The global Argan Oil Market is likely to cross USD 1 billion by 2024. Augmenting argan based cosmetic product lines along with escalating medical application base will drive overall industry growth over the forecast period (2016-2024). Growing fondness for health conscious diet amongst populace mainly in emerged markets of Europe and North America is spurring demand for argan oil. This will boost the overall industry growth in the coming years.
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The worldwide argan oil market is segmented by applications and regions. Applications are cosmetics, food, and medical. Cosmetics segment contributed for total shares of over 42% in 2014. This growth could be ascribed to rising application in hair treatment products, skin aging, and environment defense. Key skin and hair care product producers are raising integration of oil in sophisticated cosmetic solutions for skin & hair care.
Product’ demand in food applications is driven by increased consumer inclination towards healthy food regime. Oil functions as a fundamental constituent in foods consumed by people with vitamin & mineral deficiency, heart ailments, and lower metabolism. Worldwide initiatives to eliminate starvation coupled with elevated obesity rates in many emerged nations and are anticipated to impact the product growth in food applications.
In medical applications, argan oil can be used in the treatment of several diseases for instance obesity, acne, cancer, arthritis, and other skin illness. This segment is growing at a productive CAGR over the forecast period.
Main regional segments in the total argan oil market are the Middle East & Africa (MEA), North America, Europe, Asia Pacific, and Central & South Africa. In terms of volume, the Middle East & Africa region led the global market. Further, North America grabbed the second place in terms of volumes and is likely to grow lucratively. It will potentially experience highest CAGR of over 20% during the review period. It is typified by full-grown cosmetics sector shifting towards natural & organic products, high user awareness about health & nutrition, and government schemes to tackle obesity.
Asia Pacific is said to witness significant growth in the near future. It is mainly driven by escalating application in food and medical sectors. Aging populace in China, Japan, and South Korea is expected to boost the demand in this region. Renowned players in the market encompass Biopur, OLVEA, Zineglob, and Nadifi Arga.
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