As per the latest report by IMARC Group, titled "Argan Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global argan oil market size reached US$ 308.2 Million in 2022. Argan oil is derived from the kernels of the Argan tree native to Morocco and is gaining significant popularity for its numerous benefits in culinary and cosmetic applications. The oil is meticulously crafted through a traditional and labor-intensive process. The ripe fruits are collected and dried in the sun to facilitate the extraction of their hard-shelled nuts. These nuts are then cracked open by hand to reveal the precious kernels inside. The kernels are gently roasted before being ground and pressed to extract the oil. This process ensures the preservation of the oil's natural properties and aroma. Argan oil is composed of a rich array of components and contains high levels of fatty acids, such as oleic and linoleic acids, which play an important role in maintaining healthy skin and hair. Additionally, it boasts significant amounts of tocopherols, including vitamin E, known for their antioxidant properties that reduce the signs of aging and protect against free radicals. Moreover, argan oil contains squalene, a compound that provides excellent moisturizing and nourishing effects. The oil's anti-inflammatory attributes make it an effective solution for soothing irritated or sensitive skin, including conditions like eczema and psoriasis. Argan oil also prevents acne breakouts by regulating sebum production and maintaining the skin's natural pH balance. Besides this, it works as a deep conditioner, promoting shine, softness, and manageability, repairing damaged hair and split ends, preventing frizz, and enhancing the overall health of the scalp.
Global Argan Oil Market Trends:
The increasing consumer awareness about the numerous benefits of argan oil for skincare, haircare, and culinary, the escalating demand for natural and organic products, and the growing preference for chemical-free alternatives are some of the primary factors fueling the market growth. Additionally, the expanding beauty and personal care industry, driven by inflating disposable incomes and changing lifestyle patterns, plays a significant role in boosting the market growth. The increasing prevalence of skin and hair-related problems, along with the growing aging population, are acting as other factors influencing the market growth. This is further supported by the rising e-commerce platforms and the ease of product accessibility. Apart from this, the growing popularity of natural ingredients in the cosmetics and personal care industry, supported by the trend of sustainable and eco-friendly products, is contributing to the market growth. Furthermore, the expansion of the hospitality sector, particularly in the luxury spa and wellness segment, has led to a surge in demand for argan oil-based treatments and products, which is creating a positive outlook for the market. Additionally, the influence of social media and celebrity endorsements has significantly impacted consumer preferences, thus favoring the market growth. Other factors, such as the development of innovative product formulations and packaging and the introduction of new product variants by key players, are propelling the market growth. Looking forward, the market value is projected to reach US$ 564.1 Million by 2028, expanding at a CAGR of 9.9% during 2023-2028.
- By the type, the market is bifurcated into conventional and organic.
- Based on the form, the market is segregated into absolute, blend, and concentrate.
- By the application, the market is segmented into personal care and cosmetics, medical, aromatherapy, food, home cleaning, and others.
- Based on the distribution channel, the market is divided into B2B and B2C (supermarkets and hypermarkets, specialty stores, online stores, and others).
- On a regional basis, the market has been categorized 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 Middle East and Africa.
- The competitive landscape of the industry has also been examined with some 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.
|Base Year of the Analysis
||Type, Form, Application, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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