ID: MRFR/CR/2487-HCR | February 2021 | Region: Global | 110 pages
Global Argan Oil Market is projected to grow at a significant rate of 7.1% from 2019 to 2024 to reach a market size of USD 676.51 million by the end of 2024. Increasing beauty consciousness among consumers is boosting the growth of global argan oil market. In many of baked products, frozen desserts, and sweet & savory snacks, argan oil is used to add flavor, and in the current trend, consumers are more porn towards flavored food items, which is propelling the argan oil market growth. In addition, the presence of cosmetic manufacturers using argan oil in various products are further fueling the growth of global argan oil market. Argan oil is a plant oil extracted from the seeds of the argan tree which are majorly found in Morocco. Depending on the extraction process, argan oil is categorized as two types, such as culinary argan oil and cosmetic argan oil. Culinary argan oil is used for cooking and has a deep nutty flavor. Cosmetic argan oil has no nutty flavor since argan seeds are not roasted. Depending upon the filtration, the color of argan oil may vary from medium yellow to pale yellow. Argan oil possesses antioxidant properties and vitamin E, omega-6 & omega-3 fatty acids, and triterpenoids due to which, it is used to maintain healthy skin and hair. Argan oil reduces inflammation, acne, treats and prevents stretch marks, and moisturizes the skin. Researches are being conducted to understand all the medicinal properties of argan oil. It has a wide application in food industries, mainly in baked products, and dairy & frozen desserts. There are noticeable applications of argan oil in pharmaceuticals & nutraceuticals, and personal care products as well.
Global Argan Oil Market has been a segmented based category, application, and region. Based on category, market has been classified into organic and conventional. The application segment in the global argan oil market has been divided into food, pharmaceuticals & nutraceuticals, and cosmetics & personal care. The food segment is further bifurcated into bakery & confectionery, dairy & frozen dessert, sweet & savory snacks, and others. The global argan oil industry has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world. The North American market has further been segmented into the US, Canada, and Mexico. The European market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The argan oil market in the rest of the world has been segmented into South America, the Middle East, and Africa.
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 Liquid Gold (UK), Frontier Natural Products Co-op Inc. (US), John Masters Organics Inc (US), Zit Sidi Yassine Sarl (Morocco), Vima Souss (Morocco), Conair Corporation (US), and Les Bios d’Agadir (Morocco).
Regional Market Summary Global Argan Oil Market Share (%), by Region, 2018
Source: Secondary Sources and MRFR Analysis
Globally, Europe is expected to dominate the argan oil market due to increasing beauty consciousness and raising awareness about the health benefits of argan oil among consumers. Adding to that, the presence of prominent market players using argan oil in food products and personal care products in the region are propelling the market growth of argan oil in Europe. Wider application of argan oil in baked food, desserts, cosmetics, and in aromatherapy is further boosting the growth of argan oil market in the region. Asia-Pacific is expected to register the highest CAGR in the argan oil market during the forecast period. Growing application of argan oil in anti-aging product formulation is anticipated to fueling the market growth of argan oil in the Asia-Pacific region. The rise in awareness about the benefits of argan oil among consumers is further propelling the regional growth.
Global Argan Oil Market, by Category
Global Argan Oil Market, by Application
Bakery & Confectionary
Dairy & Frozen Dessert
Sweet & Savory Snacks
Cosmetics & Personal care
Global Argan Oil Market, by Region
Rest of Europe
Australia and New Zealand
Rest of Asia-Pacific
Rest of the World (RoW)
Frequently Asked Questions (FAQ) :
From 2020 to 2027, the Argan Oil Market can grow at a rate of 7.1%.
The Argan Oil Market is projected to touch USD 676.51 million in the years ahead.
The main factors responsible for the market growth are the rising beauty consciousness among consumers, and rising popularity of flavored food items.
Applications of Argon Oil are pharmaceuticals & nutraceuticals, cosmetics & personal care and food.
Europe is set to take the lead in the global industry.