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Argan Oil Market Trends

ID: MRFR//2487-HCR | 110 Pages | Author: Snehal Singh| July 2024

Argan Oil Market Overview

The argan oil market is expected to gain a market value of USD 427.05 million by 2032 at a CAGR of 20.38% over the forecast period of 2024-2032.

The kernels of the argan tree are used to make argan oil, an organic material. It contains significant amounts of omega-6 fatty acids, antioxidants, triterpenoids, linoleic acid, and vitamins A & E. The oil is offered commercially in concentrated, absolute, and blended forms for use in cooking and cosmetics. For several health benefits, such as treating acne, skin irritation, stretch marks, and aging signs and moisturizing the skin, it can be taken as a supplement tablets or applied topically. The oil is, therefore, present in a large selection of high-end personal care items, such as creams, serums, lotions, shampoos, soaps, and conditioners.

In the personal care and cosmetics industries, argan oil is an active ingredient. Due to its anti-aging qualities, the substance is becoming increasingly popular in various cosmetic formulas such as serums, lip tints, lip balms, and face oils. According to UNIDO, argan oil exports from Morocco have increased by more than 200% to more than 700 tons over the last five years, with a large portion going to companies that produce skin and hair care products, such as L'Oréal and Unilever. The demand for argan oil in cosmetic goods is expected to increase as consumers' preferences for natural and organic products grow. Rising demand from the food, cosmetics, and medical industries is expected to fuel market expansion. However, the high costs associated with research and development in underdeveloped countries are a significant growth limiting factor in the market.

COVID-19 Analysis

The COVID-19 pandemic negatively impacted the argan oil market as production was stopped due to governments' social distancing policies. The supply chain was severely affected at this time, which limited market expansion. Throughout the first two quarters of 2020, the market was in a state of stagnation. Massive reductions in global demand also caused a significant drop in revenue. But in the first quarter of 2021, the market resumed its typical growth trajectory. However, due to increased consumer awareness during the COVID-19 pandemic, there was an increase in demand for personal hygiene and home care products. The pandemic has increased consumer awareness of the importance of maintaining personal and household hygiene to lower infection risk.

Market Dynamics

Drivers- the rise of consciousness about beauty is increasing the demand for argan oil market. Argan oil is in high demand in confectionaries, frozen desserts, sweets, and snacks that help in adding flavor to these items thus enhancing growth. Nowadays, people mostly prefer to consume flavored items as per the present argan oil industry trend thus boosting up the market growth. Argan oil is used in most beauty products and has boosted up the argan oil market growth.

Opportunities- using argan oil in hair and skin makes it healthy as argan oil has many antioxidant properties and is rich in vitamin E, omega-6, omega-3 fatty acids, and triterpenoids thus increasing the opportunities for expansion of argan oil market size.  It helps in reducing inflammation, acne, avoids the appearance of stretch marks, and helps in moisturizing the skin which increases the global market value and argan oil market size.

Challenges- Adulterine the argan oil by local manufacturers becomes the major challenging factor thus hindering the growth of the market. Government certification and standardization of authorities often become a challenging factors. The use of traditional techniques for the extraction of argan oil market is less efficient and less productive which is the most productive factor.

Cumulative growth- the first category of argan oil named culinary oil is used for cooking and gives a sweet flavor to the food when cooked. It is marked that it provides certain health benefits like curing acne, skin irritation, and aging. All these factors add to the cumulative growth of the global market. The argan oil market growth attributes to rising product demand particularly in end-user industries such as food, personal care, and medications. Growth in popularity of argan oil products along with certain policies in those developing countries contributes towards the expansion of global market size.

Restraints- the use of argan oil in certain therapy processes along with the expansion of expenditure capacities of the consumers hinders the argan oil market growth.

Value Chain Analysis

The invention of new products and then exporting the product to dominant markets like Europe and North America has increased in the distribution channel of the manufacturer, trader, and distributor relationships. To make the products available at low prices manufacturers adapt themselves to adopt the business operations of import and export. To increase the product sale and raise the penetration into the argan oil market, a large number of competitors are selling through their retail stores and have engaged in with specialty retailers.

Segment Overview

By Type- globally the argan oil market is classified into category, application, and region. Baes on the category, the global market is split into organic and conventional. Based on application, the argan oil market is categorized into food, pharmaceuticals, nutraceuticals, cosmetics, and other beauty products. The food division part is further segmented into bakery and confectionary, dairy and frozen dessert, sweet and savory foods, and many more. From argan oil market analysis it was noted that the market is famous in developing regions of North America, Europe, Asia Pacific, and other rest regions of the world. The North American market is further split into the United States, Canada, and Mexico. The European market is further classified into the United Kingdom, France, Germany, Italy, Spain, and the rest of the European regions. Asia-Pacific includes the regions of China, India, Australia, Japan, New Zealand, and the rest of the European regions. From the argan oil market outlook, it is marked that such division helps in market growth.

By technology- in old times, it was marked that argan oil was being extracted from kernels but due to advancements of technology, advanced machines are being used which saves time and ensures quality production of argan oil. Due to technology, researchers researched well on argan oil and thus it was attributed to various advanced properties anti-inflammatory and many more. The advancement also led to the discovery of grooming products for men. Some of them include shower gels, hair products, and beard oil. Some of the cargo oil products also include skin creams and waxes.

Regional Analysis

From the argan oil market outlook, it was noted that North America is regarded as the most dominant region covering a large area of argan oil market share. People here are very much inclined towards using beauty products. Using argan oil in aromatherapy is used to improve the body, mind, and own personal spirit. An aromatherapy massage is mostly used by the people of this region. It helps in fighting body infections and maintains the balance of the body. They are prominently available in online shopping shops and other specialist shops. The Middle East and African regions are much more involved in commercial-scale production.

Competitive Landscape

The Argan oil market is specially segmented as there are numerous players present who engage in producing and transporting the argan oil to refineries for further processing. Some of the market players are Olvea Group of France, ARGANisme Cosmetics S.A.R.L of Morocco, Biopur Sarl of Morocco, Zineglob ltd of Morocco, Purus International of Morocco, Malak Bio of Morocco, L'OCCITANE Group Melvita of France, Nadifi Argan oil of Morocco, Argan Gold Liquid of United Kingdom, Frontier Natural Products Co-op ltd of United States, John Masters Organics Inc of United States, Vima Seuss of Morocco, Conai Corporation of United States and Zit Siddi Yassine Sarl of Morocco.Recent Development

  • In December 2021, L'Oréal Paris debuted NFTs for the launch of new argan oil and vitamin E-contained lipstick.

  • In July 2021, Lass Naturals introduced their new hair serum and anti-dandruff Shampoo enriched with broccoli seed oil, argan oil, baobab, and ratanjot.

  • In August 2017, Lakme Absolute announced the launch of the Argan Oil range of skincare and makeup products.

Report Overview

The report provides a comprehensive study about market penetration and provides in-depth information of emerging markets and provides a good analysis about the market development. It summarises the market diversification like launching of the new product, recent developments, and expenses. It provides a detailed analysis of the competitive landscape and the major shares covered by the developing regions. It provides a good assessment of future technologies and the strategies put forward by the key players.

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