The global argan oil market is
expected to reach USD 1.79 billion by 2022, according to a new report by Grand
View Research, Inc. Expanding medical application base coupled with widening
argan based cosmetic product lines is expected to drive global industry growth
over the forecast period.
Growing preferences for health
conscious diet among population particularly in developed markets of North
America and Europe has been driving demand for healthy and low fat vegetable
oil such as argan oil which in turn is expected to enhance overall industry
growth in the near future.
In depth research report on Argan Oil Market
Further key findings from the report suggest:
•
Global argan oil market was
4,835.5 tons in 2014 and is expected to reach 19,622.5 tons by 2022, growing at
a CAGR of 19.6% from 2015 to 2022.
•
The product is considered as
one of the most expensive vegetable oil. This is on account of limited supply
coupled with high requirement. Expensive nature of product is expected to
result into high revenues over the forecast period.
•
Cosmetics segment was the
leading application segment and accounted for over 40% of total demand in 2014
and is expected to show significant growth in the coming years. Growth of
personal care industry is expected to drive this segment over the forecast
period.
•
Medical and food application
areas are expected to witness high growth rates over the forecast period.
Product demand in medical segment is expected to be driven by its potential to
cure diseases including cancer, inflammatory problems, cholesterol levels and
food digestion.
•
Middle East & Africa was
the leading regional market both in terms of production and consumption. Argan
oil is majorly consumed by rural economy of Morocco, which is major producer
therefore demand rate is higher in the region as compared to others.
•
North America is expected to
witness the highest CAGR of 20.2% from 2014 to 2022 on account of its
increasing demand in cosmetics for hair treatment and skin care products and in
medical industry for disease treatment.
•
Global industry has a limited
number of refiners and a strong distribution network on account of limited
sources and producing region. Key manufacturers include OLVEA, Nadifi Argan,
Biopur and Zineglob.
Grand View Research has
segmented the argan oil market on the basis of application and region:
Global Argan Oil Application Outlook (Volume, Tons,
Revenue, USD Million, 2012 - 2022)
•
Cosmetics
•
Food
•
Medical
Global Argan Oil Regional Outlook (Volume, Tons, Revenue,
USD Million, 2012 - 2022)
•
North America
•
U.S.
•
Europe
•
Germany
•
Asia Pacific
•
China
•
Japan
•
Middle East & Africa
•
Morocco
•
Central & South Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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