The global argan oil market is expected to reach USD 1.79 billion by 2022, according to a new report by Grand View Research, Inc. Expanding medical application base coupled with widening argan based cosmetic product lines is expected to drive global industry growth over the forecast period.
Growing preferences for health conscious diet among population particularly in developed markets of North America and Europe has been driving demand for healthy and low fat vegetable oil such as argan oil which in turn is expected to enhance overall industry growth in the near future.
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www.grandviewresearch.com/industry-analysis/argan-oil-market
Further key findings from the report suggest:
- Global argan oil market was 4,835.5 tons in 2014 and is expected to reach 19,622.5 tons by 2022, growing at a CAGR of 19.6% from 2015 to 2022.
- The product is considered as one of the most expensive vegetable oil. This is on account of limited supply coupled with high requirement. Expensive nature of product is expected to result into high revenues over the forecast period.
- Cosmetics segment was the leading application segment and accounted for over 40% of total demand in 2014 and is expected to show significant growth in the coming years. Growth of personal care industry is expected to drive this segment over the forecast period.
- Medical and food application areas are expected to witness high growth rates over the forecast period. Product demand in medical segment is expected to be driven by its potential to cure diseases including cancer, inflammatory problems, cholesterol levels and food digestion.
- Middle East & Africa was the leading regional market both in terms of production and consumption. Argan oil is majorly consumed by rural economy of Morocco, which is major producer therefore demand rate is higher in the region as compared to others.
- North America is expected to witness the highest CAGR of 20.2% from 2014 to 2022 on account of its increasing demand in cosmetics for hair treatment and skin care products and in medical industry for disease treatment.
- Global industry has a limited number of refiners and a strong distribution network on account of limited sources and producing region. Key manufacturers include OLVEA, Nadifi Argan, Biopur and Zineglob.
Grand View Research has segmented the argan oil market on the basis of application and region:
Global Argan Oil Application Outlook (Volume, Tons, Revenue, USD Million, 2012 - 2022)