According to the latest report by IMARC Group, titled "Argan Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," the global argan oil market size reached US$ 276.9 Million in 2021. Argan oil is an oil derived from the kernels of the argan tree. It is used as a dip for bread or to drip over couscous or pasta. It primarily comprises fatty acids and various phenolic compounds. It contains traces of tocopherols (vitamin E), phenols, carotenes, and squalene. Depending on the extraction method, it is more resistant to oxidation than olive oil. It is categorized into two varieties based on extraction, namely edible argan oil and cosmetic argan oil. It is extensively used for various cosmetic purposes as it is a rich source of vitamin E, which is needed for healthy skin and hair. Some of the common cosmetics products containing argan oil include face creams, lip glosses, shampoos, moisturizers, and soaps.
Global Argan Oil Market Trends:
The global market is majorly driven by the increasing product demand from several end-use industries, such as food, cosmetics, and medicine. In line with this, the rising popularity of the product is offering numerous opportunities for market players across the globe. Furthermore, the growing demand for men's grooming products, such as shower gels, hair and beard oils, skin creams, and waxes, infused with argan oil is significantly contributing to the market. Moreover, the shifting preference toward natural and organic personal care products is anticipated to drive the demand for argan oil. Besides, the escalating product demand in frozen desserts, confectionaries, snacks, and sweets to add flavors to these items is catalyzing the market. Additionally, the rapid product adoption as a medicinal product for treating high blood pressure and diabetes is propelling the market. Other factors, including the increasing awareness about the health benefits associated with argan oil and widespread product utilization in the production of pharmaceutical and nutraceutical products, are expected to drive market expansion. On account of the factors above, the market is anticipated to reach a value of US$ 541.1 Million by 2027, exhibiting a CAGR of 12% during 2022-2027.
- On the basis of the type, the market has been categorized into conventional and organic.
- Based on the form, the market has been classified into absolute, blend, and concentrate.
- Based on the application, the market has been segmented into personal care and cosmetics, medical, aromatherapy, food, home cleaning, and others.
- Based on the distribution channel, the market has been categorized into B2B and B2C (supermarkets and hypermarkets, specialty stores, online stores, and others).
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players 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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