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The introduction of innovative cornmeal by market players in the cornmeal industry to pique customer interest and give a lucrative potential for market growth.
Health benefits associated with consuming cornmeal, increase in demand for gluten free ingredients, rise in use of cornmeal in animal feed product.” - Allied Market ResearchPORTLAND, OR, US, April 19, 2023 /einpresswire.com / -- The cornmeal market size was valued at $729.40 million in 2021 and is estimated to reach $1.05 billion by 2031, growing at a CAGR of 3.9% from 2022 to 2031. The corn flour segment was the highest revenue contributor to the cornmeal market, with $276.4 million in 2021, and is estimated to reach $375.3 million by 2031, with a CAGR of 3.2%. The others segment is estimated to reach $353.7 million by 2031, at a significant CAGR of 4.2% during the forecast period. The corn flour and others segments collectively accounted for around 70.5% market share in 2021, with the former constituting around 37.9% share.
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Health benefits associated with consuming cornmeal, increase in demand for gluten free ingredients, rise in use of cornmeal in animal feed product, and surge in use of cornmeal in bakery products drive the growth of the global cornmeal market. However, availability of substitute products and reduction in the production of corn restrict the market growth. On the other hand, increase in demand for healthy and nutritious food products presents new opportunities in the coming years.
Regional Outlook:
Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for nearly two-fifths of the global cornmeal market. Moreover, the same region is expected to witness the fastest CAGR of 4.8% from 2022 to 2031. The cornmeal market for Asia-Pacific is expected to grow as the population is gaining interest in the new corn products in the market. The growing demand for corn in the livestock sector and human consumption has led to trade deficits and reliance on imports to meet its demand. Other regions analyzed in the report are North America, Europe, & LAMEA.
Leading Key Players
The players operating in the global cornmeal industry have adopted various developmental strategies to expand their cornmeal market share, increase profitability, and remain competitive in the market. The key players profiled in this report include General Mills, Semo Millings, Gruma, Archer Daniels Midland, Bob's Red Mill, Tate and Lyle, Bunge, Associated British Foods, Lifeline Foods, and Dover corn product ltd.
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Based on form, the corn flour segment held the highest market share in 2021, accounting for nearly two-fifths of the global cornmeal market, and is estimated to maintain its leadership status throughout the forecast period. Due to increased expenditures on corn flour in hotels, restaurants, and others, demand for corn flour is predicted to expand significantly. However, the corn grits segment is projected to manifest the highest CAGR of 4.2% from 2022 to 2031, owing to expansion of use of cornmeal in retail stores, restaurants, café, and bakery sectors.
Reason to Buy:
✅ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Cornmeal Market.
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✅ The key findings and recommendations highlight crucial progressive industry trends in the Cornmeal Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
✅ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
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Based on nature, the conventional segment held the highest market share in 2021, accounting for nearly 89% of the global cornmeal market, and is estimated to maintain its leadership status throughout the forecast period. Conventionally produced cornmeal meals guarantee a very good quantity of proteins and nutrients for each youngster and adult, which, in turn, drives the segment. However, the organic segment is projected to manifest the highest CAGR of 5.1% from 2022 to 2031, owing to the fact that its eco-friendly and beneficial for farmers.
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