Asia Pacific Argan Oil Market Outlook

asia pacific argan oil marketis largely driven by the increasing demand for skincare & hair care products by young population across the region, particularly food and tourism. the region has witnessed booming growth in tourism and culinary segments in recent years, driving up the demand for natural exotic ingredients, such as argan oil, as ingredients in the food & beauty segment. in addition to the growing popularity in food and beauty products, the market for argan oil in asia pacific is mainly driven by consumers’ preference to seek plant-based products (products derived from plant sources). plant-based products are increasingly being viewed as safer and “more natural” alternatives to synthetic elements, which is driving the increased demand for argan oil in the region. the region is also witnessing the growing popularity of online retail for personal care products, with e-commerce sales forecasted to reach us$ 280 bn by 2021. this is primarily driven by increasing penetration of internet and rising awareness of natural ingredients among consumers in the region. this provides a thrust to market for argan oil in asia pacific as well. moreover, increasing sophistication of the personal care & cosmetics market in asian countries, such as china and south korea, has also given a fillip to argan oil market in the region. china accounted for the largest market share of argan oil market in 2016 and is expected to remain the largest market in the region over the next few years, due to its large population and increasing buying power of consumers in the country. in conclusion, asia pacific argan oil market is expected to witness a strong growth over forecast period, owing to the increasing demand for natural products from a large population base and surging demand for organic and natural cosmetics, skincare and hair care products in the region. however, the market is not without its own set of challenges, such as the difficulty in sourcing raw materials in bulk and limited availability of organic argan oil. nevertheless, the market presents a promising growth opportunity for new players in the region.