Demand for Argan Oil is anticipated to Progress at a Significant CAGR of 9.6% by 2032
Worldwide sales of argan oil are estimated to increase at a noticeable CAGR of 9.6% from 2022 to 2032. The current valuation of the global argan oil market is US$ 320 million, which is projected to reach US$ 800 million by the end of 2032.
Constantly increasing demand for premium beauty products is leading to overall high consumption of argan oil on a global level. Shifting preference of consumers from artificial chemical products to organic herbal products is also fueling demand for argan oil across regions. From the last decade, penetration of argan oil has drastically increased, and the emergence of argan oil-incorporated cosmetics and skin care products has shaped market expansion.
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14 Key Projections for the Global Argan Oil Market
- By form type, absolute argan oil is estimated to remain preferred in the global market. Revenues from sales of absolute argan oil are anticipated to account for more than one-third market share throughout the forecast period.
- Argan oil blends are projected to remain the second most lucrative form of argan oil. Sales of argan oil blends and absolute argan oil are expected to exhibit a parallel expansion at similar CAGRs through 2022.
- Natural argan oil will remain sought-after in the market among consumers. Sales of natural argan oil are expected to hold nearly three-fourth revenue share of the market during the forecast period.
- Demand for organic argan oil is expected to remain comparatively lower than that for natural argan oil during 2017 to 2022.
- Argan oil are expected to witness the largest application in food & beverages, with sales expected to reach nearly US$ 1,600 Mn in revenues by 2022-end.
- Aromatherapy will remain the second largest application of argan oil.
- Argan oil sales for application in fragrances will continue to exhibit a sluggish expansion through 2022.
- Europe will remain dominant in the global market for argan oil, with sales projected to register the fastest expansion through 2022.
- North America is estimated to remain the second most lucrative market for argan oil.
- The argan oil market in Middle East & Africa (MEA) will register a sluggish growth throughout the forecast period.
- The market for argan oil in Asia-Pacific excluding Japan (APEJ) will continue to exhibit a moderate growth through 2022.
- Argan oil sales in online distribution channel are expected to register the fastest expansion through 2022.
- Argan oil sales in specialty stores are anticipated to reflect the lowest CAGR during 2017 to 2022. However, specialty stores are projected to remain the second most lucrative distribution channel for argan oil.
- Modern trade is anticipated to remain dominant distribution channel in the global argan oil market.
Market Participants
- Beauty Quest Group
- Inspired Beauty Brands
- Sivan SM
- Earthly Body
- Cooperative Toudarte
Key manufacturers of argan oil are taking a lot of efforts to generate novel growth opportunities in the industry. Mergers & acquisitions, novel product launching, portfolio expansion, partnerships, collaborations, and others are adopted by these players. Some of the prominent market players are Beauty Quest Group, Inspired Beauty Brands, Sivan SM, Earthly Body, and Cooperative Toudarte.
For instance :
- Namaste Beauty, on May 03, 2022, launched a high-quality and cruelty-free vegan product collection for rejuvenating the skin, highlighting innate beauty, and replenishing the spirit of ancient India.
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Key Market Segments
- By Form :
- Absolute
- Concentrate
- Blends
- By Grade :
- Culinary Grade
- Cosmetic Grade
- By Nature :
- Organic
- Conventional
- By Packaging Format :
- Bulk (B2B) Packaging
- B2C Packaging Format
- By Application :
- Cosmetic Products
- Edible Products
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Question answered in the survey of Argan Oil market report:
- Sales and Demand of Argan Oil
- Growth of Argan Oil Market
- Market Analysis of Argan Oil
- Market Insights of Argan Oil
- Key Drivers Impacting the Argan Oil market
- Which are the Key drivers impacted by Argan Oil market
- Restraints Shaping Market Growth
- Market Survey of Argan Oil
More Valuable Insights on Argan Oil Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Argan Oil, Sales and Demand of Argan Oil, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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