Cosmetics back $1.8bln growth of global corn oil market –Technavio

The corn oil market is compelled by the growing applications of maize oil in cosmetics and personal care products: research

  

Mubasher: The global market of corn oil industry, also known as maize oil, is poised to witness a growth of $1.83 billion during the period from 2020 to 2024 at a compound annual growth rate (CAGR) exceeding 7% during the forecast period, BusinessWire said, citing Technavio.

Technavio, the leading global technology research and advisory company, pinpointed that the corn oil market is compelled by the growing applications of maize oil in cosmetics and personal care products.

In addition, the more corn oil is used in producing bioplastic, the more this market will witness a growth, as seen by Technavio. Bioplastic is a biodegradable material from renewable sources and can be used to reduce the problem of plastic waste.

Due to its rich composition of valuable nutrients and antioxidant properties, corn oil has been widely used in the manufacture of cosmetics and personal care products as it contains more than 80% of unsaturated fatty acids such as oleic acid (omega 9) and linoleic acid (omega 6).

“In addition, it is rich in vitamins A, E, C, and B and can regenerate damaged cell membranes. Thus, the increasing applications of maize oil in the cosmetics and personal care products segment is expected to drive market growth during the forecast period,” BusinessWire added according to Technavio.

Major Five Maize Oil Market Companies:

Abu Dhabi Vegetable Oil Co. (Advoc)

Headquartered in the UAE, Advoc operates its business under various segments, including Sourcing & Processing, Cooking Oil & Your Health, and Sales & Distribution.

Archer Daniels Midland Co. (ADM)

With the head office located in the US, ADM offers products through these business units; origination, oilseeds, carbohydrate solutions, and nutrition.

Associated British Foods Plc (ABF)

Headquartered in the UK, ABF has various business segments; grocery, sugar, agriculture, ingredients, and retail, while it offers Mazola corn oil.

Cargill Inc.

This US-based company offers products via its business segments products & services.

Conagra Brands Inc.

Based in the US, Conagra operates its business through these segments; grocery and snacks, refrigerated and frozen, foodservice, pinnacle foods, and international.

Source: Mubasher

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