Argan Oil Market Size & Growth Analysis to 2030

The global argan oil market size is anticipated to register a significant CAGR of around 12% during the forecast period from 2022 to 2028. The high demand for the product in personal care & cosmetics and the medical industry is a major factor driving the market growth. Furthermore, the growing use of argan oil in frozen food, confectionaries, desserts, sweets, etc, is further anticipated to fuel the market growth over the forecast period. The properties associated with the product such as antioxidant, anti-inflammatory, and other benefits for skin and hair care are expected to increase the demand for argan oil in the healthcare and personal care industry, which is expected to propel the market growth. Moreover, the increasing prevalence of hair and skin-related problems such as dermatitis, dry & damaged hair, skin aging issues, etc, is anticipated to drive the market over the forecast period.

Market Drivers:

Increasing Awareness of Health and Beauty Benefits: Argan oil is known for its various health and beauty benefits. It is rich in essential fatty acids, antioxidants, and vitamins, which contribute to its moisturizing, anti-aging, and skin-protecting properties. The increasing awareness among consumers about these benefits drives the demand for argan oil in skincare, haircare, and cosmetic products.

Growth of the Natural and Organic Beauty Market: With the rising demand for natural and organic products, argan oil has gained popularity as a natural ingredient in the beauty industry. Consumers are increasingly seeking natural alternatives to synthetic ingredients, and argan oil fits this requirement due to its organic origin and minimal processing. The growth of the natural and organic beauty market fuels the demand for argan oil.

Expansion of the Personal Care Industry: The personal care industry is experiencing significant growth globally, driven by factors such as changing lifestyles, increased disposable income, and growing consumer emphasis on self-care. Argan oil finds application in various personal care products, including moisturizers, serums, shampoos, and conditioners, thereby contributing to the growth of the market.

Rising Demand for Natural Haircare Products: The demand for natural haircare products is on the rise as consumers seek to avoid harsh chemicals and synthetic ingredients that can damage hair. Argan oil is valued for its nourishing and strengthening properties, making it a popular ingredient in natural haircare formulations. The increasing demand for natural haircare products propels the growth of the argan oil market.

Expanding Food and Beverage Industry: Argan oil is also utilized in the food and beverage industry, particularly in culinary applications. It is known for its nutty flavor and nutritional benefits, including high levels of unsaturated fatty acids and vitamin E. As the food and beverage industry continues to expand, the demand for argan oil as a gourmet ingredient and a healthy culinary oil is increasing.

Growing Preference for Ethically Sourced and Sustainable Products: Consumers are increasingly conscious of the ethical and environmental impact of their purchasing decisions. Argan oil production is typically associated with sustainable and socially responsible practices, as it is sourced from the argan tree in Morocco, supporting local communities and preservation of the argan forest. The preference for ethically sourced and sustainable products drives the demand for argan oil.

Increasing International Trade and E-commerce: The globalization of trade and the rise of e-commerce platforms have made argan oil more accessible to consumers worldwide. This increased availability and convenience of purchasing argan oil products from different regions contribute to market growth.

Government Support and Promotion of Argan Oil: Governments in Morocco, where the argan tree is native, have implemented policies to support and promote the argan oil industry. These initiatives include efforts to protect the argan forest, encourage sustainable production practices, and enhance export capabilities. Government support and promotion initiatives boost the growth of the argan oil market.

Market Snapshot:

Market Insights:

By nature, the conventional segment dominated the global market in 2021

The argan oil market is bifurcated into nature, type, application, and geography. On the basis of nature, the market is segmented into conventional and organic. The conventional segment holds the largest revenue share of around 2/3 market share in 2021 and is anticipated to grow at the same trend over the forecast period. The widespread use of the product in the personal care and cosmetics industry is a major factor to drive the segment growth. Furthermore, the increasing demand for argan oil in the food industry is further anticipated to propel the segment growth over the forecast period.

By application, the personal care & cosmetics segment is expected to hold the largest market share by 2028

On the basis of application, the market is segmented into personal care & cosmetics, medical, aromatherapy, food, and others. the personal care & cosmetics segment dominated the global argan oil market in 2021 and expected to hold the largest revenue share of over half of the market by the end of the analysis period. The significant use of the product in hair and skin care products such as shampoo, conditioner, serums, moisturizers, anti-aging creams, etc, is a major factor to drive the segment growth. Furthermore, the rising awareness among consumers regarding the benefits associated with argon oil is further anticipated to fuel the segment growth over the forecast period.

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The argan oil comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2022 to 2028. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The argan oil market research report presents the analysis of each segment from 2019 to 2028 considering 2021 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2022 to 2028.

Historical & Forecast Period

• 2019-20 – Historical Year
• 2021 – Base Year
• 2022-2028 – Forecast Period

Market Segmentation:

By Nature:

• Conventional
• Organic

By Type:

• Absolute
• Blend
• Concentrate

By Application:

• Personal Care and Cosmetics
• Medical
• Aromatherapy
• Food
• Others

By Region:

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

Regional Analysis:

By region, North America is expected to dominate the global argan oil market by 2028

On the basis of region, North America dominated the global argan oil market in 2021 and expected to hold the largest revenue share of over 1/3 market share by the end of the analysis period. The widespread use of the product in personal care & cosmetics, and the growing demand for bio-based cosmetics are some major factors driving the market growth in the region. Furthermore, the growing use of argan oil in aromatherapy healing and the increasing demand in the food industry are further anticipated to propel the market growth in North America. Moreover, the increasing demand for skin care products and the growing number of consumers are expected to fuel the market growth in the next upcoming years.

Geographically, the argan oil market report comprises dedicated sections centering on the regional market revenue and trends. The argan oil market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The argan oil market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Argan oil market estimates have also been provided for the historical years 2019 & 2020 along with forecasts for the period from 2022 – 2028.

Competitive Assessment:

Some of the major market players operating in the global argan oil market are OLVEA, ARGANisme, Pure Argan Co., DSM, and Malakbio. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• OLVEA
• ARGANisme
• Pure Argan Co.
• DSM
• Malakbio
• Lipidine
• Argane Aouzac
• Organica Group Ltd.
• Arganfarm sarl. au.
• Zidrop Argan Oil
• ARGANBULK

Key Questions Answered by Argan Oil Market Report

• Global argan oil market forecasts from 2022-2028
• Regional market forecasts from 2022-2028 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2022-2028 covering 15 major countries from the regions as mentioned above
• Argan oil submarket forecasts from 2022-2028 covering the market by nature, type, application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level argan oil markets from 2022-2028
• Competitive Landscape and market positioning of the top 10 players operating in the market