Argan Oil Market to Exceed US$ 800 Million by 2032 as Demand in Personal Care & Cosmetics Industry Rises
Over 80% of Argan Oil Sales to be Contributed by Cosmetic Grade through 2022 & beyond
Fact.MR offers comprehensive study on the global argan oil market for the forecast period of 2022 and 2032. The report provides in-depth analysis covering key growth factors such as trends, opportunities, key players' strategies, and demand outlook. In addition to this, the study analyzes latest trends across various segments such as form, grade, nature, packaging format, and application across key regions.
NEW YORK, Nov. 3, 2022 /PRNewswire/ -- The global argan oil market is expected to register impressive growth at 9.6% CAGR between 2022 and 2032. By the end of 2022, sales of argan oil are projected to surpass US$ 320 Million, as per the study. Demand is anticipated to rise on the back of rising application in cosmetics industry.
According to Fact.MR, the cosmetic grade argan oil will account for mammoth's share in the global market. This is due to the growing awareness regarding the benefits of argan oil on skin and hair. Argan oil is considered to be the liquid gold for hair as it is enriched with fatty acids, minerals, and vitamins. These nutrients are popular for promoting hair growth and nourishing the scalp health.
Further, rising inclination towards the organic and natural skin & hair products has paved the way for argan oil producers in the skin care industry. Hence, key players are extensively producing argan oil and are collaborating with cosmetic giants to capitalize on the ongoing trend. Moreover, argan oil is gaining immense traction in food industry.
As argan oil is known for improving immune system, several food service industry players are using argan oil to gain revenue. Consumption of argan oil is also considered to be good for gut health and to maintain the cholesterol levels. Hence, consumers with heart diseases are increasing the adoption of argan oil in their diet.
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As per the study, argan oil is likely to gain prevalence in the men's grooming industry as well as leading cosmetics manufacturers are using the oil in waxes, hair & beard oil, and other men care products. Further, growing popularity of aromatherapy to reduce stress will propel the demand for argan oil in the market.
Key Takeaways:
- Morocco is expected to be the most remunerative country in the global argan oil market as around 4,450 tons of argan oil is produced annually.
- Israel will lead the growth in Middle East & Africa argan oil market over the upcoming decade.
- North America is expected to account for lion's share in argan oil market on the back of rising application in personal care & cosmetics industry.
- India is likely to be the hotspot for leading producers in South Asia as cosmetics industry gains traction in the country
- In terms of grade, cosmetic grade argan oil will contribute over 4/5th of revenue in the global market.
- Based on application, the cosmetic products segment will register highest growth over the upcoming decade
Growth Drivers:
- Rising application of argan oil in personal care & cosmetics industry will propel the demand in the market.
- Growing awareness regarding the benefits of argan oil on health such as improved immune system will aid the adoption.
- Rising consumption of argan oil to treat acne and other skin problems will create lucrative growth prospects for manufacturers.
Restraints:
- Adulteration and inappropriate labelling might limit the growth in argan oil market
- Use of conventional processing techniques with intensive man-power to produce argan oil might hamper the productivity in argan oil market.
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Competitive Landscape:
Leading players in the argan oil market are leveraging organic and inorganic strategies such as joint agreements, strategic collaborations, and mergers & acquisitions to increase revenue. They are also joining hands with end users to expand their brand presence, especially in cosmetic industry.
Meanwhile, other players are investing in research and development activities to produce nutritional and high-quality argan oil to target vegan consumers and gain competitive edge. Some of the local businesses are also setting up online platforms to reach the global audience.
For instance,
- In April 2022, an online distributor of argan oil, Argan oil Shop announced the initiative to raise awareness regarding Moroccan oil, especially benefits related to hair and skin care. This initiative will aid the company to establish its brand presence and reach the audience at a global level.
- In 2021, Moroccan oil announced the launch of its first fragrance as a body and hair mist, Brumes du Maroc, containing argan oil as the hero ingredient. The products contain UV absorber and Vitamin E as well.
Key Companies Profiled by Fact.MR
- Beauty Quest Group
- Inspired Beauty Brands
- Sivan SM
- Earthly Body
- Cooperative Toudarte.
More Valuable Insights on Argan Oil Market
In its latest study, Fact.MR offers a detailed analysis of the global argan oil market for the forecast period of 2022 to 2032. This study also divulges key drivers and trends promoting the sales of argan oil through detailed segmentation as follows:
By Form:
- Blends
- Concentrate
- Absolute
By Grade:
- Cosmetic Grade
- Culinary Grade
By Nature:
- Conventional
- Organic
By Packaging Format:
- Bulk (B2B) Packaging
- B2C Packaging Format
By Application:
- Cosmetic Products
- Edible Products
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions Covered in the Argan Oil Market Report
- What will be the demand outlook for argan oil market in 2022?
- At what rate will sales in the global argan oil market grow until 2032?
- Which are the factors propelling the demand in the argan oil market?
- Which is the leading region in the global argan oil market during 2022-2032?
- Which are the factors limiting the sales in the argan oil market?
- What will be the projected value for argan oil market during the forecast period?
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