Product ID: SQSG30L2035
Report ID: SQSG30L2035 | Region: Global | Published Date: April, 2023 | Pages: 237 | Tables: 88 | Figures: 76
Global Argan Oil Market size was valued at USD 267.85 million in 2021 and is poised to grow from USD 299.45 million in 2022 to USD 803.05 million by 2030, growing at a CAGR of 11.5% in the forecast period (2023-2030).
Growing demand from the food, health care, and cosmetics industries is anticipated to propel market expansion. Due to customers' increasing understanding of the value of improving both their general appearance and manner of life, the personal care and cosmetics industry is rising. People are switching from synthetic to natural personal care products as a result of the increasing occurrence of skin and hair disorders such acne, dermatitis, dry and damaged hair, and skin ageing problems.
The Loreal Annual Report estimates that the global market for cosmetics will reach more than 200 billion euros by 2020. Due to the development of numerous argan oil-infused products, including hair serums and gel creams, by big manufacturers like L'Oréal and Lakme, the organic skincare market is expanding in nations like the United Kingdom, France, and Germany. Men's grooming products including hair oils, shower gels, beard oils, skin creams, and waxes that contain argan oil and other essential oils are becoming more and more popular, which is assisting the growth of the industry. It takes a lot of time and effort to collect and produce argan oil.
US Argan Oil Market is poised to grow at a sustainable CAGR for the next forecast year.
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The global argan oil market is segmented based on type, form, grade and region. Based on type it is segmented into organic, conventional. Based on form it is segmented into: absolute, concentrate, blends. Based on grade it is bifurcated into culinary grade, cosmetic grade. Based on region, Argan Oil Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Argan Oil Market Analysis by Type
The conventional variety is obtained from the argan tree's kernels and is a great source of essential fatty acids and other vital elements. Slow-growing argan trees are unique to Morocco's desolate landscapes. To grow high-yielding cultivars and produce greater oil content, conventional harvesting is characterised by the use of irrigation water, synthetic fertilisers, and chemical pesticides. Manufacturing of personal care and cosmetics, pharmaceuticals, aromatherapy, food, and household cleaning goods all heavily rely on this type.
One of the purest varieties of argan oil, a common component in aromatherapy, is organic. When harvesting organic argan oil, biobased fertilisers including bone meal, green manure, and compost manure are used to boost crop productivity. International cosmetics corporations are becoming increasingly interested in this kind, which is marketed as a luxury good.
Argan Oil Market Analysis by Form
Argan oil absolute is a concentrated form that is obtained by solvent-extraction methods from plant kernels. In order to create this form, the kernels must first be ground up and suspended in a solvent. The solvents are then vaporised to extract the oil. The use of absolute form is found in cosmetics, aromatherapy, and fragrance.
Argan oil is combined with vegetables, essential oils, and other ingredients in the blended form. Typically, the blended form is employed in the creation of household products, cleaning solutions, and food preparations. Moroccan customers have a strong preference for using goods made traditionally. Over the forecast period, this segment's growth is anticipated to be driven by increased consumer demand for blends used topically and rising argan oil blend consumption in the cosmetics industry.
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North America held the largest share of the global argan oil market in 2021. The rise in popularity of bio-based cosmetics, personal care items, and aromatherapy products was cited as the cause of this. It is utilised in aromatherapy treatments to support physical, mental, and spiritual wellbeing. The body is balanced, tension is reduced, and many body functions are assisted in fighting off ailments by aromatherapy massage. As a result, aromatherapy products are readily accessible in specialist stores and internet shopping hubs throughout North America. Due to growing innovation in hair style 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 only region in the world that engages in commercial-scale production is the Middle East and Africa. In Morocco, argan trees are primarily grown in the semi-arid and dry areas surrounding Essaouira and Agadir. Given the advantages of argan oil, numerous NGOs and international cosmetics businesses have intervened recently to stop deforestation and promote the planting of argan trees in the area. For instance, a sourcing programme has been established by L'Oréal and BASF SE to support the supply chain.
Among all the continents, Europe is one of the ones that uses the most argan oil. In the personal care and cosmetics sector, Europe holds the biggest argan oil market share. In Europe, cosmetic products are mostly produced through solvent extraction of kernels, which is used to create moisturisers, shampoos, and anti-wrinkle cosmetics. Furthermore, Europe has dominated biopharmaceutical research. Pharmaceutical firms in Europe have produced bio-based medications for a variety of illnesses, including diabetes, cancer, high blood pressure, and cardiovascular ailments.
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Argan Oil Market Driver
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The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our Argan Oil market reports, some of the leading quality Argan Oil manufacturers are as follows: Olvea Group (France), ARGANisme Cosmetics S.A.R.L (Morocco), Biopur Sarl (Morocco), Zineglob ltd (Morocco), Purus International (Morocco), Malak Bio (Morocco), L'OCCITANE Group Melvita (France), Nadifi Argan oil (Morocco), Argan Gold Liquid (UK), Frontier Natural Products Co-op ltd (US), John Masters Organics Inc (US), Vima Seuss (Morocco), Conai Corporation (US), Zit Siddi Yassine Sarl (Morocco).
Top Players in the Global Argan Oil Market
Argan Oil Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by type, at the end of the forecast period, the conventional argan oil market is anticipated to be dominant. Due to the rising popularity of bio-based personal care, cosmetics, and aromatherapy products, North America is one of the major argan oil users. The body, mind, and soul are all healthier when argan oil is used in aromatherapy. Stress is reduced and different bodily systems that assist the body fight infections are supported by aromatherapy massage. Owing to these advantages, aromatherapy products have gained popularity in North America.
|Market size value in 2021||USD 267.85 million|
|Market size value in 2030||USD 299.45 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Argan Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Argan Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Argan Oil Market:
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Morocco is the largest producer of argan oil in the world. In the Argan oil market, according to regional segmentation North America holds the largest market share.
Argan oil has been used for centuries for a variety of culinary, cosmetic and medicinal purposes. It is rich in essential nutrients, antioxidants and anti-inflammatory compounds. Early research indicates that argan oil may help prevent chronic illnesses, including heart disease, diabetes and cancer.
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