According to a new report by Fact.MR, the global argan oil market is projected to register a moderate CAGR during the forecast period (2017-2022). Revenues from the global market for argan oil are estimated to exceed US$ 6,000 Mn by 2022-end.
Manufacturers in the global argan oil market are focusing on improvements in production capacity and extraction of argan oil. Global leaders in the argan oil market are concentrating on adoption of strategies such as mass merchandizing, and global penetration, along with online availability of products, for increasing their product portfolio as well as market presence. A rise in awareness among consumer has been witnessed regarding argan oil benefits from its natural-based ingredients. In addition, demand for enhanced vitamins & nutrients in food and beverage products is expected to witness an upsurge. These factors are expected to drive demand for argan oil across the globe.
Cosmetic manufacturers are using argan oil for the provision of moisturizing as well as anti-aging effects in their beauty products. The argan oil plays a significant role in boosting energy of individuals affected with heart problems, vitamin deficiency, and low metabolism. Consumer preferences are increasingly shifting towards presence of herbal ingredients in medical, cosmetic, and food products. These factors will further boost growth of the global argan oil market during the forecast period.
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.
The report has also profiled that companies such as Plant Therapy Essential Oils, Young Living Essential Oils LC, Green Fields Oil Factory, Aromaaz International, Lionel Hitchen Essential Oils, IL Health & Beauty Natural Oils Co. Inc., Biolandes, Greenleaf Extractions Pvt Ltd., The Lebermuth Company, Synthite Industries Ltd., Bio Extracts (Pvt) Ltd., Shaanxi Guanjie Technology Co., Aksuvital, doTerra, and Natures Natural India will remain prominent in the expansion of global argan oil market through 2022.
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