Rabat - Argan oil will see its most commercial years between 2016 and 2024, according to the results of a new market survey on the product conducted by the Moroccan government, Hespress reports.
Rabat – Argan oil will see its most commercial years between 2016 and 2024, according to the results of a new market survey on the product conducted by the Moroccan government, Hespress reports.
The study expects demand for the oil to peak in the next few years, meaning the kingdom’s argon producers – based in the Souss region in and surrounding Marrakesh and Essouira –need to gear up to supply the world’s appetite for the superfood.
The report says production will increase by 19.6 percent in the next eight years due to its incorporation in pharmaceuticals, cosmetic products and other personal care items. By the year 2024, the argon oil market will reach a MAD 22 billion valuation.
Forty percent of existing demand for argan oil comes from make-up companies, according to the analysts. Research and development departments in the cosmetics sector have extended the uses for the product, causing demand to skyrocket in recent years.
Gulf and European countries will remain the biggest consumers of the traditionally Moroccan product over the next eight years, the report says, though fellow Arab states will be more interested in using the cooking version of the substance.
Morocco exports 700 tons of argan oil every year – mostly to other North African and Arab nations. In the next ten years, the export figure is set to triple.
Chinese investors have entered the argon oil market as well, at a four thousand-ton annual production rate. By 2020, they aim to produce 10,000 tons a year.