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Argan Oil Market Report by Type (Conventional, Organic), Form (Absolute, Blend, Concentrate), Application (Personal Care and Cosmetics, Medical, Aromatherapy, Food, Home Cleaning, and Others), Distribution Channel (B2B, B2C), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A3332
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Market Overview:
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.
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Report Attribute
|
Key Statistics
|
|---|---|
|
Base Year
|
2023
|
|
Forecast Years
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2024-2032
|
|
Historical Years
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2018-2023
|
|
Market Size in 2023
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US$ 340.9 Million |
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Market Forecast in 2032
|
US$ 734.9 Million |
| Market Growth Rate (2024-2032) | 8.6% |
Argan oil refers to an organic compound extracted from the kernels of the Argan tree. It is a rich source of vitamin A and E, antioxidants, triterpenoids and omega-6 fatty and linoleic acids. The oil is commercially produced in concentrated, absolute and blended variants, which are used in culinary and cosmetic applications. It can either be applied topically or ingested in the form of a supplement capsule to provide various health benefits, such as treating acne, skin irritation, stretch marks and signs of aging and moisturizing the skin. As a result, the oil is widely used as a key ingredient in various premium-quality personal care products, including lotions, creams, shampoos, soaps and conditioners.
The global argan oil market is primarily being driven by the increasing product utilization in the cosmetic and food and beverage industries. Argan oil is widely used in the manufacturing of various baked products and dairy and frozen desserts across the globe. Furthermore, the widespread adoption of argon oil in the production of pharmaceutical and nutraceutical products is also driving the market growth. Argan oil exhibits various anti-inflammatory, anti-proliferative, antioxidant and analgesic properties, due to which it is extensively being used to produce drugs and medicines for skin-related and other medical conditions. Additionally, various product innovations, such as the launch of organic argan oil packaged in recyclable containers, are acting as other growth-inducing factors. In line with this, it is harvested by using bio-based fertilizers, green manure, bone meal and compost manure for sustainable cultivation and sourcing of the oil. Other factors, including increasing utilization of argan oil in aromatherapy, along with rising expenditure capacities of the consumers, are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global argan oil market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, form, application and distribution channel.
Breakup by Type:
- Conventional
- Organic
Breakup by Form:
- Absolute
- Blend
- Concentrate
Breakup by Application:
- Personal Care and Cosmetics
- Medical
- Aromatherapy
- Food
- Home Cleaning
- Others
Breakup by Distribution Channel:
- B2B
- B2C
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Arganbulk, Argane Aouzac, Arganfarm sarl. au., ARGANisme, Kamakhya Bottlers, Konouz Rayyan (PURUS International), Lipidine, Malakbio, OLVEA Morocco, Organica Group Ltd., Zidrop Argan Oil and Zineglob Ltd.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Million |
| Segment Coverage | Type, Form, Application, Distribution Channel, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Arganbulk, Argane Aouzac, Arganfarm sarl. au., ARGANisme, Kamakhya Bottlers, Konouz Rayyan (PURUS International), Lipidine, Malakbio, OLVEA Morocco, Organica Group Ltd., Zidrop Argan Oil and Zineglob Ltd. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global argan oil market was valued at US$ 340.9 Million in 2023.
We expect the global argan oil market to exhibit a CAGR of 8.6% during 2024-2032.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of argan oil.
The rising demand for argan oil in the pharmaceutical sector for skin-related and other medical conditions, owing to its various anti-inflammatory, anti-proliferative, antioxidant and analgesic properties, is primarily driving the global argan oil market.
Based on the type, the global argan oil market has been divided into conventional and organic, where conventional currently exhibits a clear dominance in the market.
Based on the form, the global argan oil market can be categorized into absolute, blend, and concentrate. Currently, absolute accounts for the majority of the global market share.
Based on the application, the global argan oil market has been segregated into personal care and cosmetics, medical, aromatherapy, food, home cleaning, and others. Among these, aromatherapy currently holds the largest market share.
Based on the distribution channel, the global argan oil market can be bifurcated into B2B and B2C. Currently, B2B exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America, including the United States currently dominates the global market.
Some of the major players in the global argan oil market include Arganbulk, Argane Aouzac, Arganfarm sarl. au., ARGANisme, Kamakhya Bottlers, Konouz Rayyan (PURUS International), Lipidine, Malakbio, OLVEA Morocco, Organica Group Ltd., Zidrop Argan Oil, and Zineglob Ltd.
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