Prominent applicability of Argan oil across the beauty circle is likely to receive an equally strong parallel support by the growing awareness about cardiac activity boosting properties of Argan oil. The latter factor is identified to serve critical in elevating Argan oil usage in food and beverages industry in the near future, translating into an estimated revenue of over US$ 1.5 Bn by the end of 2022 – alone from F&B sector.
Vitamin deficiency and low metabolism are also among the top concerns among consumers that are proven to be addressed effectively by Argan oil consumption, pushing the demand for Argan oil further. The global Argan oil market revenue is expected to approach the valuation of around US$ 6 Bn by 2022 end. As concluded by a recently presented research study on global Argan oil market by Fact.MR, the market will perform at a moderate pace over the next five years, i.e. 2017-2022.
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The past decade has been observing a mass consumer shift towards herbal and botanical ingredients used in food, medical, and cosmetic products. While this has been among the most prominent factors propelling the demand for essential oils such as Argan oil, an expanding applicability of Argan oil in pharmacology and therapeutics is likely to emerge as a lucrative opportunity for Argan oil producers over the next few years.
Shifting consumer preferences to naturally sourced ingredients and end products is boosting Argan oil incorporation into culinary and cosmetic products, which is anticipated to fuel the revenue sales of Argan oil in the near future. Moreover, increasing global penetration of essential oils and merchandising emerging as an opportunistic area for Argan oil market stakeholders are predicted to create a positive outlook for the growth of Argan oil market through 2022.
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Visibly escalating sales of Argan oil through modern trade and online retail stores form another strong factor fueling the Argan oil market expansion, as indicated by Fact.MR’s report. By the source, natural Argan oil will remain the top selling product among consumers – possibly accounting for an approximate revenue share of three-fourth of the total Argan oil market value through 2022. Organically sourced Argan oil on the other side will continue to face the challenges posed by relatively lesser availability and higher price, resulting in restricted adoption and lower value share in Argan oil market.
Following absolute Argan oil form, Argan oil blends will remain the second most lucrative segment in the Argan oil market over the projection period. Although absolute form of Argan oil is expected to hold more than one-third revenue share in Argan oil market towards the end of 2022, the demand for blends of Argan oil will also demonstrate expansion at a similar CAGR value as the former over the forecast period. This growth in the latter is attributed to innovations in R&D of various Argan oil blends, blending techniques, and applicability. Regional assessment of global Argan oil market reaffirms that Europe will maintain lead over other regional markets for Argan oil throughout the projection period. The study however points at the positive prospects for the growth of Argan oil in the Middle East and Africa over the next few years.
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“Though MEA has been predicted to see poor growth over 2017-2022 in the report, it also highlights the fact that the encouragement by authorities such as BMZ (the German Federal Ministry for Economic Cooperation and Development) and GIZ (the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH) can potentially transform the overall scenario of MEA’s Argan oil market sooner or later,” says the senior research consultant at Fact.MR.
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