Corn oil Market

Global Corn Oil Market Size (2024 to 2029):

Global Corn Oil Market is expected to be worth USD 4.63 billion by 2024, and to reach USD 7.1 billion by 2029, with a CAGR of 8.93% during the forecast period 2024-2029.

Corn oil is extracted from maize, a member of the plant family Poaceae. The oil collected from maize is used for multiple purposes and is widely sold across the world. The united states are the largest producer of corn oil. The oil is mainly extracted by pressing the maize in an expeller, three main different procedures are used, hexane extraction, deodorization, and winterization. The procedure of corn oil extrusion can be a difficult process as corn mostly contains starch and fewer oils, however, the new optimizations in the industry have made it relatively simpler than before. The market for oils from sources other than conventional ones drives the growth of this market during the forecast period. The rising popularity of corn and different variety of vegetable oils support the growth of the market. 

Global Corn Oil Market drivers:

The rising prices of cooking oil and the population shifting toward new oil options support the growth of the market. The corn oil market is growing because corn oil is much cheaper than regular cooking oil and also has a high smoking point, making it the perfect fit for deep frying different foods. Corn oil is used in multiple cooking processes for foods like cakes, bread, marinades, salad dressings, shortenings, sauces, etc. Corn oil in cooking is also used to produce margarine, a fatty spread made from animal or vegetable fats. Additionally, the ease of growing corn and the growing technologies for corn oil extraction drive market growth. Additionally, the heavy health benefits associated with corn oil also support its growing popularity. For example, corn oil is said to be rich in vitamin E and omega fatty acids, 6 and 3. The presence of these nutrients has a very good anti-inflammatory and antioxidant effect on the body, which may help reduce the risk of heart attacks, and diabetes, and even reduce the chances of cancer. The application of the oil is also said to relieve symptoms of arthritis and gastrointestinal ulcers. The high presence of phytosterols in corn helps it act as an extremely beneficial for the health and well-being of the heart and helps inhibit the growth of tumors along with reducing the absorption of cholesterol in the body. Furthermore, corn oil is also used as animal feed or hominy further supporting market growth.

The application of corn oil in a wider range of multiple industries also supports the growth of the market. For example, it is not only used in cooking but also for industrial purposes and the cosmetics market. The highly refined corn oils are used in industrial oils like gasoline and diesel and are put in powered engines for smooth functioning. The oil is also used in biodiesel, erasers, and paints, preventing rust in metal, nitroglycerin, textiles, insecticides, inks, etc. It can also be used as a disinfectant and sink shiner. Therefore, the multiple uses support the corn oil market growth. The cosmetic applications of the oil in soaps, hair care products, skincare products, makeup products, etc. The presence of linoleic acid in corn oil makes it extremely beneficial for skin and hair health and it provides nourishment by acting as a conditioner and emulsifying agent for the body. The oil can also help reduce the symptoms of allergies, eczema, infections on the skin, and problems like psoriasis as well. The topical application of the oil can help reduce wrinkles and blemishes on the skin. The oil helps increase oxygen production in the cells thus making the skin look lighter than before. Therefore, the several industrial and beauty applications of the product along with its use in cooking support the corn oil market demand. 

Global Corn Oil Market Restraints:

Even though corn oil has multiple applications and is a very useful product, it has several downsides to its use which pull the market back from profits. The application of corn oil in cooking is a very difficult process and populations hesitate to use the oil because it is highly processed and is produced from genetically modified corn. The chemicals present in GMO food products make people hesitant in using them. Additionally, the presence of omega-6 acids may lead to a risk of obesity, depression, and heart problems when consumed n excess quantities. Therefore, it is important to regulate the intake of corn oil and limit it. The presence of other healthier oil options like extra virgin olive oil led to a further restrain for the corn oil market size. 

Impact of covid-19 on the corn oil market:

The covid-19 pandemic had a significant impact on several markets worldwide, one of the most prominent impacts of covid was the restrictions on production, transport, and supply chains worldwide. The corn oil market had hit losses due to the restrictions on the supply of the product and the inability to provide sufficient goods at the store, however, the downfall in a production led to the rising of prices for corn oil which brought in profits for the market. The growing downfall of the ethanol and gasoline markets also led to losses for the corn oil market. Therefore, the corn oil market had a mixed impact from the pandemic, some effects were positive while some others were negative. However, the corn oil market is expected to grow in the post covid era due to the rising demand. 

REPORT COVERAGE: 

This research report on the Global Corn Market has been segmented and sub-segmented based on type, application, & region. 

Global Corn Market - By Type:

• Edible
• Non-edible

The edible segment is expected to dominate the market during the forecast period due to the continuous use of corn oil in the cooking industry. Corn oil is regularly used for achieving a crispy and crunchy texture in the food and due to its high smoking point making it less likely for food to burn. Additionally, the use of corn oil in baking and margarine production and its heavy usage in commercial cooking processes supports the growth of the segment on the corn oil market. 

The Non-Edible segment is also expected to have sizable growth in the corn oil market revenue due to the use of corn oil in the biodiesel and ethanol industries. Furthermore, it is also used in cosmetics like soaps, shampoos, and conditioners along with being used in products like inks and disinfectants supporting the market for the non-edible segment. 

Global Corn Market- By Application:

• Pharmaceuticals
• Animal Feed
• Industrial
• Cosmetics & Personal Care
• Industrial
• Biodiesel
• Food & Beverages

The Food and beverages segment is expected to dominate the corn oil market size during the forecast period due to the wide application of corn oil in the food industry because of its health benefits and its use in multiple dishes like salads, sauces, cakes, bread, etc. The presence of vitamin E and phytosterols promote the use of corn oil in the food industry. 

The Biodiesel segment is also expected to have sizable growth during the forecast period due to the growing industries of gasoline and ethanol using corn oil as an energy source. The rising concerns for the environment and the benefits of using biodiesel over conventional diesel for nature support the growth of the segment. 

Global Corn Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• MEA

The growing health awareness and production of biodiesel in the region support the growth of the corn oil market demand in North America. The market is expected to dominate in North America due to the growing transport and production of biodiesel due to the growing power plants and requirement for energy sources, especially in the first world countries like the US and Canada. The growing cases of obesity and cardiovascular problems have made the populations more health conscious and they are now making conscious health choices leading to demand for the oil. Corn oil contains phytosterols and helps keep cholesterol in check and promotes heart health leading to more demand for the oil in the region. Additionally, the US is the largest exporter of corn oil having a revenue of around $137.2M and Canada also has a $14.6M revenue in the corn oil market. 

The market in Europe is also expected to grow due to the rising production of corn oil in animal feed, feedstock, and biodiesel. The countries like France, Italy, Germany, Hungary, etc., have a strong foothold in the market driving growth. The market in Asia-Pacific is also growing due to the use of corn oil in multiple beauty industry products like soaps, shampoos, and conditioners along with its use in common items like inks and shiners. The rising efforts to avoid pollution from carbon emissions and promoting an environmentally friendly alternative in countries like China, India, South Korea, Turkey (lies in both Europe and Asia), etc., drive the growth of the corn oil market in the region. 

The market in Latin America is also expected to grow due to the high production of corn in countries like Brazil, and Argentina. The Brazilian corn oil market was at an export value of $62.0M in 2021 and is expected to keep growing during the forecast period. The export value of Argentina was recorded at $37.8M in 2021 and is growing ever since. The market in the MEA region is also growing due to the presence of health-conscious populations in countries like the UAE and Saudi Arabia. 

KEY MARKET PLAYERS:

Key market players of Global Corn market are Archer Daniels Midland Company (ADM), ACH Food Companies, Cargill, Inc., Taj Agro Internationa , Abu Dhabi Vegetable Oil Company (ADVOC), Elburg Global, Conagra Brands, Inc, Savola Group, Henry Lamotte Oils GmbH , Cairo Oil And Soap , Lam Soon Edible Oils Sdn. Bhd, K. Proteins Pvt Limited 

RECENT HAPPENINGS IN THE MARKET:

• In May 2022, Fluid Quip Technologies LLC (FQT) launched a new corn oil separation technique with a DCO+ procedure in an attempt to obtain an all-time record low-carbon. The acquisition of FQT by Green Plains Inc., in 2021 led to the shift of focus toward creating new and novel alternative feed products as Green Plains is a corn ethanol producer. The innovation is expected to help provide value-added ingredients solutions and meet the increasing carbohydrate feed production requirement. 
• In June 2022, Trucent separation technologies LLC., launched a new corn oil refining technology called "CORE", that helped significantly reduce the impurities in the distiller's corn oils (DCOs). The new technology is said to be operator friendly, has fewer costs, is efficient, and has a skid-mounted process. The result of this process is expected to yield a cleaner corn oil.