The global argan oil market size reached US$ 340.9 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 734.9 Million by 2032, exhibiting a growth rate (CAGR) of 8.6% during 2024-2032.
Global Argan Oil Market Trends:
The integration of argan oil into luxury spa treatments and high-end beauty products is a major growth driver. Its reputation for improving skin elasticity and supporting hair health in premium skincare lines and exclusive salons fuels demand among affluent consumers seeking high-quality beauty solutions. Z
Additionally, the growing trend of personalized beauty routines and the inclusion of argan oil in niche products like beard oils and luxury spa treatments are contributing to market expansion. Ongoing research into argan oil's health benefits beyond skincare and culinary uses further supports market growth.
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Factors Affecting the Growth of the Argan Oil Industry:
- The increasing consumer preference for natural products:
Growing awareness and preference for natural and organic products have significantly increased the demand for argan oil. As consumers become more aware of the adverse effects of synthetic chemicals in beauty and food products, they are increasingly opting for natural alternatives like argan oil. Its rich blend of essential fatty acids, antioxidants, and vitamin E makes it highly sought after for skincare, haircare, and dietary purposes. This trend is further supported by a heightened interest in sustainable and ethically sourced ingredients, reflecting the eco-conscious mindset of modern consumers.
- Its diverse applications across industries:
The expanding use of argan oil in multiple industries contributes to its market growth. In the cosmetics and personal care sector, argan oil is prized for its moisturizing, anti-aging, and healing qualities, leading to its inclusion in numerous products like creams, serums, shampoos, and conditioners. Its culinary applications, particularly in gourmet cooking, are gaining popularity due to its distinctive nutty flavor and health benefits. As both chefs and consumers seek healthier cooking oils, argan oil's unique taste and nutritional value make it a standout choice.
- The geographical and environmental factors:
The specific geographical and environmental conditions of Morocco, the primary region where argan trees grow, significantly impact the argan oil market. The argan forest, a UNESCO Biosphere Reserve, underscores its ecological importance and the need for sustainable harvesting practices. The limited distribution of argan trees and the labor-intensive extraction process contribute to the premium pricing of argan oil. Efforts to conserve the argan forest and support local cooperatives involved in sustainable production are key factors influencing the market dynamics.
Argan Oil Market Report Segmentation:
By Type:
· Conventional
· Organic
Conventional argan oil represents the largest market segment due to its wider availability and lower cost compared to organic options.
By Form:
· Absolute
· Blend
· Concentrate
Absolute argan oil leads the market due to its high concentration and effectiveness in various applications.
By Application:
· Personal Care and Cosmetics
· Medical
· Aromatherapy
· Food
· Home Cleaning
· Others
Aromatherapy holds the largest market share, driven by its increasing popularity for relaxation and therapeutic benefits.
By Distribution Channel:
B2B
B2C
· Supermarkets and Hypermarkets
· Specialty Stores
· Online Stores
Others
B2B stores dominate distribution with their efficient bulk sales and supply chain management capabilities.
Regional Insights:
· North America
· Asia-Pacific
· Europe
· Latin America
· Middle East and Africa
North America leads the market, driven by strong demand for premium natural products.
Competitive Landscape with Key Players:
The competitive landscape of the argan oil market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· Arganbulk
· Argane Aouzac
· Arganfarm sarl. au.
· ARGANisme
· Kamakhya Bottlers
· Konouz Rayyan (PURUS International)
· Lipidine
· Malakbio
· OLVEA Morocco
· Organica Group Ltd.
· Zidrop Argan Oil
· Zineglob Ltd.
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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