Argan Oil Market Size, Industry Analysis Report, Regional Analysis, Application Development Potential, Price Trend, Competitive Landscape & Forecast, 2021 – 2027
Report ID: GMI274
Global argan oil market size was estimated at over 3 kilo tons in 2015. Increase in natural products demand from regions such as North America and Europe has prompted morocco government to raise production to 10 kilo tons by 2020 with creating new chain of modern argan farms.
Morocco argan oil production capacity is estimated at close to 4 kilo tons per annum. Increase in naturally derived ingredients demand for cosmetics & personal care products coupled with growing awareness of toxicity of fossil derived chemicals is likely to drive demand. They are widely preferred in cosmetic products and have found acceptance in Europe and U.S. argan oil market.
Morocco argan oil market exports count up to approximately 700 tons per year. Much of the oil is used I skin care & hair care products. Major personal care & cosmetic companies such a L’Oreal and Unilever source it to use in product portfolio. L’Oreal has introduced product under the brand name which is argan oil containing serum whereas, Unilever has introduced Dove hair care shampoos & conditioners containing the oil. L’Oreal procures argan oil in sufficient quantities from BASF, which buys from Morocco based Berber cooperatives.
It is widely preferred in skin care products as it counters drying & elasticity loss of skin, delay wrinkles and makes skin suppler & toned. Anti-ageing product market containing organic & naturally derived ingredients for skin & hair care applications is likely to grow at a CAGR of over 7.5% from 2016 to 2023. It is expected to provide a lift for sale in hair care product segment which can make the personal care & cosmetic market exceed USD 100 billion over the forecast period. U.S. argan oil market price may see a surge over the forecast period.
It contains essential fatty acids such as oleic acid (43-49.1%), linoleic acid (29.3-36%), stearic acid (4.3-7.2%) and palmitic acid (11.5-15%).They help in improving the structural benefit in membrane fluidity and epidermis barrier functions. This factor helps skin to store high levels of gamma tocopherols (vitamin E), which prove to be powerful antioxidants for neutralizing free radicals. It helps in protecting cell membranes from lipid oxidation which helps in slowing down ageing process.
Argan oil contains 200% more vitamin E (tocopherols) in comparision to olive oil, which acts as an anti oxidant and free radical scavenger. The manufacturers can derive up to 771 mg of tocopherols per kg of oil in comparison to 320 mg per kg of olive oil. It also increases the effectiness of sunscreen products and also helps in preventing & treating scars.
It also has high sterol content, particularly schottenol (44-49%) which attribute inhibitive properties to cellular development. This factor helps argan oil to substitute cholesterol for cosmetic applications Also five types of triterpenic alcohols including lupeol, were identified in argan oil which poses anti inflammatory properties useful for cosmetic applications. It also contains some copper traces which supports in developing collages for skin applications.
It contains ferulic acid which increases the antioxidant properties when exposed to sunlight and provides anti-septic and anti-inflammatory properties. It also contains phenols such as tyrosol, syringic acid, resorcinol, catechin, catechol and epicathechin.
Increasing application scope in cooking is likely to drive demand over the forecast period. It is widely used as a common ingredient in couscous and taijines. It is also preferred to be used as an ingredient for many seasoning types and can be used in for meat and fish foods.
The global argan oil market share is fragmented with production bases concentrated in Morocco. The market is unregulated with the presence of many manufacturers & traders supplying different quality of oil at different rates. Argan oil producers are engaged in trading domestically and export large quantities of the product. Some of the producers have trade names while some trade unbranded and few have retails offices in North America or Europe.
Major companies include Sidi Yassine, Marogonia, Vima Souss, Malak Bio, Amorre, BioAdorates, Zineglob and Mabioma. Sidi Yassine also has retail branch in Switzerland whereas Marogonia manufacture the product for Olvea. Some brand names include Tiwarga, Natubelle, Argamine, Argane Achifae. Mabioma is engaged int exporting the product.
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