Market Dynamics
Canada’s argan oil market outlook is forecasted to be positive over the next decade. The market has experienced steady growth over the past five years due to increased demand in both international and domestic markets, increased awareness of the benefits of argan oil, and a variety of innovative products available in the market. According to the recently released annual Global Organic Argan Oil Outlook 2018-2032, the market is expected to experience significant growth throughout the next decade, expanding from an estimated 2.3 million liters in 2017 to more than 6 million liters in 2032. The international demand for argan oil has been the primary driving force behind its growth in the Canadian market. Consumers from countries such as the United States, France, Spain, and the United Kingdom have been drawn to the product due to its numerous nutritional benefits, as well as its versatility in terms of usage. Furthermore, with increased global awareness of the benefits of organic oils, the number of consumers buying organic argan oil in Canadian markets has expanded, further driving the market growth. In addition to the international demand, there has also been increased domestic demand for argan oil in Canada.
Consumers are drawn to the numerous health benefits and its various uses ranging from cooking oil to facial oil. Furthermore, with traditional beauty treatments including Moroccan hammam, argan oil has become a popular ingredient for beauty products such as shampoo, conditioners, and even hair masks. Skin care products such as face masks and creams have also become highly sought-after, further contributing to the growth of the Canadian argan oil market. In conclusion, it can be seen that the market outlook for Canada’s argan oil is expected to remain positive in the years to come. With increased global demand, growing awareness of the numerous benefits associated with the product, and a vast variety of products marketed for various applications, the Canadian argan oil market is projected to experience steady growth until 2032.
