May 04, 2020
As per the report titled ‘Global Argan Oil Market Size study, By Type (Cosmetic Argan Oil and Culinary Argan Oil), By Application (Food, Cosmetics and Medical) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global argan oil market share was valued at USD 445.1 million in 2018 and is projected to expand with 6.92% CAGR during 2019-2026.
Surging product demand from various end-user sectors and incredible health benefits of argan oil are driving the global argan oil market growth. Argan oil prevents drying & elasticity loss of skin while making skin suppler, enhancing tone, and delaying wrinkles, hence is widely used in skin care products. Booming personal care market is likely to boost the demand for argan oil. The product is rich source of omega-6 & omega-3 fatty acids, triterpenoids, lupeol, and several nutrients & vitamins, which is encouraging its usage in the food sector.
Argan oil is extracted from the seeds of the trees which are predominantly found in Morocco. Hence, limited number of argan trees is expected to impede the market growth during the forecast period.
Considering the geographical landscape, Europe argan oil market is expected to see considerable gains over the forecast timeline. According to the data from Cosmetics Europe, the cosmetics industry in Europe grew by 1.3% in 2018 reaching a valuation of USD 83.76 billion, making the region the largest market for cosmetic and personal care products in the world. Rising beauty consciousness among the consumers coupled with the presence of major manufacturers of personal care products and food items in the region are contributing to the growth of argan oil industry in Europe.
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Meanwhile, Asia-Pacific argan oil industry is anticipated to display robust growth in the coming years, due to increasing use of argan oil in anti-aging product formulation, rising consumer awareness regarding product benefits, and growing availability of argan oil products through online channels and franchise outlets.
Prominent players operating in global argan oil market are OLVEA Morocco, Biopur, ZineGlob, Nadifi Argan, Argania, Brenntag Specialties Inc., ARGANisme Cosmetics, Sidi Yassine, Aura Cacia, Simply Agadir, and Argan Oil Morocco.