Global Argan Oil Market – High Demand From Cosmetics Industry to Promote Growth | Technavio

LONDON–(BUSINESS WIRE)–#Research–The global
argan oil market is expected to grow at a CAGR of more
than 20% from 2018-2022, according to a new market research report by
Technavio.

Global argan oil market segmentation by application and geography

Technavio’s report on the global argan oil market analyses the business
dimensions and presents a comprehensive breakdown in terms of market
segmentation by application, which includes by application includes
cosmetics, food, and pharmaceutical. As projected in 2017, around 46% of
the market share originated from the cosmetics segment. The increasing
inclination of consumers toward botanical and herbal ingredients is
creating demand for argan oil in cosmetics.

Based on geography, the global
argan oil market has been segmented into the Americas, APAC, and
EMEA. As of 2017, 48% of the market share came from EMEA.

“EMEA dominated the global market in terms of volume as the rural
economy of the region, especially in Morocco, depends on the yield of
this product for food, shelter, wood, livestock feed, and charcoal. The
demand for argan oil is high in the region,” says a senior analyst
at Technavio for specialty
chemicals research.

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Global argan oil market: competitive vendor landscape

The global argan oil market is concentrated with the presence of
a few multi-national players. Competitors are investing in R&D to
develop innovative products which can be differentiated from substitutes
such as olive oil and cold-pressed sunflower oil. ARGANisme, Bios
Agadir, Biopur, Nadifi Argan, and ZineGlob SARL are some of the leading
players in the market.

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Other topics covered in the report:

Market drivers:

• Consumer preference toward natural products
• Increasing demand from culinary and cosmetic applications

Market trends:

• Global penetration and merchandising
• Increasing demand from pharmaceutical industry

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argan oil market report free of cost

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