The argan oil market had more than 4,835 tons in 2014. The business is still developing, gaining significance because high performance of the oil’s ingredients. This includes vitamins & nutrients like antioxidant omega 3 and omega 6 fatty acids, beta amyrine, tocopherols, triterpenoids, lupeol, and butyrospermol.
The oil helps in enhancing the growth of the cells and makes anti inflammatory and antiseptic properties stronger. This is because it is a composite mix of nutrients and vitamins which has increasing content of vitamin E in the oil. The regulatory acts are also in favour resulting towards in general growth.
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Food and healthcare industries has realised the wide scope of the oil hence they are compelling the key industries to raise the capacity so that supply-demand gap can be met. This gap is expected to increase in future so the government has to initiate seriously to augment the level of production.
Morocco has argan oil in abundance. It is extracted from kernels by many co-operatives of the country. The oil is produced manually or mechanically by the local women. The extracted crude oil is sent to the refinery to check the areas of application like cosmetics, food & medicine and quality.
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The market is bifurcated into applications and regions. Application wise the cosmetic sector had volume share more than 42% in 2014. It was mainly in hair care, aging of skin, and defence of environment. The manufacturers are using the oil in superior cosmetic resolution for hair and skin care.
The argan oil has the unique quality to boost human energy and control level of cholesterol. It is hence used by heart patients, people with mineral & vitamin deficiency and whose metabolism is low. Medically, it is used for obesity, cancer, acne, arthritis, and many skin diseases. The medical device sector is anticipated at the highest CAGR in the future.
Africa and East Asia had maximum volume share globally as Morocco being part of their region. North America followed these regions and is estimated to grow the fastest in the future. Consumption in Asia Pacific region is estimated to rise due to geriatric population and application in medicine and food areas in Japan, South Korea, and China.
The global major manufacturing companies are OLVEA, Nadifi Argan, Zineglob, and Biopur. The major distribution service companies are Argan Oils (distributor), Argan Export Company, Simply Agadir, and The Moroccan Argan Oil Inc.
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