Market Overview —
Global Argan Oil Market is growing continually, witnessing a rising demand. Market growth attributes to the increasing consumption of argan oil in cosmetics and personal care industries. Besides, factors such as increasing awareness for health benefits that argan oil offers and rising beauty consciousness among consumers boost the growth of the market. Moreover, growing usages of argan oil in many baked products, frozen desserts, and sweet & savory snacks escalate the market growth. Market Research Future (MRFR), in its recent report on COVID-19 impacts on the global argan oil market, states that the market is estimated to reach USD 676.51 MN by 2024. In its COVID-19 analysis, MRFR also asserts that the global argan oil market would register 7.1% CAGR during the forecast period (2019 -2024). Argan oil is extensively used in food and beverages to add flavor. Increasing consumer preference for flavored food items is propelling the market growth excellently.
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Argan oil possesses antioxidant properties and omega-6 & omega-3 fatty acids, vitamin E, and triterpenoids, increasing its usage in products to enhance skin health and hair growth. Additionally, the medicinal properties of argan oil, such as anti-inflammation and moisturizing properties, increase its consumption to treat acne and stretch marks. Argan oil is also increasingly used in anti-aging products. Cumulatively led by these factors, the argan oil market is expected to garner exponential traction over the estimated period. Substantial investments made by industry players to improve extraction techniques play a causal role in market development, improving the quality of the oil. Food and beverage is the second-largest end-use industry of argan oil after personal care products. Rise in the global population and economy are some of the major factors triggering the growth of the global argan oil market. Additionally, the growing production of argan oil due to the increasing government initiatives is positively impacting market growth.
Highly competitive, the global argan oil market appears fragmented, with several well-established players forming a competitive landscape. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch. Argan oil manufacturers make substantial investments to drive RD activities for advent derivation techniques and advance their current extracting technologies.
They also invest heavily to expand their footprints in the global market by forming a strategic partnership or collaboration with distributors. End-use industry players are increasingly focusing on R&D to develop new and innovative products containing argan oil.
Players leading the Global Argan Oil Market Include ARGANisme Cosmetics Sarl (Morocco), Olvea Group (France), Biopur Sarl (Morocco), Purus International (Morocco), Zineglob Ltd (Morocco), Malak Bio (Morocco), Nadifi Argan Oil (Morocco), L'occitane Group-Melvita (France), Argan Liquid Gold (UK), John Masters Organics Inc (US), Frontier Natural Products Co-op Inc. (US), Zit Sidi Yassine Sarl (Morocco), Conair Corporation (US), Vima Souss (Morocco), and Les Bios D'Agadir (Morocco), among other.
Industry/ Innovation/ Related News
June 18, 2024 - Mom Bomb, a bath and body company, announced its plan to launch a private label bath and body goods brand, Squeaky, on Amazon by July 2024. The debuts of line Squeaky will be exclusively available on Amazon. Mom Bomb worked with Amazon for a whole year to create this brand that would fortify the demand in the marketplace for natural, clean, and philanthropy focused brands.
Mom Bomb is retail and wholesale product company that delivers luxurious bath products, including an indulgent combination of CBD, organic Argan Oil, and other organic essential oils to create a soothing, relaxing bath experience.
The report is segmented into three dynamics;
By Category: Organic and Conventional.
By Application: Food (Dairy & Frozen Dessert, Bakery & Confectionary, Sweet & Savory Snacks, others), Cosmetics & Personal care, and others.
By Regions: Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Europe dominates the global argan oil market. The largest market share attributes to the increasing beauty consciousness and raising awareness about the health benefits of argan oil among demographics. Besides, the presence of prominent market players and increasing usages of argan oil in food products and personal care products in the region drive the market growth. Wider application of argan oil in bakery products, cosmetics, and aromatherapy products boosts market growth in the region.
North America stands second in the global argan oil market. The market growth attributes to the increasing awareness among consumers about the goodness of argan oil and the growing demand for natural and skin health benefitting ingredients. Industry players operating in the region are increasingly focusing on the manufacturing and distribution channels to make argan oil accessible to customers worldwide. The North American argan oil market is estimated to create a substantial revenue pocket over the assessment period.
The Asia Pacific region accounts for a considerable share in the global argan oil market. Factors such as the growing application of argan oil in anti-aging product formulation and raising awareness among consumers are anticipated to fuel market growth. Moreover, the growing demand for argan oil from the cosmetics & personal care and food & beverage industry fosters the growth of the market. The APAC Argan oil market is expected to register the highest CAGR during the forecast period.
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