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.
 |
| U.S. argan oil market revenue by application, 2012-2022 (USD Million) |
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.
Browse full
research report on Argan Oil Market: www.grandviewresearch.com/industry-analysis/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.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/specialty-and-fine-chemicals
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
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-argan-oil-market
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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