Wheat Germ Oil Market to Witness Steady Expansion During 2019-2029
According to a new study by Transparency Market Research, the sales of wheat germ oil are expected to exceed 92 thousand tons in 2019, and record a Y-o-Y growth of ~6% in 2020. The rising demand for natural ingredients in food and cosmetic industries has led to rapid growth of the wheat germ oil market. As far as value is concerned, the wheat germ oil market is projected to expand at a CAGR of ~7% over the forecast period of 2019 to 2029.
Nutritive Properties of Wheat Germ Oil to Lead to High Usage in Supplements
Wheat germ oil is a good source of vitamin E, and is known to lower plasma cholesterol levels. Cold-pressed oil forms are in high demand, as the cold-pressed technique of extraction retains the nutritional value as well as flavor and aroma of the oil. The high nutritional value of wheat germ oil makes it a suitable addition for use in dietary supplements and feed, and these industries are expected to witness a rise in demand at a high rate, globally, in the foreseeable future, as such boosting the growth of the global wheat germ oil market.
Extensive Use in Personal Care and Cosmetic Products to Boost Demand
The beauty industry is growing at a high rate, and trends are evolving with the changing dynamics of the industry. The clean label movement is one such trend in the cosmetics and personal care industry that is gaining traction. This has influenced manufacturers in this industry to switch to natural-sourced ingredients instead of synthetic ingredients, increasing the demand for natural ingredients despite their high prices.
Wheat germ oil is gaining traction in the cosmetics industry as a natural ingredient, as it is replacing the use of shark ingredients in cosmetic products. This is the result of wheat germ oil’s richness in vitamin E and squalene. It has a wide variety of uses as an ingredient in skincare, hair care, and cosmetic products. Wheat germ oil is being used as a blend with other natural oils in personal care products, such as supplements, skin serum, creams, etc. Due to these factors, the wheat germ oil market is anticipated to experience high growth in the coming years.
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Economical Prices of Raw Material to Create Opportunities for New Players
Total global production of wheat germ was estimated to be around 25 million MT in the year 2017. Wheat germ is obtained from wheat before milling, and is used in a variety of food applications to increase the nutritional content of the food products. But due to the rapid tendency of wheat germ to become rancid, its utilization is restricted. This creates a great opportunity for wheat germ oil manufacturers, as an abundant amount of wheat germ is available at economical prices. This has resulted in opportunities for emerging players in the wheat germ oil market. Developing regions such as South Asia are anticipated to emerge as lucrative wheat germ oil markets, and the demand from such regions is expected to grow substantially in the foreseeable future.
Global Wheat Germ Oil Market: Competitive Landscape
Some of the key players operating in the global wheat germ oil market are Agroselprom, ConnOils LLC, Heze Zonghoo Jianyuan Biotech Co., Ltd., General Nutrition Centers, Inc, Hebei Jiafeng Plant oils, Grupo Plimon, Kanta enterprises Ltd., Inlife Pharma Pvt. Ltd., Kunhua Biological Technology Co., Ltd., Gustav Heess GmbH, NOW Foods, NutriPlex Formulas Inc., and Viobin USA.