01.11.16
The global argan oil market is expected to reach $1.79 billion by 2022, according to a new report by Grand View Research, Inc. Expanding medical application base coupled with widening argan based cosmetic product lines is expected to drive global industry growth over the forecast period, according to the research firm.
The cosmetics segment was the leading application segment and accounted for more than 40% of total demand in 2014 and is expected to show significant growth in the coming years. Growth of personal care industry is expected to drive this segment over the forecast period, according to Grand View Research.
Medical and food application areas are expected to witness high growth rates over the forecast period. Product demand in medical segment is expected to be driven by its potential to cure diseases including cancer, inflammatory problems, cholesterol levels and food digestion.
Global argan oil market was 4,835.5 tons in 2014 and is expected to reach 19,622.5 tons by 2022, growing at a CAGR of 19.6% from 2015 to 2022, according to Grand View Research.
North America is expected to witness the highest CAGR of 20.2% from 2014 to 2022 on account of its increasing demand in cosmetics for hair treatment and skin care products and in medical industry for disease treatment.
The cosmetics segment was the leading application segment and accounted for more than 40% of total demand in 2014 and is expected to show significant growth in the coming years. Growth of personal care industry is expected to drive this segment over the forecast period, according to Grand View Research.
Medical and food application areas are expected to witness high growth rates over the forecast period. Product demand in medical segment is expected to be driven by its potential to cure diseases including cancer, inflammatory problems, cholesterol levels and food digestion.
Global argan oil market was 4,835.5 tons in 2014 and is expected to reach 19,622.5 tons by 2022, growing at a CAGR of 19.6% from 2015 to 2022, according to Grand View Research.
North America is expected to witness the highest CAGR of 20.2% from 2014 to 2022 on account of its increasing demand in cosmetics for hair treatment and skin care products and in medical industry for disease treatment.