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.
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.
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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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