Global
Argan Oil Market: Overview
With
growing demand for non-timber forest products (NTFP), there has been
increased inclination of local conservatives to preserve such plants,
of which argan oil has gained significant traction. Furthermore,
consumer inclination towards herbal and botanical ingredients in
different products ranging from cosmetic, food to medical products is
likely to fuel the argan
oil market
growth. This is further leading to commercialisation of argan oil
across the globe. As a food ingredient, argan oil acts as energy
booster with consumers suffering from vitamin deficiency, heart
problems, and low metabolism. Similarly, cosmetic producers are using
argan oil in beauty products for moisturizing and anti-aging effects.
Argan oil exhibits properties such as anti-oxidants, fatty acids, and
the linoleic acids, which help in fighting issues such as fine lines,
inflammation, acne, scars, and stretch marks. Furthermore,
pharmacological and savoury properties of argan oil are contributing
towards increased demand for argan oil across the globe. Increasing
adoption of argan oil in cosmetic and culinary application have led
companies to develop formulations using argan oil. This has also led
to growing contribution from domestic, international and
nongovernmental organisations associated with argan oil primarily in
Morocco.
Global
Argan Oil Market: Drivers and Restraints
The
argan oil market is fuelled by increasing demand for natural-based
ingredients, especially in cosmetic and hair care products.
Furthermore, increasing customer awareness about argan oil’s
benefits is anticipated to fuel argan oil market growth in the
forthcoming years. Mass merchandising and global penetration strategy
coupled with the online availability of product are key strategies
adopted by companies in the argan oil market. Other growth
stimulating factors of argan oil market include improvement in the
extraction process of argan oil, increased production capacity, and
climate change. Furthermore, growing demand for enhanced nutrients
and vitamins among consumers in products ranging from food and
beverages to personal care products is anticipated to stimulate the
argan oil market growth in the near future. However, agricultural
exploitation, non-availability on retail stores, and high prices of
argan oil as compared to other available oils are restricting the
overall argan oil market growth. Although, high-price of argan oil
restricts its adoption among consumers, improvements in argan oil
extraction and improved production capacity by the argan oil
manufacturers is anticipated to offer sustainable growth to the argan
oil market during the forecast period.
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Global
Argan Oil Market: Segmentation
On
the basis of source, argan oil market is segmented into:-
- Natural
- Organic
On
the basis of applications, argan oil market is segmented into:-
- Medical
- Food
- Cosmetics
On
the basis of sales channel, argan oil market is segmented into:-
- Hypermarket/super market
- Franchise outlets
- Medical shops
- Online
Global
Argan Oil Market: Region wise Outlook
The
global argan oil market is divided into seven regions, namely Latin
America, Asia Pacific excluding Japan (APEJ), North America, Western
Europe, Japan, Eastern Europe, and Middle East and Africa (MEA). As
compared to other regions Middle East and Africa dominated the argan
oil production. Increased customer awareness regarding natural
ingredients especially in countries such as India, Brazil and China
is expected to fuel the argan oil market growth in the forthcoming
years. Asia Pacific is expected to emerge as a potential area for
global as well as regional players investing in the argan oil market.
This is further supported by extensive research and development
coupled with growing application of argan oil in medical and food
industry.
Global
Argan oil Market: Key Players
Some
of the key players identified in the argan oil market includes:
- Nadifi Argan
- Argan Liquid Gold
- Josie Maran Cosmetics
- Argan Diva
- Biopur
- Essence Of Argan
- Saadia Organics and
- Zineglo
- ARGANisme Cosmetics S.A.R.L
- OLVEA Morocco
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