Mar 30, 2021
High Application of Argan Oil in Cosmetics & Skincare Products Aiding Market Growth: Fact.MR
by Team Fact.MR
Spending on non-essential and premium products has seen a rise over the past decade. The cosmetics and skincare industry is the main driving factor for the sales of argon oil, with an expected market share of over 80% by 2031. In this industry, argan oil has a wide range of application in various products such as moisturizers, shampoo, tinctures, anti-ageing creams, and serums, to name a few. Rising demand for cosmetic products across the world is parallelly driving demand for argan oil across regions.
Key players in the market are continuously working on their sales and distribution networks to increase their global market share. Companies are hustling to expand through different sales channels such as online stores, retail specialty stores, direct sales, and many more, to strengthen their distribution and sales networks.
Fact.MR has recently published a detailed revised report on the global argan oil market. According to the published report, the market is expected to surpass a valuation of US$ 156 Mn in 2021, and is expected to expand at a healthy CAGR of around 7% over the 2021 to 2031 forecast period.
Key Takeaways from Market Study
- The argon oil market is anticipated to add around 2X value by 2031 as compared to 2021.
- Cosmetic grade argon oil captures a major chunk of the market share at more than 80%, and is set to create US$ around 232 Mn opportunity in by 2031.
- Among the applications, cosmetic products has been the fastest-growing segment, holding more than 80% market share.
- Europe is set to dominate market revenue and create an absolute $ opportunity of 56 Mn over the next ten years.
- The direct segment under sales channel is anticipated to expand at a CAGR of more than 7% through 2031.
- The B2B packaging segment is anticipated to create an absolute $ opportunity of close to US$ 100 Mn over the decade.
- The market in the U.S. is projected to expand at a CAGR of over 5% through 2031, while that in the U.K. at close to 8%.
- The markets in China and Turkey are expected to surge at 10% and 9% CAGRs, respectively, over the next ten years.
- Due to the onset of COVID-19, the market saw a slump in 2020, with a growth rate of -2.4%.
“Integration of argan oil with skincare and cosmetic products to facilitate growth opportunities over the coming years,” says a Fact.MR analyst.
Market Moving towards Consolidation
As the argan oil market is fragmented with a number of players, manufacturers are expanding their market reach through increasing exports. They are also striving to strengthen their distribution networks by offering products through various sales channels such as modern retail, online stores, and specialty stores. Inspired Beauty Brands has partnered with retail specialty stores Walmart, CVS Pharmacy, Target, Walgreens, Shoprite, and Kroger to increase its market share.
More Valuable Insights
Fact.MR, offers an unbiased report on the global argan oil market, offering with historical demand data of 2016-2021 and forecast statistics for 2021 through 2031. The report contains insights of the market based on form (absolute, concentrate, and blends), grade (culinary grade and cosmetic grade), nature (organic and conventional), packaging format (B2B packaging format and B2C packaging format), application (cosmetic products and edible products), and sales channel (direct sales, modern trade, drug stores, specialty stores, and online retail), across major regions of the world (North America, Latin America, Europe, Asia Pacific, and MEA).
About the Food & Beverages Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned food & beverage team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the food & beverage industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Sr. Consultant - Food & Beverages
E-mail: [email protected]