(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The global corn oil market size was valued at USD 5.34 billion in 2021 and USD 5.86 billion in 2022. The market is expected to reach USD 9.37 billion by 2029 with a CAGR of 6.95% during the forecast period. Variegated applications of this oil in numerous industries such as pharmaceuticals, cosmetics, and animal feeds are anticipated to drive market growth. Increasing consumption of the product in fuel, food, and industrial applications is expected to propel the market course in a growing direction. Increasing demand for non-GMO and fortified products is expected to facilitate market development. Fortune Business Insights TM shares this information in its report titled“ Corn Oil Market, 2022-2029. ”
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List of Key Players Profiled in the Report
Abu Dhabi Vegetable Oil Company LLC. (U.A.E) Archer-Daniels-Midland Company (U.S.) Associated British Foods (U.K.) Bluecraft Agro (India) Cargill Inc (U.S.) Grain Processing Corporation (U.S.) Greenfield Specialty Alcohols (Canada) Ingredion Incorporated (U.S.) Richardson International (Canada) Roquette Frères.(France)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 6.95 % |
| 2029 Value Projection | USD 9.37 Billion |
| Base Year | 2021 |
| Corn Oil Market Size in 2022 | USD 5.86 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 223 |
| Segments Covered | By Type, By Application |
| Corn Oil Market Growth Drivers | Rising Health Consciousness to Propel Consumption of High Nutritional Value Food to Fuel Growth |
| Increasing Investments in R&D to Improve Commercial Cultivation to Offer Growth Opportunities |
Segments
Edible Segment to Dictate Owing to Various Therapeutic Properties
On the basis of type, the market is divided into edible and non-edible. The edible segment is anticipated to dominate owing to various therapeutic properties. The oil has various health benefits such as improving heart health, lowering cholesterol, lowering blood pressure, being an emollient for the skin, and others. Consumers who are focusing on a healthy lifestyle are opting for the product.
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Food and Beverage to Lead the Segment as it is Used in Various Processes
Based on application, the market is divided into food & beverage, pharmaceuticals, cosmetics & personal care, animal feed, industrial, and biodiesel. The food & beverage segment is expected to have a major part as the product is used in food preparation for enhancing the food flavor, adding texture, making baked products crispier, and helping conduct heat while cooking. It is considered one of the best oils for deep-frying or shallow-frying and has more flavor than other vegetable oils. Corn oil is also used as feedstock for the production of biodiesel and as a supplement to animal feed.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Demand for Non-GMO and Fortified Products to Drive Market Expansion
The preference for clean-label and minimally processed food and beverage ingredients is predicted to drive the corn oil market growth. Increasing demand for non-GMO and fortified products is set to propel market development. The oil has exceptional frying quality, pleasing taste, and high levels of polyunsaturated fats making them applicable for snack food, baking, food service, and retail bottling. In October 2018, Healthy Food Ingredients has introduced a non-GMO corn oil, which is naturally refined, bleached, and deodorized. The company is set to increase its production capacity for supply assurance.
However, the presence of various substitute oils such as canola, rice bran, olive, and groundnut oil is projected to hinder market growth.
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Regional Insights
North America to Lead Market Share Due to Increasing Dependency on Renewable Sources
North America is expected to govern the corn oil market share due to increasing applications of the product in feedstocks and food industries. The growth for biodiesel is growing due to the increasing demand for green fuels across the aviation industry. The region reached a valuation of USD 2.90 billion in 2021 due to awareness regarding the importance of leading a healthy lifestyle. Food manufacturers make efforts to support the consumption of low-calorie and cholesterol-free oils that help in the reduction of cardiovascular diseases and blood-cholesterol levels and improve digestion and metabolism.
Europe is also set to hold a noteworthy position in the market due to high demand from Germany and Italy. The demand in the region is high for feedstock production in European countries.
Competitive Landscape
Partnership Strategies by Key Players to Advance Market Course
Various players of the market have been focusing on new product launches and partnership strategies. In August 2019, Benson Hill Biosystems, a U.S. biotech company, entered into a partnership with Brownseed Genetics. The new Brownseed Genetics breed of corn yielded about 9% of corn oil, nearly tripling the average production. The company also targeted the corn-to-ethanol Industry with its E+ hybrid, which produced this oil as its by-product and was majorly used for cooking and biodiesel fuel.
Key Industry Development
August 2022: I.C.M. Inc, a U.S.-based biofuel industry, signed a contract with Impacto Energia S/A and Impacto Bioenergia. Both the companies have agreed to build a new dry-mill ethanol production facility in Bahia and Brazil, with an estimated Q1 of the year 2025 start date. The new plant is designed for a daily grinding capacity of 1,700 metric tons of corn and is equipped with I.C.M.'s proprietary Base Tricanter System, Selective Milling Technology, and Fiber Separation Technology.
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Detailed Table of Content:
Introduction Research Scope Market Segmentation Research Methodology
Executive Summary Market Dynamics Market Drivers Market Restraints Market Opportunities Market Trends
Key Insights Market Overview of Related/Parent Market Industry SWOT Analysis Regulatory Analysis Recent Industry Developments - Policies, Mergers & Acquisitions, and New Product Launches Supply Chain/Value Chain Analysis Market Analysis and Insights (in Relation with COVID-19) Impact of COVID-19 on the Market Supply Chain Challenges due to the Pandemic Potential Opportunities Due to COVID-19
Global Corn Oil Market Analysis, Insights and Forecast, 2018-2029 Key Findings / Summary Market Size Estimates and Forecast By Type (Value) By Application (Value) Food & Beverages Pharmaceuticals Cosmetics & Personal Care Animal Feed Industrial Biodiesel
By Region (Value) North America Europe Asia Pacific South America Middle East & Africa
TOC Continued...!
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