Argan Oil Market Size Projected to Surpass $1 Billion by 2024 – Research Report by Hexa Research

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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 “argan oil market” growth in the coming years.

Argan oil is a type of plant oil produced from argan tree. The argan tree is endemic to Morocco due to which argan oil is abundantly available in the country. The industry is still at a nascent stage but gaining importance due to the oil’s high performance constituents such as vitamins and nutrients namely butyrospermol, triterpenoids, omega 3 & omega 6 fatty acids, beta amyrine, lupeol, and antioxidant tocopherols.

Argan oil has a complex blend of nutrients and vitamins leading to enhanced vitamin E content that accelerates cell growth and enhances anti-inflammatory and antiseptic properties. The favorable environmental regulations are contributing towards the market growth. Innovation aimed at enhancing chemical & microbiological quality can serve as a major driver for this market. Increasing usage in the food and medical industries has been pressurizing intermediates to meet the supply-demand gap.

Argan Oil has been majorly used in cosmetic, medical, and food purposes. Cosmetic segment contributed majorly towards the argan oil market. The increasing application in hair treatment, skin aging, and environment defense is driving the growth of this market. Consumer demand for healthy food option has fueled the application of argan oil. The vital components provided by argan oil make them an important prospect. It is consumed by people with vitamin & mineral deficiency, heart ailments, and lower metabolism. Argan oil is used in the treatment of various diseases such as arthritis, cancer, acne, obesity, and other skin ailments. The increasing usage of medical devices can have a positive impact on the growth of argan oil market.

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The Middle East & Africa have been dominating the industry in terms of regional markets. The high market share of this region can be attributed to the presence of Morocco in this region. The population of Morocco depends on Argan oil for shelter, food, wood, livestock feed, and charcoal. North America is the second dominant region in this market. The region is expected to witness high growth rates over the forecast period. The growth in this market can be attributed to rising awareness towards nutrition and health. Government initiatives to tackle obesity and stable cosmetic industry aid the market growth in this region. Asia Pacific is the nascent market showing potential for high growth rates over the forecast period. High consumption can be characterized by the increasing ageing population in Japan, South Korea, and China. Innovation in medical treatments in Asia Pacific, especially in India, China, and the South East Asian countries is a major driver for this industry. These regions are trying to strike a balance between traditional and modern medical treatments which complements the growth of argan oil market in this region.

Key manufacturers of argan oil are Zineglob, Biopur, Nadifi Argan, and OLVEA. The industry has limited production due to the presence of few refineries in the industry. Supply chain issues are the major problems hampering the growth of this market. Even if there is a limited supply of argan oil, the value chain is properly established, and the product has been made available globally. Key companies involved in distribution services are Argan Export Company, Simply Agadir, and Moroccan Argan Oil Inc.

Argan oil(virgin), Argan oil(virgin and deodorized), and Argan oil(virgin and toasted) are the various grades of argan oil manufactured by OLVEA. Zineglob specializes in manufacturing argan oils for culinary and cosmetic purposes. Biopur located in southern Morocco manufactures argan oil for cosmetic and culinary purposes. Nadifi Argan manufactures argan oils for personal care purposes.

Table of Contents:

Chapter 1 Methodology and Scope
1.1 Research methodology
1.2 Research Scope & Assumptions
1.3 List of data sources

Chapter 2 Executive Summary
2.1 Argan Oil – Industry Summary & Key Buying Criteria

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