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Argan Oil Market: Global Opportunity Analysis and Industry Forecast 2020–2027

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Sep 2020 | 43 Views
 
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Argan oil is extracted from the kernels of argan tree fruits, either manually or through a mechanical process. Argan trees are available in Morocco. They can grow and survive in semi-desert areas of the Mediterranean. The deep roots and tiny leaves of the argan tree resist arid winds and water loss, leading to a nut with unique oil. Argan oil is widely used for its nutritional, botanical, and bio-ecological value. Argan oil is widely used in the cosmetic and personal care industry, owing to its various properties such as high quality of antioxidants, anti-inflammatory, and various benefits for skin care and hair care products.

 

Market scope and structure analysis:

                      Report Metric

                                           Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast unit

  Value (USD Million)

  Segments covered

  Type, Form Type, Application

  Regions covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and the Middle East and Africa

  Companies covered

OLVEA Morocco, ARGANisme Cosmetics S.A.R.L, Zineglo, Saadia Organics, Essence Of Argan, Biopur, Argan Diva, Josie Maran Cosmetics, Argan Liquid Gold, NadifiArgan, SidiYassine, Marogonia, VimaSouss, Malak Bio, Amorre, BioAdorates, and Zineglob and Mabioma

 

COVID-19 scenario analysis:  

  • The demand for personal hygiene and homecare products is expected to rise due to increase in awareness among consumers during the COVID-19 pandemic. The pandemic has made consumers more aware of the need to maintain hygiene at a personal level as well as at home to reduce the chances of infection. This is expected to increase the demand for personal care products.
  • The coronavirus outbreak has a major impact on the medical supplies and equipment market in North America. There is Rise in demand for medical supplies such as bio based medicines, hand sanitizer, and test kits. Supply chain disruptions make it difficult for companies in the logistics industry to fulfill the increase in demand for medical supplies and equipment in North America. 
  • The COVID-19 pandemic affects the global food industry as governments close down restaurants and bars to curb the spread of the virus. Closure of restaurants has caused severe effects among related industries such as food production; liquor, wine, & beer production; food & beverage shipping; fishing; and farming. 

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The main factor that increases the market growth is increased use of the oil in cooking, which is expected to drive the demand for argan oil. It is widely used as a common ingredient in couscous and tajine. It is also used as an ingredient for many seasoning types and can be used in meat and fish.

Growth in consumer demand for blends in topical uses and increase in consumption of argan oil blends in the cosmetics sector are expected to drive the growth of the market. The blended form contains blend of argan oil with vegetables and essential oils. Normally, the blended form is used for food recipes, cleaning, and home product formulations.
Rise in use of argan oil in men’s grooming products, such as shower gels, hair & beard oil, skin creams, and waxes, that are infused with argan and other essential oils has also witnessed an increase in consumption.

Extensive uses in the medical sector and the surge in demand for argan-based beauty products are expected to boost the market. Argan oil is used in several medical applications, owing to its anti-inflammatory, antioxidant, anti-proliferative, aphrodisiac, and analgesic properties. The product is used to treat skin wounds, cuts, and abrasions at a faster rate due to its antibacterial property.

Organic is one of the purest forms of argan oil, which is used as an ingredient for aromatherapy. Harvesting organic argan oil is categorized by the use of bio based fertilizers, such as bone meal, green manure, and compost manure, to increase the crop yield. Argan oil is sold as a luxury product, and is gaining increasing interest among international cosmetics companies. However, high curative qualities of argan oil have been considered to be the main factor that drives the interests of cosmetic and anti-aging product manufacturers of argan oil.

However, high cost of products is a major factor that is estimated to hamper the growth of the global market. 

Surge in usage of argan oil in aromatherapy applications:

Based on region, the global argan oil market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific has the largest market share in the global argan oil market. Europe is one of the main consumers of argan oil among all the regions. The Europe market has a largest market share in the personal care and cosmetics industry. Cosmetic products are largely manufactured in Europe by solvent extraction of kernels and are mainly used for the preparation of moisturizers, shampoos, and anti-wrinkle cosmetic products. In addition, Europe has been mainly involved in biopharmaceutical research. Pharmaceutical companies in Europe have manufactured bio-based medicines for several diseases such as cancer, high blood pressure, diabetes, and cardiovascular diseases. 

North America is also one of the substantial consumers of argan oil, owing to the increased consumption of bio-based personal care, cosmetics, and aromatherapy products. The use of argan oil in aromatherapy improves health of the body, mind, and spirit. Aromatherapy massage helps to coordinate body balance, decreases stress, and supports various body functions to fight infections. Therefore, these benefits of aromatherapy products have become popular in North America. Furthermore, they are widely available in specialist saloons and online shopping centers, thereby increasing the demand for argan oil across the globe.

Key segments covered:

                    Segments

                                         Sub-segments

  Type

  • Natural Argan Oil
  • Organic Argan Oil

  Form Type

  • Absolute Argan Oil
  • Concentrates Argan Oil
  • Blends Argan Oil
  • Others

  Application

  • Therapeutics Argan Oil
  • Aromatherapy Argan Oil
  • Food & Beverages Argan Oil
  • Cosmetics& Personal Care Argan Oil
  • Medical
  • Cleaning and Home
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the argan oil market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the argan oil market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the argan oil market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides detailed analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the argan oil market research report:

  • Which are the leading market players active in the market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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