Exponential demand for premium beauty products and shifting preference towards organic ingredients will boost the global argan oil market share. Cosmetic companies are expected to realize the benefits of anti-aging properties in argan oil, which has made it into a cult beauty product today. The penetration of argan oil will consequently depend upon its commercial availability in health and cosmetic products. Prominently, the richness of antioxidants and fatty acids contained in the substance will expedite its usage in skincare.
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Meanwhile, there has also been a momentous product demand over the recent years fueled by the personal care sector. This specifically comes in the wake of its unprecedented popularity in the haircare sector. It has brought a paradigm shift among millennials and the Gen Z population in terms of products like shampoos, serums, and masks. Several cosmetic brands are banking on argan oil to nourish, bolster, and moisturize hair as they put out new product formulations.
Global Market Insights, Inc., forecasts that the argan oil market size would account for a significant valuation by 2027.
The trend for organic argan oil could play an invaluable role in the beauty sector in the ensuing period. The personal care industry is vying to seize opportunities amidst the rise in body-conscious consumerism and ethical beauty trend. Its application in skin care products, haircare, and potential treatment of acne will propel the market presence of organic argan oil. The natural appeal of organic products and their profound application as a primary ingredient in cosmetic products will encourage cosmetic brands to expand their product portfolios.
The use of argan oil in blended form has become a major revenue pocket on the heels of strong demand from the food and cosmetics industries. The blended form with essential oils and vegetable oils has become highly desirable for home product, cleaning, and food recipes formulations. Consumption of blends in personal care and cosmetics will be pronounced in the next six years or so. Stakeholders expect blends of argan oil to be sought-after in dry haircare products and topical applications.
The Middle East and Africa (MEA), underpinned by commercial-scale production in Morocco, is likely to spearhead the global argan oil market revenue share. Manufacturers have upped the production of both conventional and organic argan oil for personal care & cosmetics and food applications. Morocco will continue to be the hub for the production of argan oil and will further the presence of leading companies across the region.
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North America has also emerged as a happy hunting ground on the back of increased demand for aromatherapy and medical applications. The trend for blend-form of argan oil will be noticeable for their antioxidant and Vitamin E properties. The American population will potentially seek organic argan oil in the cosmetic sector owing to its natural composition, skin nourishment and unique moisturizing abilities. Besides, argan oil has also set the trend in culinary applications and as a flavoring dip and as a recipe ingredient.
While the geographical expansion of the product has been unparallel, the onset of the COVID-19 pandemic has possibly dented the revenue chart of the argan oil industry. Specifically, the demand outlook from the food & beverage industry became bleak in 2020. That said, strong demand from the personal care & cosmetics, medical and cleaning applications was witnessed globally. Stakeholders shifted their attention to the beauty industry to overcome the economic fallout from the coronavirus outbreak. They upped their investments in the online distribution channel that is likely to gain strength in the coming years.
Soaring demand for oil in beauty products will augment the demand from cosmetic companies. Also, its robust usage in aromatherapy and food applications will continue to add fillip to the global argan oil industry outlook.
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