Global Argan Oil in Personal Care Market is projected to reach the value of $281.44 million by 2030

According to the report published by Virtue Market Research , in 2022, the Global Argan Oil in Personal Care Market was valued at $123.9 million, and is projected to reach a market size of $281.44 million by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 10.8%.
The Argan oil industry has witnessed significant growth in the personal care sector over the past few years. Extracted from the kernels of the Argan tree native to Morocco, Argan oil has gained immense popularity for its numerous benefits in skincare, hair care, and other personal care applications.

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One of the primary long-term market drivers for Argan oil in personal care is the growing consumer awareness of natural and organic products. As people become more conscious of the potential harmful effects of synthetic chemicals in beauty products, they are shifting towards natural alternatives like Argan oil. This increased awareness about the benefits of using natural ingredients is propelling the demand for Argan oil-based personal care products.

However, the COVID-19 pandemic had a dual impact on the Argan oil market. On one hand, the market faced challenges due to disruptions in the supply chain and distribution channels. Travel restrictions and lockdowns in producing regions hindered the harvesting and processing of Argan oil, leading to supply shortages. On the other hand, the pandemic also amplified the demand for natural and organic personal care products as consumers prioritized health and wellness. This surge in demand partially offset the negative impact of the pandemic on the Argan oil market.

A short-term market driver for Argan oil in personal care is the rising popularity of multi-functional products. Consumers seek convenience and value in their beauty routines, and Argan oil fits the bill perfectly. It is a versatile ingredient that can be incorporated into various personal care products such as moisturizers, serums, hair oils, and even lip balms. The ability of Argan oil to address multiple beauty needs in a single product appeals to time-conscious consumers, driving the market's growth.
Amid the growing demand for sustainable and eco-friendly personal care products, there lies a significant opportunity for Argan oil in the industry. Being an organic and renewable resource, Argan oil aligns with the sustainability preferences of modern consumers. Brands that promote eco-consciousness and ethical sourcing of ingredients can tap into this opportunity by including Argan oil in their product formulations.

An emerging trend observed in the Argan oil market is the fusion of traditional and modern beauty rituals. As consumers become more interested in ancient skincare practices and rituals, Argan oil, with its rich Moroccan heritage, gains traction. Brands are now highlighting the traditional uses of Argan oil in Moroccan beauty rituals while also incorporating innovative formulations to cater to modern preferences. This trend allows the Argan oil market to bridge the gap between age-old wisdom and contemporary beauty needs.

Segmentation Analysis:
The global Argan Oil in Personal Care Market segmentation includes:
By Type: Conventional, Organic
Conventional Argan oil is widely produced and used in personal care products due to its popularity and accessibility. It is sourced from traditional cultivation practices without being certified organic. While Conventional Argan oil remains the largest segment in the market, there is a notable shift in consumer preferences towards organic options.

Organic Argan oil, on the other hand, is derived from Argan trees grown without the use of synthetic fertilizers, pesticides, or chemicals. It is produced following strict organic standards, making it a more environmentally-friendly and sustainable choice. As consumers become more conscious of their beauty choices, the demand for Organic Argan oil is expected to grow significantly during the forecast period, making it the fastest-growing segment in the market.

By Form: Absolute, Concentrate, and Blend
Absolute Argan oil is the purest and most potent form of this precious oil. It undergoes minimal processing, ensuring that it retains all its natural nutrients and benefits. Absolute Argan oil is highly sought after for its high concentration of nourishing properties, making it the largest segment in the Argan oil market.

Concentrate Argan oil is a more refined version of Absolute Argan oil. It is carefully processed to create a powerful and concentrated form of the oil, making it ideal for targeted skincare and hair care applications. While Concentrate Argan oil is widely used, it is not the largest segment, as Absolute Argan oil retains its position as the most preferred choice among consumers.

Blend Argan oil is a combination of Absolute or Concentrate Argan oil with other natural oils or ingredients. These blends are formulated to offer specific benefits, such as anti-aging, moisturizing, or hair repair. The popularity of Blend Argan oil is on the rise as consumers seek personalized and specialized beauty solutions, making it the fastest-growing segment in the Argan oil market.

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Regional Analysis:
North America is a leading market for Argan oil in personal care products. With its growing beauty-conscious population, the demand for natural and organic beauty solutions has surged. Consumers in North America are increasingly embracing the benefits of Argan oil for their skincare, haircare, and other beauty needs. The region's preference for organic and sustainable products has significantly contributed to the popularity of Argan oil in the personal care market.

Europe is another significant market for Argan oil in the personal care industry. The region's consumers are known for their keen interest in beauty and wellness, making them receptive to natural and herbal beauty products. The versatility of Argan oil, coupled with its nourishing properties, has made it a sought-after ingredient in various personal care products. The market in Europe is driven by a growing awareness of the benefits of Argan oil for healthy skin and hair.

Asia-Pacific is the largest segment in the Argan oil personal care market. The region's beauty culture places a strong emphasis on traditional and natural ingredients, making Argan oil a perfect fit. Its popularity in skincare, haircare, and other beauty products has soared, driven by consumer demand for effective and natural solutions. The availability of a wide range of Argan oil-based products has further fueled the market's growth in the Asia-Pacific region.

South America is a growing market for Argan oil in the personal care industry. The region's consumers are increasingly seeking out natural and organic beauty products, creating opportunities for the growth of Argan oil-based offerings. The unique benefits of Argan oil for hair and skin care have resonated with consumers in South America, contributing to the market's expansion.

The Middle East & Africa region holds significant potential for Argan oil in the personal care market. Argan oil is native to Morocco, which falls within this region, and its traditional use in beauty and wellness has laid the foundation for its global popularity. As consumer awareness of the benefits of Argan oil grows, the market in the Middle East & Africa is expected to witness further growth.

Latest Industry Developments:
• Companies in the Argan Oil in Personal Care market are diversifying their product offerings to cater to a wider range of consumer needs. They are introducing new formulations of Argan oil-based products, such as facial serums, hair masks, and body lotions, to target specific skincare and haircare concerns. This trend allows companies to capture a larger market share by appealing to different segments of the beauty-conscious population.

• As consumers increasingly value sustainability and ethical practices, companies are focusing on sourcing Argan oil responsibly. They are partnering with local cooperatives in Morocco, where Argan trees are indigenous, to ensure fair trade and support the local communities. Highlighting their commitment to sustainability in their marketing strategies, these companies aim to attract environmentally-conscious consumers and gain a competitive edge in the market.

• In recent times, companies in the Argan Oil in Personal Care market have embraced digital marketing and e-commerce to enhance their market share. They are leveraging social media platforms, influencer collaborations, and online advertisements to reach a broader audience and create brand awareness. Moreover, the rise of e-commerce has allowed these companies to tap into global markets, expanding their customer base beyond traditional brick-and-mortar retail.

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This release was published on openPR.