Argan Oil Market, Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031

Published on : Mar-2021 | List of Tables : 84 | List of Figures : 191 | No. of Pages : 170 | Report Code : FACT86MR |

About The Report

The global argan oil market is expected to surge at a CAGR of around 7% by value over the 2021 to 2031 assessment period. Cosmetic grade argan oil will hold bulk of the market share at around 80% through 2031.

Constantly increasing demand for premium beauty products is leading to overall high consumption of argan oil on a global level. Shifting preference of consumers from artificial chemical products to organic herbal products is also fueling demand for argan oil across regions. From the last decade, penetration of argan oil has drastically increased, and the emergence of argan oil-incorporated cosmetics and skin care products has shaped market expansion. 

In a revised report by Fact.MR, insights regarding key factors fueling market growth have been offered from 2021 to 2031. The market has been tracked in 20+ high-growth countries, where the region of Europe tops the pecking order. The report also details what impact the COVID-19 pandemic is having on the global argan oil market across the world. This edition brings readers up-to-date with key market developments, providing analysis on how manufacturers and other stakeholders are reacting to change. Key industry metrics have been captured, and their impact on argan oil sales has been analyzed.

Historical Performance Vs Future Market Outlook

Historical demand for argan oil has reported steady growth from 2016 to 2020 at a CAGR of 4.8%, along with visible growth in the overall market valuation from around US$ 130 Mn in 2016 to the US$ 147.9 Mn in 2020. According to extensive analysis by the team of Fact.MR having expertise in the food & beverage segment, demand for argan oil will remain on the higher side during the forecast period.

By 2031, the market is expected to witness a leap in CAGR at the rate of close to 7%. Prominent players in the market are extensively investing and deploying their resources with a vision to increase their production of cosmetic grade argan oil and strengthen their sales and distribution channels. 

What are the key challenges for argan oil manufacturers?

Some of the primary challenges that are being faced by market players and may adversely affect this space are:-

  • The market is highly fragmented with a vast number of players indulging in adulteration and inappropriate labelling, which is is a major concern restricting growth. 
  • Multiple cases of adulteration have been seen by local manufacturers. Sunflower oil is majorly used for adulteration purposes because of its easy availability and relatively low cost.
  • Although certification and standardization authorities are becoming strict in some prominent regions, the adverse effects of adulteration will remain over the forecast period. 
  • Traditional processing techniques still exist and are majorly utilized. Extraction of argan oil is done by intensive human effort. Usage of mechanical presses is adopted by prominent players for the extraction of argan oil. Pre-processing still relies on traditional intensive human efforts, resulting in less efficiency and productivity.
argan oil market region

Country-wise Analysis

Which country is the prime producer of argan oil? 

According to the production prospects of argon oil, Morocco has been one of the highest producers over the decades. Demand for argan oil has increased massively in the past five years. Morocco produces more than 4,400 tonnes of argan oil annually, of which, 70% is exported.

Why is demand for argan oil surging in Isreal?

Israel is strategically filling the gap between demand and supply. Morocco is only capable of producing 4,400 tonnes annually, while global demand is around 20,000 tonnes per year. Israel has exponentially expanded its agricultural potential and is capable of producing argan more than other countries.

argan oil market grade

Category-Wise Insights

Which grade of argan oil accounts for the highest demand?

Cosmetic grade of argan oil accounts for the highest demand, attributed to wide applicability. Argan oil is primarily utilized to nourish the skin prevent acne, eczema, healing scar tissues, dry skin, psoriasis, and many more. It is enriched with vitamin A, vitamin E, and essential fatty acids.

Who are the prominent end users of argan oil?

Argan oil is being utilized by both, cosmetic and edible ingredient manufacturers, in which, the edible segment accounts for around 20% and the cosmetic segment has 80% of the global market share. Argan oil has wide prospects in terms of application with a number of end users. Some of the prominent end users and applications are:-

  • The cosmetics industry has vast usage of argan oil for premium cosmetics meant for skincare. Argon oil is enriched with some vital vitamins such as vitamin A and vitamin E, along with skincare-oriented properties.
  • Argon oil is primarily used to cure skincare issues such as acne, eczema, scar tissues, dry skin, and psoriasis.
  • Antioxidant and fatty acids properties of argon oil are good for nourishment of the hair, which keeps it moisturized and protected from damage due to free radicals. This results in less breakage and shedding.
  • Argan oil is widely utilized in the food & beverage industry.
  • Argan oil is rich in antioxidants, nutrients, and inflammatory components that are beneficial for treating chronic illnesses.

How is the cosmetics industry shaping growth of the argan oil market?

Argan oil has deep penetration in the cosmetics and skincare industry due to shifting preference of consumers from chemical-enriched products to organic and herbal substitutes. This is the most prominent reason propelling overall market growth. Argan oil is primarily used for nourishment of the skin, enriched with vitamin A, vitamin E, fatty acids, and anti-aging property. It helps cure some dermatological issues such as acne, eczema, scar tissues, dry skin, psoriasis, and many more. 

  Prominent players in the skincare and cosmetics market are taking initiatives and performing research & development on new products incorporated with argan oil. This a potential driving factor for the sales of argan oil, with demand expected to rise even faster over the coming years.

L’Oréal and Unilever have exported a major chunk of argon oil produced in Morocco in the past years for the manufacturing of different hair care products. 

How has COVID-19 impacted sales of argan oil?     

With the onset of novel coronavirus, almost every industry has faced a decline in their revenue bars. Lockdowns were imposed almost all across the globe to flatten the curve of daily increase in cases. Because of social-distancing measures, production was shut, resulting in adverse effects on the global economy. During this time, the supply chain was massively disrupted and hampered market growth.

The market was in a stagnant phase during the first two quarters of 2020. Global demand also reduced massively, resulting in a major fall in revenue. 

However, it is expected that the market will regain its normal growth trajectory in the first quarter of 2021.

Competitive Landscape

Fact.MR has profiled the following prominent manufacturers of argan oil in the report-

  • Agadir International
  • Beauty Quest Group 
  • Earthly Body           
  • Inspired Beauty Brands 
  • Sivan SM 
  • GIE TARGANINE ET AUTRE COOPERATIVES 
  • Cooperative Toudarte 
  • Cooperative Targante 
  • Cooperative Taytamatine 
  • Cooperative Ajdigue NtArganine

Beauty Quest Group is one of the biggest players in the market with annual revenue of US$ 130 Mn. It is followed by the Inspired Beauty Brands, accounting for US$ 34 Mn of annual revenue.

Fact.MR provides detailed profiles of leading players in the global market who are primarily involved in the manufacturing of argan oil, with essential data points considering market prospects. Profiling of companies includes some key points such as recent developments, SWOT analysis, and key strategies that companies are adopting in the market.

Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & Tons for Volume

Key Regions Covered

North America, Latin America, Europe, and the Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Mexico
  • Brazil
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • China
  • Japan
  • India
  • GCC
  • Turkey

Key Segments Covered

  • By Form
  • By Grade
  • By Nature
  • By Packaging Format
  • By Application
  • By Sales Channel
  • By Region

Key Companies Profiled

  • Beauty Quest Group
  • Inspired Beauty Brands
  •  Sivan SM
  • Earthly Body
  • Cooperative Toudarte

Customization & Pricing

Available upon Request

Key Questions Answered in Report

Q1. How will the argan oil market expand until 2031?

Fact.MR projects the market to portray a steady growth of around 7% CAGR across the 2021-2031 assessment period. High demand for cosmetic grade argan oil is anticipated to drive growth in a positive direction.

Q2. What is the most prominent growth driver for argan oil?

Cosmetics and pharmaceutical use will act as a prominent driver for argan oil sales over the long-term forecast period. The phenomenon of market fragmentation is mainly due to the ability of the product to diversify.

Q3. Which players have strong prevalence in the argan oil industry?

Prominent players manufacturing argan oil include Beauty Quest Group, Inspired Beauty Brands, Sivan SM, Earthly Body, Cooperative Toudarte, and others.

Enquiry before Buying

Is the research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions. 

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.  

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.

How can I buy this report?

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Key Market Segments

  • Form
    • Absolute
    • Concentrate
    • Blends
  • Grade
    • Culinary Grade 
    • Cosmetic Grade
  • Nature
    • Organic
    • Conventional
  • Packaging Format
    • Bulk (B2B) Packaging
    • B2C Packaging Format
  • Application
    • Cosmetic Products 
    • Edible Products 
  • Region
    • North America
    • Latin America
    • Europe
    • Asia Pacific 
    • Middle East & Africa

Argan Oil Market: Scope of Report

A recent study by Fact.MR on the argan oil market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with argan oil.

The study also provides the dynamics that are responsible for influencing the future status of the argan oil market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies manufacturing argan oil along with their product portfolios enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales of argan oil across the globe.

A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of argan oil during the forecast period. Price point comparison by region with global average price is also considered in the study.

Market Segmentation

Fact.MR has studied the argan oil market with detailed segmentation on the basis of form, nature, application, grade, packaging format, sales channel, and region.

By Form

  • Absolute
  • Concentrate
  • Blends

By Nature

  • Organic
  • Conventional

By Application

  • Cosmetic Products
    • Moisturizers
    • Shampoo
    • Tinctures
    • Anti-aging Creams
    • Others
  • Edible Products

By Grade

  • Culinary Grade
  • Cosmetic Grade

BY Packaging Format

  • Bulk (B2B) Packaging
  • B2C Packaging Format
    • Less than 100 ml
    • 100 ml – 250 ml  
    • 250 ml – 500 ml 
  • More than 500 ml

By Sales Channel

  • Direct Sales
  • Modern Trade
  • Drug Stores
  • Specialty Stores
  • Online Retail

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • MEA

“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”

Analysis on Market Size Evaluation

The argan oil market has been analyzed for each market segment in terms of Volume (Tons) and value (US$ Mn).

Market estimates at global and regional levels for argan oil are available in terms of “US$ Mn”. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report.

Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global argan oil market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.

Country-specific valuation on demand for argan oil has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value for emerging countries has also been included in the report.

In-depth Analysis on Competitive Landscape

The report sheds light on leading manufacturers of argan oil, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of argan oil has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolio and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the argan oil market.

Prominent companies operating in this market include Agadir International, Beauty Quest Group, Earthly Body, Inspired Beauty Brands, Sivan SM, GIE TARGANINE ET AUTRE COOPERATIVES, Cooperative Toudarte, Cooperative Targante, Cooperative Taytamatine, and Cooperative Ajdigue NtArganine.

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Argan Oil Market, Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031