Global argan oil market is expected to be driven on account of increasing preferences in cosmetics including moisturizer, skin toner, exfoliators, acne reducer, stretch marks removal cream, burn & razor bumps removal cream, hair conditioner, lip care, nails treatment product lines.
Multinationals including Unilever and L’Oreal are expanding their argan based skin and hair product lines owing to increasing consumer preferences. These extracts are obtained from argan trees found in Morocco, far north-west of Africa. The product is also used as an edible oil for salads, amlou and bread dip.
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Global market is also expected to witness high growth owing to its widening applications in medical industry as according to researches it is expected to be used for cancer treatment, inflammation, arthritis, cholesterol, pregnancy stretch marks and skin ailments.
Increasing population in the region has resulted into extinction of trees. Recently, UNESCO listed these trees in its World Heritage endangered list. Decreasing in argan population is expected impact rural economy as the extract is an essential product for living as it is widely used in food, shelter, livestock feed, charcoal and firewood.
Regional government is expected to take initiatives to increase oil production over the forecast period in order to meet global demand. In addition, other countries including Israel are also making efforts to grow these plants to meet Morocco demand.
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Argan oil consists of beta amyrine, anti oxidant tocopherols, butyrospermol, essential fatty acids, lupeol and triterpenoids which enables the product to perform efficiently. These high nutrients coupled with limited supply have resulted into higher prices of the products which in turn are expected to restrain overall industry growth over the foreseeable future.
Further, cheaper and excessive demand of alternatives such as coconut oil and ceramides is expected to hinder global market demand in the coming years. Global industry is segmented on the basis of application. Key applications include cosmetics, medical and food.
Cosmetics include skincare, haircare, nail and makeup products. Argan oil is widely used in hair treatment and skincare areas. This segment has dominated overall market and is expected to continue the trend over the forecast period.
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