Morocco Argan Oil Market Size & Share, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

  • TBI590975
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel

Industry Insights, Market Size, CAGR, High-Level Analysis: Morocco Argan Oil Market

The Morocco argan oil market size was estimated at USD 70.3 million in 2018 and is expected to ascend at a CAGR of 20.7% over the forecast period. This market is anticipated to be driven by increasing consumer preferences for natural ingredients in hair treatment and skincare products. The product is characterized by antioxidant and cardiovascular protective properties and also has triacylglycerol and cholesterol-lowering effects. Morocco oil contains ingredients such as lupeol, omega-3 & omega-6 fatty acids, antioxidant tocopherols, beta amyrine, butyrospermol, and triterpenoids. Such a complex blend of ingredients has prompted manufacturers of various cosmetics, medical, and aromatherapy products to incorporate this argan oil in their products. This, in turn, is anticipated to boost Morocco argan oil market growth over the coming years. Manufacturers of personal care & cosmetic products are inclined toward increasing the consumption of argan oil in advanced cosmetic solutions in order to ensure healthy skin and hair. Such initiatives are expected to drive the overall demand for Morocco argan oil in cosmetics application segment. Furthermore, the global product demand is witnessing an increase in food application on account of a shift in consumer preference toward a healthy lifestyle. A healthy and fat-free lifestyle translates into increased demand for healthy vegetable oils including argan oil. Organic personal care market envelops a wide range of products including skincare, hair care, oral care, cosmetics, and products from other niche segments. A prime characteristic of this market, which also attracts consumers, is the natural appeal of the products. With limited or no synthetic input involved in the manufacturing processes of organic personal care products, the original properties of the ingredients are retained, thus increasing their effectiveness. Technological innovation in the production process in Morocco has played a significant role as it has replaced manual extraction process with machines. This has led to increased production of argan oil in less time. Modifying the quantity of biochemical components through various extraction processes is projected to play an important role in the coming years.

Type Insights of Morocco Argan Oil Market

Rising utilization of organic argan oil as an active ingredient and a clean product for cosmetics is anticipated to fuel the market demand. In addition, using organic argan oil for body massages helps in restoring the skins lost moisture. Appropriate moisture keeps the skin hydrated and gives it a healthy & radiant look. The trees that produce the seeds and the fruits from which this oil is extracted grow majorly in Morocco, the north-west of the African continent. These trees grow in South Morocco, between the Anti-Atlas Mountains, the High Atlas, and the Atlantic Sea. Argan oil produced in these areas is of the purest form and comprises several beneficial medicinal and health properties. Organic oil is mainly used as a key ingredient in the production of cosmetic products. Solvent extraction and flash distillation are among the different manufacturing processes used for the production of organic argan oil in Morocco. However, these processes are tedious as well as time-consuming. Lately, argan oil has been officially permitted with a credential of geographical origin. This implies protection for the products of a definite geographical origin and areas that possess abilities specific to a particular geography. As argan oil also comes under these norms, only the product produced from the fruit of the trees growing naturally in Morocco should be sold in the markets.

Form Insights

Absolute is a concentrated form of the product, which is extracted from the plant kernels through solvent extraction techniques. The production of this form involves the pulverization of the kernels followed by suspension in solvents. After a succession of such processes, the solvents are vaporized to obtain the oil. However, spurs of the solvents may remain in the oil. In order to prevent the oxidation of fatty acids, ascorbyl palmitate and tocopherols may be added to the oil. Apart from chemical extraction, mechanical and traditional extraction techniques are also used to obtain the product. Absolutes find application in perfumery, aromatherapy, and cosmetic products. Consumers in Morocco are highly inclined toward using traditionally produced products. Increasing consumer demand for argan blends in topical applications coupled with rising consumption of blends in cosmetics sector is projected to drive this segment over the forecast period.

Distribution Channel Insights

The local market in Morocco is competitive in nature owing to the presence of local as well as multinational brands such as Oriflame Cosmetics, Avon, and Bio Agadir among others. Argan oil products are extensively distributed throughout Morocco across supermarkets and hypermarkets. The manufacturers are focused on positioning themselves so as to benefit from the changes in retailing in the country. This is further expected to drive specialty retail sales of this oil as well as infused cosmetics over the forecast period. Specialty retailer is one of the fastest-growing distribution channels in Morocco owing to increasing infrastructure development and rising purchasing power of consumers. As per the Moroccan Investment Development Agency, between 2016 and 2017, retail sector accounted for 12% of the countrys GDP and employed over 13% of the labor force. This factor is anticipated to draw foreign brands and franchises into Morocco.

Application Insights of Morocco Argan Oil Market

Personal care & cosmetics emerged as the largest application segment and accounted for a market value of USD 27.6 million in 2018. The growth of this segment can be attributed to growing consumer awareness about their skin, hair, and lifestyle. Cosmetics include hair care as well as skincare products. Skincare consists of moisturizers, anti-aging products, environmental defense products, and skin-enhancing creams. When applied directly onto the skin, Morocco argan oil helps in decreasing juvenile acne, skin irritation, wrinkles, and chickenpox pustules. It is used on a large scale in cosmetic products as it has a moisturizing effect on the skin and helps in boosting skin softness. In addition, it helps prevent skin aging, has scar-healing properties, and also guards the hair shaft. Morocco argan oil is used for medical purposes as it is rich in antioxidants, vitamin E, and contains crucial unsaturated fatty acids.

Market Share Insights of Morocco Argan Oil Market

Manufacturers in Morocco have been producing argan oil using traditional and mechanical processes for various applications such as cosmetics, medical, and food. There are a number of cooperatives in the country, wherein women are engaged in producing and transporting the product to refineries for further processing. Key manufacturers include Oriental Group, SARL AU, ARGANisme, and ZINEGLOB among others. There are a significant number of distributors, wholesalers, traders, and sellers/marketers of Morocco argan oil. Some market participants include Argan Oil Inc., Argan Export Company, and Mabioma Export Sarl among others. There is a high degree of integration among the market players in Morocco. Arganfarm collaborates with new emerging players and offers them private labeling services in order to help them strengthen their market presence.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Morocco Argan Oil Market Research Report

This report forecasts revenue growth at country level and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the Morocco argan oil market report on the basis of type, form, application, and distribution channel:

Type Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

  • Natural
  • Organic

Form Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

  • Absolute
  • Concentrate
  • Blend

Application Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

  • Personal Care & Cosmetics
  • Medical
  • Aromatherapy
  • Food
  • Cleaning & Home

Distribution Channel Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

  • Supermarket/Hypermarket
  • Specialty Retailer
  • Online Stores
  • Others

Table of Contents
Chapter 1 Methodology and Scope                   1.1 Market Segmentation & Scope                   1.2 Information Procurement                       1.2.1 Purchased Database                       1.2.2 GVR’s Internal Database                       1.2.3 Secondary Sources                       1.2.4 Third Party Perspective                   1.3 Primary Research                       1.3.1 Primary Sources                   1.4 Information Analysis                       1.4.1 Data Analysis ModelsChapter 2 Executive Summary                   2.1 Market OutlookChapter 3 Market Va
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