Argan Oil Market Global Analysis, Key Players Review and Gross Margin by Forecast 2023
Globally the Argan oil market share as one of the fastest growing unconventional oil segment is estimated to escalate at a higher growth rate which is supported by the rising mass consumers demand for natural and healthy products. Rapid urbanization and increased disposable income has led to consumer’s inclination towards aromatherapy and spa’s which also has a positive impact on this market. Demand for organic and natural skin care products among the mass population is also driving the market of Argan oil.
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The increasing sale of Argan oil is driven by rising awareness among the consumers about the beneficial properties of Argan oil. High antioxidant content of the oil makes its application more significant in personal care products due to the anti-ageing property the oil imparts. Rise in consumption of healthy food products has supported the sale of Argan oil in the global market. Increasing disposable income and economy development is also found to fuel up the market demand of unconventional oils such as Argan oil. The consumption as well as production of Argan oil is found to be high in Middle East and African region and is evaluated to increase at a positive growth rate in various countries of North America, Europe and Asia Pacific region.
Consumption of organic Argan oil is growing at significant rate based on high consumers demand for chemical-free products in order to reduce the harmful effects imparted from such products. Increase in demand for effective personal care products especially among the female population has resulted in increased sale of Argan oil across the globe.
Sale of Argan oil through supermarkets and hypermarkets is found to be high on a global level. This is due to consumer convenience and preference for one-stop shopping experience. In addition, based on the adoption of advanced technology by the consumers into their daily routine and convenience shopping experience, the sale of Argan oil through e-commerce is found to escalate at a positive growth rate.
Argan oil manufacturers across various regions follow the strategy of improving their existing product line by adding innovations for their business expansion. Due to this the application of Argan oil is increasing across various industries. In the Middle East and Africa region, Morocco is among the dominating countries holding a major share in Argan oil market and exports the product in various other countries which include U.K., the Netherlands, Spain, France, Italy, and others.
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The Global Argan Oil Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Middle East and Africa (Rest of the World) holds a major market share followed by North America. High demands for healthy oils with widespread applications from the developed countries of these regions are contributing to the positive growth of Argan oil market. Morocco, U.S., the Netherlands, China, U.K., and Japan are the major importers of Argan oil.
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Labels: Argan Oil Market
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