The Morocco argan oil market size is
expected to reach USD 262.4 million by 2025 progressing at a remarkable CAGR of
20.7%. Morocco is expected to witness an increase in the consumption of argan
oil owing to high demand from medical industry. Rising demand for Morocco argan
oil in cosmetics sector is directly contributing to growing product exports to
different regions.
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Furthermore, the market in Morocco is
expected to develop on account of rising consumer preference for natural
ingredients. Growing aging population in the U.S. is another major factor
anticipated to drive the product consumption as it is used in anti-wrinkle
creams. Other factors such as initiatives by medical research institutes to
conduct argan oil-related studies are also projected to positively impact the
overall demand over the forecast period.
Constant technological advancements are
contributing to enhancing the chemical and microbiological qualities of the
product. Ascending demand for argan oil in medical and food industries is
pressurizing the key producing areas of Morocco to boost their production
levels and bridge the demand-supply gap. However, this gap is expected to
increase over the forecast period, thereby creating a need for the government
to adopt initiatives and drive the overall production.
Manufacturers of personal care &
cosmetic products are inclined toward increasing their argan oil consumption
for advanced cosmetic solutions in order to ensure healthy skin and hair. Such
initiatives are expected to drive the overall product demand in cosmetics
application segment. The widening of product distribution channels has made
these products easily accessible to consumers. Investments in R&D activities
and technological advancements in the area of processing ingredients have been
the key factors responsible for boosting the market growth in Morocco over the
past few years.
Further
key findings from the report suggest:
• Organic segment is projected to ascend
at the fastest CAGR of 22.0% over the forecast period with increasing demand
for organic products in various sectors
• The government of Morocco adopted the
auto-entrepreneur framework in 2014, which has proven to be beneficial for
entrepreneurs by providing easier access to loans and several tax benefits
• The German Agency for International
Cooperation (GIZ) GmbH is creating awareness among women cooperatives and
emphasizing the need to preserve argan forests, which is restraining the market
growth
• As argan oil is expensive, some
vendors sell diluted argan oil by mixing it with other oils. This unfair
practice of trade is likely to impact the product sales to a large extent,
thereby affecting the entire market in Morocco.
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