Argan Oil Market Introduction:
Argan oil is a highly nutritious oil obtained from the seeds of argan fruit. The argan tree from which the argan fruit and the oil is derived is a rare and endangered species of tree present in the forest in western region of Morocco and is declared as an international biosphere reserve by UNESCO. Argan oil finds its use in a wide variety of applications such as in various cosmetics, as it contains omega-6 fatty acid which is known to help prevent or delay wrinkling. Argan oil also contains tocopherols which is a powerful antioxidant helping in slowing down skin ageing processes. Argan oil is expected to have a great hike in demand attributed to its increasing usage as a seasoning on various fish and meat products in the European cuisine.
Argan Oil Market Segmentation:
The global argan oil market is segmented on the basis of its application, product type, distribution channel, and region. Based on its application, the global argan oil market is segmented into three main segments; cosmetics, culinary and aromatherapy. Argan oil has wide applications in various cosmetics, in which it is mostly used as moisturizer, anti-ageing oil, hair conditioning oil and skin tonner. In culinary, argan oil is used as a base for seasoning various meat and fish dishes in the European cuisine. Argan oil is gaining significant attention in aromatherapy due to its anti-ageing properties and the argan oil market is expected to grow at a relatively higher rate in the forecast period.
The product type segment of argan oil includes organic argan oil, virgin argan oil and roasted argan oil. The organic and virgin type of argan oils are used mainly in cosmetics whereas the roasted oil is used in culinary. The high demand for argan oil is fueled by the skin benefits offered by argan oil coupled with the nutritive effect and for this reason the global argan oil market is expected to see an upsurge.
Based on distribution channel, the global argan oil market is segmented as online retail, supermarkets/hypermarkets, and specialty food stores including natural food and cosmetic stores. Among which, sales through the Internet is expected to grow which is due to the increasing popularity of the argan oil on social media. Specialty stores are also expected to increase its revenue shares over the forecast period due to the increase in number of specialty outlets in Western European and North American region.
Argan oil Market Regional Outlook:
On the basis of regions, the argan oil market is segmented as following key regions North America, Latin America, Western Europe, Asia Pacific, Japan Middle East and Africa. Middle Eastern region has the major share of global pecan oil market in terms volume which is expected to grow at a significant rate attributed to the high quality product demand of Middle Eastern argan oil. The North American region is expected to increase its share in global argan oil market which is attributed to the significantly high demand by health and beauty conscious consumers. Argan oil is gaining popularity in parts of Western Europe for its use as a base for dressing in culinary and used in meat preparations. Innovations in research and the use of argan oil as traditional medicine and research oriented medicine is expected to drive Asia Pacific regions market growth over the forecast period.
Argan Oil Market Drivers and Trends:
The argan oil market is a great prospect which is driven by the variety and vividness of essential properties present in the argan oil. The cosmetic segment is expected to be the key beneficiary of the global argan oil market which is mainly driven by the increased consciousness and awareness among consumers regarding health benefits of argan oil. Argan oil provides the blend of vitamins, antioxidants and other properties is expected to fuel the growth of the global argan oil market. Process industry are set to increase the capacities of production in order to fill the gap in demand for argan oil worldwide. Advancement in technology and supply side demand from research institutes aiming at research based on medicinal benefits of argan oil is another reason expected to drive the global argan oil market.
Argan Oil Market Key Players:
Some of the key players in the global argan oil market includes OLVEA Vegetable Oils, ARGANisme, Oriental Group, Zineglob SARL, Biopur, NADIFIARGAN, The Argan Farm Ltd and others.
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