The Global Argan Oil Market is expected to grow due to rising awareness for skin care natural products, and increasing disposable income in the countries like India & China.
Argan oil is an organic product extracted from the kernels of the Argan tree. It contains fatty acids, vitamin E, vitamin A, antioxidants, Omega-6 fatty acids, Omega-3 fatty acids, and linoleic acid, and other beneficial nutrients. Owing to its beneficial properties, it is used in hair and skin care products and cosmetics. Argan oils shelf life is estimated to be between 3-6 months. The argan oil assists in maintaining clean and healthy skin, improving appearance, and relieving skin conditions. It offers extra nutrition required for healthy appearance of skin, and reduces the risk of skin irritations and allergies. It also makes hair softer, and shinier, and is used as a hair conditioner. Its anti-oxidant properties also provide anti-aging effects. The demand for argan oil has increased over the years owing to increasing environmental awareness and growing awareness regarding use of chemical free products.
The global argan oil market is primarily driven by factors such as increasing awareness regarding skin care, growing beauty concerns and changing lifestyles. Consumers are increasingly becoming aware regarding the benefits offered by argan oil, thereby accelerating its adoption globally. They are taking preventive measures owing to increasing awareness regarding use of natural products, and changing lifestyles. Other factors driving the argan oil market include improving lifestyles, and increasing disposable income, especially in the emerging economies of Asia-Pacific. Improvement in lifestyle due to rise in income level boosts the demand for argan oil products. Factors such as increase in per capita income and changes in consumer behaviour are expected to accelerate the adoption of argan oil products in the coming years.
The global Argan oil market is segmented on the basis of application, distribution channel, and geography.
By Distribution Channel
Geographically, the global Argan oil market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
On the basis of geography, Asia-Pacific is expected to grow at the highest CAGR during forecast period. The high growth in the Asia-Pacific argan oil market is attributed to improving living standards and rising disposable income. The increasing demand for natural and chemical free skin care products in the region supports the market growth. Increasing awareness regarding use of chemical based products encourages consumers to take preventive measures, thereby supporting market growth in the region.
Key players in the global Argan oil market are: