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prevents skin dryness and makes it supple . It is a key ingredient used in anti -ageing products . Such a trend would thus , propel the market for anti-ageing products to expand at a 7.5 % CAGR from 2016 to 2024 .
The food & health care segments will experience robust growth in the forthcoming years . Medicinal properties of the oil to reduce cholesterol levels and provide additional energy will boost these segments . It has the potential to keep cancer , inflammatory problems , and indigestion at bay .
On the basis of regions , the argan oil market is fragmented into Middle East & Africa ( MEA ), Central & South Africa , North America , Asia Pacific , and Europe . In volume terms , MEA leads the global industry . This region is further anticipated to register the highest growth over the aforementioned period . Morocco is a prime producer of the product in this region with a capacity of nearly 4 KT annually . It exports 700 tons every year . The Moroccan industry is poised to enhance its production capacity to 10 KT by 2020 . This owes to the growing demand for organic products in North America and Europe .
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North America will expand at a CAGR of over 20 % in the forecasting horizon due to high demand for health & beauty care products . However , the Asia-Pacific ( APAC ) region exhibits a high growth potential due to widespread application in health care and food industries . The rising geriatric population in Japan , South Korea , and China can also augment regional demand .
Major players within the argan oil market are Nadifi Argan Oil , Zineglob SARL , Sidi Yassine , and OLVEA Group . Due to limited production , only a few refiners in this market supply the products through sellers , traders , and distributors . Some of these players function as
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