Cosmetic Grade Of Argon Oil Has Highest Demand And Is Expected To Have Around 80% Global Market Share

The Fact.MR new report on the market survey of Argan Oil gives estimations of the Size of Argan Oil Market and the overall share of key regional segments

The latest market research report analyzes Argan Oil Market demand by segments. Providing business leaders with insights On Argan Oil Market And how they can increase their market share.

Market Overview-

The global argan oil market is expected to surge at a CAGR of around 7% by value over the 2021 to 2031 assessment period. Cosmetic grade argan oil will hold bulk of the market share at around 80% through 2031.

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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Key Market Segments

  • Form

    • Absolute
    • Concentrate
    • Blends
  • Grade

    • Culinary Grade 
    • Cosmetic Grade
  • Nature

    • Organic
    • Conventional
  • Packaging Format

    • Bulk (B2B) Packaging
    • B2C Packaging Format
  • Application

    • Cosmetic Products 
    • Edible Products 
  • Region

    • North America
    • Latin America
    • Europe
    • Asia Pacific 
    • Middle East & Africa

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Historical Performance Vs Future Market Outlook

Historical demand for argan oil has reported steady growth from 2016 to 2020 at a CAGR of 4.8%, along with visible growth in the overall market valuation from around US$ 130 Mn in 2016 to the US$ 147.9 Mn in 2020. According to extensive analysis by the team of Fact.MR having expertise in the food & beverage segment, demand for argan oil will remain on the higher side during the forecast period.

By 2031, the market is expected to witness a leap in CAGR at the rate of close to 7%. Prominent players in the market are extensively investing and deploying their resources with a vision to increase their production of cosmetic grade argan oil and strengthen their sales and distribution channels.

How has COVID-19 impacted sales of argan oil?

With the onset of novel coronavirus, almost every industry has faced a decline in their revenue bars. Lockdowns were imposed almost all across the globe to flatten the curve of daily increase in cases. Because of social-distancing measures, production was shut, resulting in adverse effects on the global economy. During this time, the supply chain was massively disrupted and hampered market growth.

The market was in a stagnant phase during the first two quarters of 2020. Global demand also reduced massively, resulting in a major fall in revenue.

However, it is expected that the market will regain its normal growth trajectory in the first quarter of 2021.

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Who are the prominent end users of argan oil?

Argan oil is being utilized by both, cosmetic and edible ingredient manufacturers, in which, the edible segment accounts for around 20% and the cosmetic segment has 80% of the global market share. Argan oil has wide prospects in terms of application with a number of end users. Some of the prominent end users and applications are:-

  • The cosmetics industry has vast usage of argan oil for premium cosmetics meant for skincare. Argon oil is enriched with some vital vitamins such as vitamin A and vitamin E, along with skincare-oriented properties.
  • Argon oil is primarily used to cure skincare issues such as acne, eczema, scar tissues, dry skin, and psoriasis.
  • Antioxidant and fatty acids properties of argon oil are good for nourishment of the hair, which keeps it moisturized and protected from damage due to free radicals. This results in less breakage and shedding.
  • Argan oil is widely utilized in the food & beverage industry.
  • Argan oil is rich in antioxidants, nutrients, and inflammatory components that are beneficial for treating chronic illnesses.

How is the cosmetics industry shaping growth of the argan oil market?

Argan oil has deep penetration in the cosmetics and skincare industry due to shifting preference of consumers from chemical-enriched products to organic and herbal substitutes. This is the most prominent reason propelling overall market growth. Argan oil is primarily used for nourishment of the skin, enriched with vitamin A, vitamin E, fatty acids, and anti-aging property. It helps cure some dermatological issues such as acne, eczema, scar tissues, dry skin, psoriasis, and many more.

Prominent players in the skincare and cosmetics market are taking initiatives and performing research & development on new products incorporated with argan oil. This a potential driving factor for the sales of argan oil, with demand expected to rise even faster over the coming years.

L’Oréal and Unilever have exported a major chunk of argon oil produced in Morocco in the past years for the manufacturing of different hair care products.

 

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