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.
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Technavio has published a new market research report on the global argan oil market from 2018-2022. (Graphic: Business Wire)
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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