Global Corn Oil Market to Grow with a CAGR of 7.5% through 2028
The global corn oil market is driven by various
factors such as increasing health consciousness among consumers, the expanding
food industry, and the growing industrial applications of corn oil.
According to the
TechSci Research report, “Corn Oil Market – Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”, the Global Corn Oil market
stood at USD5.65 billion in 2022 and is anticipated to grow with a CAGR of 7.5%
in the forecast period, 2024-2028. Corn oil, extracted from the germ of maize
(corn) kernels, has become a staple in kitchens worldwide and is also a key
component of various industrial applications. This golden-hued vegetable oil
has grown in popularity due to its neutral flavor, high smoke point, and
versatility. However, beyond its culinary uses, corn oil plays a significant
role in the global market, with various factors driving its production,
consumption, and trade.
One of the primary growth
drivers for the corn oil market is the rising demand for healthier cooking
oils. Corn oil, with its lower saturated fat content and high levels of
heart-healthy monounsaturated and polyunsaturated fats, has gained favor among
health-conscious consumers. As consumers become more aware of the link between
diet and health, they are increasingly choosing corn oil as a healthier
alternative to traditional cooking oils, such as soybean and palm oil.
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The most common application
of corn oil is in cooking and culinary purposes. Its high smoke point makes it
ideal for frying, sautéing, and deep-frying. Additionally, its mild flavor
makes it suitable for salad dressings and marinades. Corn oil is widely used in
the food processing industry, where it serves as a valuable ingredient in
products like baked goods, snacks, and ready-made meals. Its stable shelf life
and versatility make it an attractive choice for food manufacturers.
Corn oil is used in the
production of biodiesel, contributing to the renewable energy sector. The oil's
availability and suitability for biodiesel production have driven its use in
this environmentally friendly application. Beyond food and biofuels, corn oil
also has industrial applications. It is used in the manufacturing of soaps,
cosmetics, and industrial lubricants, where its properties make it a suitable
ingredient.
Furthermore, the food
processing industry's expansion has played a pivotal role in boosting corn oil
consumption. Corn oil is a common ingredient in various food products,
including baked goods, snacks, and salad dressings. The growing global appetite
for processed and convenience foods has directly contributed to the increased
demand for corn oil as an ingredient.
Corn oil manufacturers are
exploring opportunities for product innovation, including the development of
specialty corn oils with enhanced nutritional profiles or specific functional
properties to meet evolving consumer needs. The global corn oil market is
highly interconnected through international trade. Import and export patterns
can be influenced by factors such as tariffs, trade agreements, and shifts in
consumer preferences in different regions. Clean labeling, which emphasizes
transparency and simple, natural ingredients, is a trend influencing food
product development. Corn oil's reputation as a simple, minimally processed oil
aligns well with this trend.
The global corn
oil market is segmented based on type, distribution channel, application, and
region.
Based on the type, the market
is segmented into edible corn oil and non-edible corn oil. Among these, the edible
corn oil segment has a significant share in the global corn oil market during
the forecast period. Edible corn oil is recognized for its health benefits, as
it is low in saturated fats and trans fats while being rich in heart-healthy
monounsaturated and polyunsaturated fats. Health-conscious consumers often
prefer cooking oils like corn oil that contribute to a balanced diet and help
reduce the risk of cardiovascular diseases.
Based on region, the market
is segmented into North America, Europe, Asia Pacific, Middle East &
Africa, and South America. Among these, the North America region has a
significant share of the global corn oil market during the forecast period. North
America boasts state-of-the-art corn oil extraction and processing facilities.
These modern plants use advanced technologies, including solvent extraction and
cold pressing, to obtain high-quality corn oil efficiently. The advanced
processing capabilities ensure that North American corn oil meets stringent
quality standards, making it a preferred choice for various applications.
Major companies operating in the
global corn oil market are:
- Ingredion
Incorporated
- Richardson
International
- Roquette
Frères.
- Abu
Dhabi Vegetable Oil Company LLC.
- Archer-Daniels-Midland
Company
- Associated
British Foods
- Bluecraft
Agro
- Cargill
Inc
- Grain
Processing Corporation
- Greenfield
Specialty Alcohols
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“The global corn oil market
is driven by various factors, including health-conscious consumer choices,
expanding food processing industries, and its diverse applications. While
challenges like price volatility and competition persist, the market continues
to adapt to changing consumer preferences and sustainability concerns. The
future of the corn oil market will likely be shaped by evolving trends in
health and wellness, sustainability, and innovation in both product development
and production practices. As it navigates these dynamics, the corn oil industry
remains a vital player in the global vegetable oil market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Corn Oil Market By Type
(Edible Corn Oil and Non-Edible Corn Oil), By Distribution Channel (Supermarkets/Hypermarkets,
Direct Sales, Online, and Others (Convenience Stores)), By Application (Food
& Beverage, Pharmaceuticals, Cosmetics & Personal Care, Biodiesel), By Region, By Competition Forecast & Opportunities, 2018-2028F,
has evaluated the future growth potential of the corn oil market
globally and
provides statistics and information on market structure, size, share, and
future growth. The report provides cutting-edge market intelligence and helps decision-makers
to make sound investment decisions. Besides, the report also identifies the
emerging trends along with essential drivers, challenges, and opportunities
present in the market of corn oil globally.
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