Argan Oil Market To Hit Value 7.2 Million By 2027 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on May 11th, 2022

The global argan oil market size is anticipated to reach USD 507.2 million by 2027, expanding at a revenue-based CAGR of 10.8% over the forecast period, according to a new report by Grand View Research, Inc. Argan oil is gaining popularity in the global market as it cotains omega-3 and omega-6 fatty acids, lupeol, beta amyrin, antioxidant tocopherols, triterpenoids, and butyrospermol, which play a significant role in improving skin and hair quality. This has encouraged manufacturers from industries such as aromatherapy, medical, and cosmetics products to integrate argan oil in their final products.

Key players in the market are focusing on improving the quality of product in their personal care and cosmetic products to promote healthy hair and skin. Such initiatives are anticipated to fuel the overall demand in the cosmetics application segment. Furthermore, the global demand is also witnessing a surge on account of shifting consumer preference toward organic products.

Players in the argan oil market are involved in R&D activities for improving the extraction method as it is a key step in the production process. Recently, researchers obtained argan oil using super critical fluid extraction and concluded no changes in the quality and physicochemical parameters of the product. However, the method is still in the nascent stage and is likely to play a significant role in increasing the production over the coming years.

Health consciousness coupled with a fat-free lifestyle accelerates the demand for healthy vegetable oil including argan oil. Food industry is also witnessing a surge in demand on account of increasing importance given to maintaining a healthy diet. Argan oil helps control cholesterol levels while boosting energy levels in the human body. Technological advancements are also contributing significantly to the enhancement of both chemical and microbiological qualities, thus positively influencing the overall product demand.

Argan oil is extracted from the kernels of argan tree fruits, either manually or through a mechanical process. Earlier, oil was obtained from the kernels manually. However, the advancements in machines have helped save time and ensure high-quality production.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/argan-oil-market/request/rs1

Argan oil has become one of the most preferred products especially in the cosmetics and personal care industry. This is attributed to the advanced properties such as high level of antioxidants, anti-inflammatory, and other noteworthy benefits for skincare and haircare. Men’s grooming products such as shower gels, hair and beard oils, skin creams, and waxes that are infused with argan and other essential oils have also witnessed a rise in consumption over the last few years.

Argan Oil Market Report Highlights

• In 2020, conventional emerged as the largest type segment in the argan oil market owing to high crop yield obtained by using this cultivation method as it involves using synthetic pesticides and fertilizers
• In 2020, Business to Business (B2B) dominated the distribution channel segment in the market owing to increasing direct sales of the product in the international market, especially by the manufacturers of cosmetic products
• Sivan, an Israeli company is developing a super strain, called as Argan 100, which is capable of tolerating the Mediterranean climate and can manufacture 10 times more nuts as compared to the average trees of Morocco, thus contributing to the production
• Some of the key players in the market are OLVEA, ARGANisme, Zineglob, PURUS (Purus International), Malakbio, Argane Aouzac, Organica Group LTD, Arganfarm, Kamakhya Bottlers, Zidrop Argan Oil, and ARGANBULK.

The market is significantly fragmented as the number of players with business operations in Morocco is fairly high. There are many cooperatives in Morocco, wherein women are engaged in producing and transporting the product to refineries for further processing. Key manufacturers include OLVEA, ARGANisme, Zineglob, PURUS (Purus International), Malakbio, Argane Aouzac, Organica Group LTD, Arganfarm, Kamakhya Bottlers, Zidrop Argan Oil, and ARGANBULK. Exporting the product to high growth markets such as Europe and North America has resulted in a network of the manufacturer, trader, and distributor relationships. In order to combat the middlemen\'s prices, manufacturers have themselves adopted business operations of import and export. In order to maximize product sales and increase their penetration into the consumer market, a significant number of players are selling through their own online retail stores and have developed into specialty retailers.