NEW YORK, Sept. 1, 2020 /PRNewswire/ -- Increasing customer beauty awareness is fueling an increase in the global demand for argan oil. Argan oil is used for adding flavor in many baked foods, frozen sweets, and sweet & savory snacks, and in the current trend, customers are more inclined towards flavored food goods, which propels the growth of the argan oil industry.
Market Size – USD 220.87 Million in 2019, Market Growth - CAGR of 10.7%, Market Trends – High demand from developing nations.
The Global Argan Oil Market is forecast to reach USD 499.90 Million by 2027, according to a new report by Reports and Data. Argan oil is gaining prominence in the global market, as it includes lupeol, omega-3, and omega-6 fatty acids, antioxidant tocopherols, beta amyrin, butyrospermol, and triterpenoids, which play an essential role in enhancing skin and hair efficiency. It has enabled businesses, including aromatherapy, medicine, and makeup producers to incorporate argan oil into their final goods. Foremost industry leaders concentrate on enhancing product consistency in their personal care and beauty items to support good hair and skin. Such policies are projected to boost consumer demand in the cosmetics application market. In turn, market consumption is also seeing a boom owing to a change in customer preference to sustainable goods. Argan oil industry players are interested in R&D activities to develop the extraction system because this is a crucial phase in the development cycle. Scientists recently acquired argan oil utilizing supercritical fluid extraction, and no improvements in the product's consistency and physicochemical parameters have been established. The system is still in its infancy and is yet to play a significant role in increasing manufacturing over the forecast timeframe.
Health consciousness, combined with a fat-free diet, drives up demand for balanced vegetable oil like argan oil. Besides, the food industry is seeing a rise in demand owing to the growing priority provided to keeping a balanced diet. Argan oil tends to regulate the cholesterol rate, thus increasing the human body's energy rates. Technological developments often lead significantly to the improvement of both chemical and microbiological properties and hence have a beneficial impact on the overall market for the drug. The demand for argan oil is fuelled by the growing interest in characteristic-based fixations, especially in restore and hair mind products.
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Furthermore, the expansion of consumer understanding of the benefits of argan oil is foreseen to boost the growth of the argan oil industry in the years pending. Mass marketing and the technique of penetration worldwide, together with the internet distribution of products, are the main procedures that companies get on the argan oil market. Certain development-animating elements of the argan oil sector involve improvements in the argan oil production cycle, extended formation cap, and environmental reform. Increasing consumers' interest in enhanced nutrients and vitamins in products ranging from sustenance and refreshments to personal care goods is anticipated to accelerate the expansion of the argan oil industry sooner rather than later.
Nonetheless, in comparison to other available oils, horticultural abuse, inaccessibility at retail locations, and rising argan oil prices are confining the worldwide growth of the argan oil industry. While the high cost of argan oil restricts its availability by consumers, it is anticipated that changes in the extraction of argan oil and the expanded output cap by argan oil producers would be manageable development to the market amid the conjecture period. Expanded consumer awareness about normal fixings, particularly in nations such as India, Brazil, and China, is relied on to boost the growth of the argan oil market in the years ahead. Asia Pacific is depending on evolving as a future area for global and regional players putting capital on the argan oil market.
COVID-19 Impact Analysis:
While the COVID-19 epidemic is rising, manufacturers are gradually adapting their production and purchasing strategies to fulfill the challenges of a pandemic that has created market-based Argan Oil needs. There will be a series of negative and positive disruptions over a few months as retailers and their suppliers respond to growing customer demands. With the instability of the global situation, several states look vulnerable to export-dependent economies. Due to a lack of downwind demand, the effects of this pandemic would transform the global argan oil industry, some manufacturing plants either shut down or decrease their capacity. Others, however, stopped their output according to restrictions imposed by their respective governments as a precautionary move to prevent the spread of the virus. For other nations, by looking at the severity of the crisis and the consequent behavior of the state officials themselves, customers are centered on becoming more important. Market dynamics in Asia Pacific countries have become chaotic in all of these situations, collapsing frequently and finding it impossible to stabilize.
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Further key findings from the report suggest
- Based on the type, organic generated a revenue of USD 99.79 million in 2019 and is speculated to grow considerably with a CAGR of 10.5% in the forecast period due to the rising popularity from cosmetics companies around the world is distinguished by the use of biobased fertilizers, like green manure, bone meal, and manure composting to improve crop yield.
- The blends expected to grow with a CAGR of 10.8% in the forecasted period due to the increasing market demand for blends in topical applications coupled with the increased use of argan oil blends in the cosmetics field.
- The medical application segment is a leading contributor to the Argan Oil Market. The medical sector of the North American region is the major shareholder and held around 28.7% of the market in the year 2019, owing to the high availability of products with superior characteristics like antioxidant, anti-inflammatory, aphrodisiac, analgesic effects, and anti-proliferative for healing skin wounds, bruises, and abrasions at a quicker pace.
- North America dominated the market for Argan Oil in 2019, attributable to the increasing use of biobased personal care, beauty, and aromatherapy goods. The region held approximately 32.6% market share, followed by Asia Pacific, which contributed to around 28.9% of the market in 2019.
- Key participants include Zidrop Argan Oil, Purus International, Organica Group Limited, Argane Aouzac, Kamakhya Bottlers, ARGANisme, Malakbio, ARGANBULK, Zineglob, and Arganfarm, among others.
For the purpose of this report, Reports and Data has segmented into the global Argan Oil Market on the basis of type, form, application, and region:
Type Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
Form Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
Application Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Personal Care & Cosmetics
- Food Processing
- Cleaning and Home
Regional Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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