Argan Oil Market Size, Share, Growth Analysis, By Type(Organic, Conventional), By Form(Absolute, Concentrate, Blends), By Grade(Culinary Grade, Cosmetic Grade), By Region - Industry Forecast 2024-2031

Global Argan Oil Market size was valued at USD 299.45 million in 2022 and is poised to grow from USD 333.59 million in 2023 to USD 791.21 million by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031).

Growing demand from the food, health care, and cosmetics industries is anticipated to propel market expansion. Due to customers' increasing understanding of the value of improving both their general appearance and manner of life, the personal care and cosmetics industry is rising. People are switching from synthetic to natural personal care products as a result of the increasing occurrence of skin and hair disorders such acne, dermatitis, dry and damaged hair, and skin ageing problems.

The Loreal Annual Report estimates that the global market for cosmetics will reach more than 200 billion euros by 2031. Due to the development of numerous argan oil-infused products, including hair serums and gel creams, by big manufacturers like L'Oréal and Lakme, the organic skincare market is expanding in nations like the United Kingdom, France, and Germany. Men's grooming products including hair oils, shower gels, beard oils, skin creams, and waxes that contain argan oil and other essential oils are becoming more and more popular, which is assisting the growth of the industry. It takes a lot of time and effort to collect and produce argan oil.

US Argan Oil Market is poised to grow at a sustainable CAGR for the next forecast year.