GLOBAL ARGAN OIL IN PERSONAL CARE MARKET SIZE (2024 - 2030)

According to estimates, the Argan Oil in Personal Care market would be worth USD 123.9 Mn in 2023 and USD 281.44 Mn in 2030, growing at a 10.8% CAGR.

Industry Overview:

The use of organically extracted oils like Argan Oil in Personal Care products has expanded due to rising consumer demand for beauty products and the growth of the cosmetics sector, which is propelling market revenue growth. The usage of Argan Oil in skincare and hair care products has increased due to its anti-inflammatory and antioxidant characteristics. Due to its advantages for moisturising skin, brightening complexion, conditioning hair, and other benefits, this is a key ingredient in personal care products. On June 16, 2022, ten Moroccan engineering students announced the creation of ArgaCare, a line of biodegradable cosmetics that use recycled Argan Oil in Personal Care remnants to treat acne-prone skin.

COVID-19 Impact:

The Argan Oil in the Personal Care market is anticipated to develop in terms of revenue as more cosmetic, food, and pharmaceutical companies use Argan Oil. The oil's omega fatty acids, vitamin E, and melatonin promote healthy skin and hair. Argan Oil is expensive to produce and widely available, which is limiting demand and slowing market revenue development. A survey found that in September 2019, 55% of respondents overall preferred a reputable brand to a recently released brand, and another 45% preferred to properly take care of their skin and hair without sacrificing brands or ingredients. Global demand for Argan Oil in Personal Care is rising as consumers desire more organic and organically derived oils in their personal care products. Manufacturer of hair care products Wella Operations US LLC added a professional dark oil range on November 3, 2020. It is a lightweight hair mask filled with jojoba and Argan Oil to nourish hair, lessen frizz, and generally take care of the hair.

MARKET DRIVERS

Argan Oil’s health benefits and the growing pharmaceutical industry are driving market dynamics

Argan Oil’s antioxidant qualities and the lipids it contains make it a crucial component of therapeutic goods. High levels of antioxidants in this oil, including linoleic and oleic acids, can slow the ageing process by scavenging free radicals that harm cells. Vitamin E, which is present in this oil, is beneficial for enhancing the body's immunity. Eczema, psoriasis, acne, skin infections, and many other skin disorders can be treated with the qualities of Argan Oil. Fatty acids help lower bad cholesterol and raise good cholesterol in the body, which lowers the chance of developing heart disease. Because of this oil's antiproliferative, hepatoprotective, anti-diabetic, anti-sebum, and anti-aging qualities, producers have started using it in cosmetic and beauty products. As a result, the market is experiencing revenue growth due to the rising use of Argan Oil in Personal Care products.

The growing tendency of people toward the adoption of healthy and affordable personal care products among people is notably driving the market growth:

Consumers across the globe are comprehending the importance of well-balanced and healthy substitutes of oils in the market which is vital for the overall personal growth of the consumers. This gravitating attitude of consumers toward the adoption of argan oil is increasing the demand for it in the global market.

MARKET RESTRAINTS

Restricted supply and property of substitutes is restraining growth in Argan Oil in Personal Care Market

There are an increasing number of alternatives to Argan Oil in Personal Care, including hazelnut and walnut oil. Argan Oil’s application in food products may be restricted by the hazelnut oil's nutty flavour, which may also lower demand for it on the international market. Hazelnut oil can be an excellent alternative to Argan Oil in Personal Care for reducing hyperpigmentation, safeguarding against UV damage, minimising the appearance of scars, boosting collagen synthesis, moisturising, and hydrating skin. Due to their nutritional advantages, other essential oils are frequently utilised in substitutes for this oil hampering its global market growth.

ARGAN OIL IN PERSONAL CARE MARKET REPORT COVERAGE:

This research report on the global Argan Oil in Personal Care Market has been segmented and sub-segmented based on type outlook, form outlook, application outlook and region.

Argan Oil in Personal Care market segmentation – By Type Outlook

1. Conventional

2. Organic

The Argan Oil in the Personal Care market is divided into conventional and organic categories based on type. In 2021, the conventional segment had the biggest revenue share. The traditional argan tree, which is rich in fatty acids and other necessary elements, is where conventional Argan Oil is often harvested. Demand for Conventional Argan Oil in Personal Care is anticipated to be driven by its use in cosmetics, health items, food, and medications. MyGlamm introduced a creamy-textured BB foundation stick in November 2020 that is enhanced with Argan Oil and is anticipated to fuel the segment's revenue growth. During the projected period, a significant revenue growth rate is anticipated for the organic segment. Another factor boosting demand for organic Argan Oil in Personal Care is people's growing preference for using natural foods and nutrients. Demand for organic Argan Oil in Personal Care is anticipated to increase due to its use in high-end cosmetic and beauty products. The introduction of 100% organic Argan Oil in Personal Care by different cosmetics firms, like Argan, for maintaining healthy hair, nails, and skin is anticipated to boost the segment's revenue growth.

Argan Oil in Personal Care market segmentation – By Form Outlook

1. Absolute

2. Concentrate

3. Blend

The Argan Oil in the Personal Care market is divided into three categories based on their form: Absolute, Concentrate, and Blend. In 2021, the segment with the highest revenue share was Absolute. Due to the methods used to extract this oil, there are variations in the forms of Argan Oil. Most often in Morocco, this oil is extracted from the tree in its absolute form using solvent extraction methods. The oil is prepared by grinding grains and letting them float in solvents. Vaporization also aids in the extraction of oil. The segment's revenue is increasing due to the use of this purest form in various cosmetics, drugs, fragrances, and aromatherapy goods. Throughout the forecasted time, it is anticipated that the blended segment's revenue will expand steadily. This section includes vegetable oil, essential oil, and Argan Oil for use in handcrafted goods and meal preparation. It is anticipated that rising consumer demand for Argan Oil in Personal Care in topical and food products will drive the segment's revenue growth. During the projection period, the concentrate segment is anticipated to experience a moderate revenue increase. Argan Oil concentration varies depending on the type of cosmetic product and can reach up to 10%.

Argan Oil in Personal Care market segmentation – By Region

1. North America

2. Europe

3. Asia-Pacific

4. South America

5. Middle East and Africa

Regional analysis shows that the Asia Pacific region's Argan Oil in Personal Care market held the greatest revenue share in 2021. The demand for additional nutrients is rising as the beauty product market in Asia Pacific nations including India, China, and Japan expands. Growth in the market for beauty products is anticipated to promote increased sales of this oil in this area. Trycone, the top beauty brand in India, debuted three serums on February 8 along with its line of effective nutritious hair care products that include Argan Oil in Personal Care, shea butter, onion oil, fenugreek seed oil, bhringaraj, and other ingredients to ensure a high-quality product. Demand for Argan Oil in Personal Care is anticipated to increase due to its significance in recently launched cosmetics in Asian nations. During the projected period, the North American market is anticipated to grow rapidly in terms of revenue. The surge in sales of this oil in this region is being driven by new product development and product launches like the Mario Badescu Coconut Body Oil by the New York-based Mario Badescu Skin Care, Inc. Stretch mark reduction using Argan Oil is advised by the American Academy of Dermatology (AAD), demonstrating the oil's rising commercial appeal. During the projection period, a moderate revenue growth rate is anticipated for the European market. In order to make their goods more sustainable, the cosmetic industries are looking for more organic ingredients. Growing consumer demand for sustainable products is anticipated to fuel market revenue growth in the area.

Argan Oil in Personal Care market segmentation – By Company

Argan Oil in the Personal Care industry has a condensed competitive landscape with a select number of large businesses competing on a global and regional scale. To upgrade their individual product portfolios and establish a strong foothold in the global market, key players are working on product development and strategic alliances.

1. PURUS International, Inc.

2. Argane Aouzac

3. Arganisme Cosmetics

4. Arganfarm

5. ZINEGLOB

6. ARGANBULK

7. Kamakhya Bottlers

8. Malakbio

9.  Essence of Argan

10. Saadia Organics 

NOTABLE HAPPENINGS IN THE ARGAN OIL IN PERSONAL CARE MARKET IN THE RECENT PAST:

• On May 3, 2022, Namaste Beauty introduced a line of high-quality, cruelty-free vegan products inspired by the holistic health of ancient India. These products are designed to care for skin and hair by reviving the skin, restoring the spirit, and enhancing natural beauty. Argan Oil in Personal Care's inclusion in a variety of beauty product lines is anticipated to boost sales.

• On January 13, 2022, Josie Maran, the inventor of Argan Oil in Personal Care-powered beauty, released Argan Apothecary, its first OTC-approved product.