Argan Oil Market Size Worth USD 427.05 Million by 2030 at
New York, U.S., Aug. 04, 2022 (GLOBE NEWSWIRE) — Market overview
According to a comprehensive research report by Market Research Future (MRFR), “Argan oil market Information by Category, Application and Region – Forecast to 2030”, the market is expected to acquire a size of over USD 427.05 million by the end of 2030. The report further forecasts that the market will flourish at a healthy CAGR of over 20.38% during the period of ‘exam.
Manual or mechanical methods can be used to extract argan oil from the kernels of the fruits of the argan tree. The oil was previously extracted manually from the grains. However, time has been saved and high quality products have been ensured through machine developments. Argan oil is divided into two varieties based on extraction: food argan oil and cosmetic argan oil. The color of argon oil varies from medium yellow to pale yellow after extraction due to a filtration procedure. To learn more about the benefits of argan oil, experts are conducting studies on this subject. It is widely used in the food, pharmaceutical and nutraceutical industries. The generated oil is combined with several variants in concentrated form.
It can either be combined with another form of medication or taken as a capsule. In the beauty and personal care sectors, argan oil has established itself as one of the most popular products. This is because of their cutting-edge qualities, which include high antioxidant and anti-inflammatory content and other notable skin and hair care benefits.
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|Market size 2030||$427.05 million|
|Forecast units||Value (USD million)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By category, application and region|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||awareness of beauty|
|Strong demand for confectionery frozen desserts sweets and snacks|
Market Competitive Landscape:
Notable competitors in the argan oil market are:
- Purus International of Morocco
- Organic Malak from Morocco
- Argan Gold Liquid from UK
- Frontier Natural Products Co-Op Ltd of USA
- L’OCCITANE Melvita Group from France
- Nadifi Argan Oil from Morocco
- John Masters Organics Inc from USA
- Vima Seuss from Morocco0
- ARGANisme Cosmetics SARL from Morocco,
- Biopur Sarl from Morocco
- Zineglob Ltd from Morocco
- Olvea Group from France
- Conai Corporation of the United States
- Zit Siddi Yassine Sarl from Morocco
Covered USP market:
The demand for argan oil is increasing as people become aware of its beauty benefits. Argan oil is very popular in confectionery, frozen desserts, candies and snacks because it gives these products flavor, which promotes growth. According to the current trend in the argan oil industry, people today like to consume flavored products, which helps in the growth of the market. Most cosmetic products contain argan oil, which accelerates the expansion of the market. Due to its anti-aging qualities, the substance is becoming increasingly popular in various cosmetic formulas such as serums, lip balms, lip tints, and face oils. Consumption of argan oil in cosmetic products is expected to increase as consumer preferences for natural and organic products increase.
The growing attractiveness of argan oil and its advantages have encouraged global R&D efforts and the emergence of numerous companies. All potentially dangerous compounds are completely absent from organic products. Over the past few years, the demand for organic personal care products has increased due to growing consumer awareness of the many benefits of these products over their synthetic counterparts. Consumers are increasingly conscious of their appearance, prioritizing youthful and healthy looking skin. This trend is expected to increase consumer demand for natural cosmetics and personal care items, benefiting the argan oil market.
Browse the in-depth (110 pages) Argan Oil Market Research Report: https://www.marketresearchfuture.com/reports/argan-oil-market-3752
However, the high cost of the product will hamper the market expansion rate. High research and development costs in emerging countries are also restraining the overall growth of the argan oil market. Throughout the forecast period, the argan oil market will also face additional challenges related to stringent government regulations and the use of conventional extraction methods.
COVID 19 analysis
Due to heightened consumer awareness during the COVID-19 pandemic, it is expected that there will be an increase in demand for personal hygiene and home care products. The pandemic has increased consumer awareness of the importance of maintaining personal and household hygiene to reduce the risk of infection. Personal care items are expected to see an increase in demand as a result. The coronavirus outbreak has had a significant impact on the medical equipment and supplies market in North America. Medical products such as test kits, hand sanitizers and bio-based medicines are increasingly in demand. Due to supply chain disruptions, companies in the logistics industry are struggling to meet the growing demand for medical equipment and supplies in North America.
The organic segment will have the highest growth rate during the forecast period.
Cosmetics and personal care are expected to gain a major share over the forecast period.
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The increasing use of bio-based cosmetic, personal care, and aromatherapy products has made North America one of the top users of argan oil. The substance helps improve physical, mental and spiritual well-being when used in aromatherapy treatments. Aromatherapy massage enhances stress reduction, physical balance, and many immune system activities. The only region in the world that engages in commercial scale production is the Middle East and Africa. In Morocco, argan trees are mainly grown in the semi-arid and dry areas surrounding Essaouira and Agadir.
Considering the benefits of argan oil, many NGOs and international cosmetic companies have recently intervened to stop deforestation and promote the planting of argan trees in the region. Europe is one of the biggest markets for argan oil in the world. The personal care and organic cosmetics sector in Asia-Pacific is very promising. The largest regional market is China, behind Japan and India. Due to powerful domestic companies, India is one of the most preferred countries for manufacturing affordable pharmaceuticals. Argan oil producers in the region stand to benefit from new biological medicines to treat diseases like cancer, hormonal imbalances, gastrointestinal problems, cardiovascular diseases, anti-infectives, anti-aging and stress reduction.
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