In terms of revenue, the Global Argan Oil Market is expected to reach USD 552.6 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 11.1% from 2023 to 2030.
The growing product usage in the cosmetic and food and beverage industries is the main factor driving the global Argan Oil market. Around the world, several baked goods, dairy items, and frozen sweets are produced with Argan Oil. In addition, the extensive use of argan oil in manufacturing pharmaceutical and nutraceutical products is another factor promoting market expansion. Since Argan Oil demonstrates various anti-inflammatory, anti-proliferative, antioxidant, and analgesic qualities, it is widely utilized to make pharmaceuticals and remedies for disorders relating to the skin and other types of illnesses. Other growth-promoting elements include many product developments, like introducing organic Argan Oil packaged in recyclable containers. In addition, it is gathered for sustainable cultivation and oil sourcing utilizing bio-based fertilizers, green manure, bone meal, and compost manure. The market is expected to be further driven by additional factors, such as increased consumer spending power and the growing use of Argan Oil in aromatherapy.
An organic substance obtained from the Argan tree's kernels is Argan Oil. It contains a lot of antioxidants, triterpenoids, vitamins A and E, omega-6 fatty acids, and linoleic acid. Commercially, the oil is produced in concentrated, complete, and blended forms for cosmetic and culinary purposes. Moreover, to give various health advantages, such as curing acne, skin irritation, stretch marks, and symptoms of ageing, and hydrating the skin, it can be used topically or consumed orally as a supplement capsule. Because of this, oil is frequently used as a primary component in many high-end personal care products, such as lotions, creams, shampoos, soaps, and conditioners.
Key Highlights from the Report
· Based on Types, the Conventional segment dominates the Argan Oil market with the maximum market share and will continue its dominance in the forecast period. This is a result of customers' increased interest in cosmetics made with Argan Oil.
· Based on Applications, the Personal Care & Cosmetics segment accounted for the highest CAGR in the coming years. Using skincare and hair care products, such as lip balms, moisturizers, shampoos, conditioners, hair serums, anti-ageing creams, and environmental defence products, is credited with causing this.
· Regarding Region, North America has a substantial market portion within the Argan Oil market owing to an increase in the use of bio-based cosmetics and personal care items.
Argan Oil's antioxidant qualities and the fats it contains make it a crucial component of pharmaceutical goods. Significant levels of antioxidants in this oil, including linoleic and oleic acids, can slow the ageing process by scavenging free radicals that harm cells. Vitamin E, present in this oil, is beneficial for enhancing the body's resilience. Skin infections, acne, eczema, psoriasis, and many other skin problems can be treated with the properties of Argan Oil. Fatty acids help lower bad cholesterol and raise good cholesterol in the body, which lowers the chance of developing heart disease. Because of this oil's antiproliferative, hepatoprotective, anti-diabetic, anti-sebum, and anti-ageing qualities, producers have started using it in cosmetic and beauty goods. As a result, the market is experiencing revenue development due to the growing use of Argan Oil in pharmaceutical products.
Oil extraction is a multi-step process that uses a variety of techniques, including mechanical cold pressing, supercritical fluid extraction (SFE), soxhlet extraction with n-hexane, and enzyme-assisted extraction using enzyme solutions like pectinase, cellulose, and Viscozyme, which have simplified the extraction process and made it possible to meet market demand.
However, the adulteration and incorrect labelling may restrain the market's expansion for Argan Oil. Additionally, the market output for Argan Oil may be hampered by using conventional processing methods that require a lot of labour.
In 2022, the North American continent led the global Argan Oil market due to the growing demand for biobased personal care items, cosmetics, and aromatherapy. The use of cosmetics is highly prevalent in the area. In aromatherapy, Argan Oil improves one's body, mind, and soul. The majority of people in this region regularly receive aromatherapy massages. It helps in the battle against illnesses and maintains the body's equilibrium. They are extensively available in specialty stores and online merchants. Furthermore, the U.S. market for Argan Oil is growing and becoming more important due to the inclusion of high-performance ingredients like vitamin E, beta-amyrin, omega 6, omega 3, Butyrospermum, triterpenoids, lupeol, and tocopherols in Argan Oil.
These elements also accelerate cell development and enhance the human body's natural anti-inflammatory and antibacterial properties. Favourable regulatory frameworks and technological advancements that improve chemical and microbiological quality are expected to support the overall market growth in the United States.
The Global Argan Oil Market is Segmented as follows
- Personal Care & Cosmetics
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Argan Oil Market is
OLVEA (India), ARGANisme (Morocco), Pure Argan Co. (UK), Malakbio (Morocco), Argane Aouzac (U.S.), Organica Group Ltd (Peru), Zidrop Argan Oil (Morocco), ARGANBULK (Morocco)
The Global Argan Oil Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis