific is anticipated to grow during the forecast period of 2022-2030. owing to the increasing demand from the pharmaceutical sector and the attendance of prominent players operating in emerging economies such as India and China.
Market Segmentation
The global Argan Oil market has been segmented into product type, form, and application.
Based on type, the global argan oil market is segmented into conventional and organic. The conventional segment accounted for the largest market revenue share. Conventional argan oil is usually removed from the argan tree, which is augmented with fatty acids and other essential nutrients. The harvesting process for conventional argan oil uses natural pesticides, and fertilizers for cultivating wide varieties of yielding, along with that to achieve high oil content. The use of this oil in beauty products, health care, nourishment, and pharmaceuticals is projected to drive demand for conventional argan oil. In November 2020, MyGlamm launched a BB foundation stick augmented with argan oil with a creamy texture that is anticipated to drive revenue growth in the segment.
Based on form, the global argan oil market is segmented into absolute, concentrate, and blend. The absolute segment accounted for the largest revenue share. Differences in the forms of argan oil can be shown due to the different extraction processes of this oil. The absolute form of this oil is distilled using solvent extraction techniques from the tree mostly in Morocco. The oil gets processed by grain crushing along with floating in solvents. Finally, vaporizing helps in oil extraction. The use of this cleanest form in different beauty products, pharmaceutical-based products, perfumes, and aromatherapy is pouring revenue growth into the segment.
Based on application, the global argan oil market is segmented into personal care & cosmetics, medical, food processing, cleaning & home, and others. The personal care & cosmetics segment is anticipated to register a high revenue growth rate during the forecast period. Personal care includes a vast range of skincare, hair care, and makeup products owing to the unique nutritional benefits of argan oil. It is being extensively cast off in these products, which is pouring revenue growth of the segment.
Key Players
Some of the key market players are Olvea Group of France, ARGANisme Cosmetics S.A.R.L of Morocco, Biopur Sarl of Morocco, Zineglob ltd of Morocco, Purus International of Morocco, Malak Bio of Morocco, L'OCCITANE Group Melvita of France, Nadifi Argan oil of Morocco, Argan Gold Liquid of United Kingdom, Vima Seuss of Morocco, Conai Corporation of United States and Zit Siddi Yassine Sarl of Morocco.
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