Global Dry Milling Market

Global Dry Milling Market Size (2024 to 2032)

The global dry milling market was valued at USD 84.6 billion in 2023 and is anticipated to reach USD 90.18 billion in 2024 from USD 150.38 billion by 2032, growing at a CAGR of 6.6% from 2024 to 2032.

Market Drivers

The popularity of dry milling has been growing in the past few years because of its wide applications in animal feed and the production of bioethanol. The growth of the global market is driven by the increasing demand for products such as Ethanol, cornflour, cornmeal, and others. The demand for varieties of snacks using corn flour is growing at a higher rate, which is anticipated to propel the growth rate of the dry milling market. Corn is a common staple food made by grinding the whole corn kernels and can used to prepare many types of snacks. For instance, according to a recent study, almost 90% of Americans eat one to three snacks daily. 82% of American adults have become addicted to ultra-processed snacks in day-to-day life. The demand for snacks is also growing in India, where the morning snack is becoming more popular, with 42% of Indians attributed to enjoying morning snacks such as protein bars and crackers. Therefore, the growing constant demand for the consumption of processed snacks or daily snacks is greatly influencing the growth rate of the market.

The corn flour has a special role in making the bakery items. This substance can be used to make muffins, doughnuts, pancake mixes, and other major bakery items. This not only adds texture but also adds good taste to the products. Thus, the increasing prominence of bakery products is greatly influencing the growth rate of the market. In China, the demand for bakery items is growing at a faster rate, and the retail sales of bakery items totaled 28.38 billion in 2022.

The trend toward the penetration of the latest technological advancements is creating robust growth opportunities for the market. In 2021, RACAM was launched by Rieco at ANUTEC India. RACAM (Rieco Air Classifying Action Mill) was developed with recent technological solutions that are sustainable in dry powder grinding. This equipment is big enough to handle large capacity and is low in noise. The innovations by the topmost companies are adding fuel to the growth rate of the market. Strategic acquisitions by the key players that eventually build up their product portfolio are propelling the growth of the dry milling market. For instance, Great River Milling in Fountain City, Wisconsin, was purchased by Enrich Foods LLC to promote the new milling operations. The great milling in fountain company has private label capacities for top-tier retailers. Enrich Foods and Columbia Grain International have particularly collaborated to provide healthy and enriched foods in the United States.

Market Restraints

However, the shortage of labor has become one of the major factors restraining the growth rate of the market. A lack of knowledge about the distribution of corn size will eventually disturb the final output, which further degrades the market’s growth rate. It is a common fact that the dry milling process will have significant yield losses accordingly, and this attribute is likely to limit the growth rate of the dry milling market. The availability of another alternative process to yield the best with eventually no loss is strongly impacting the demand for the dry milling process and causing a decline in the growth rate of the market.

Growing health-related complications with the consumption of processed and ultra-processed food products are likely to slow down the growth rate of the dry milling market. Ultra-processed foods are less nutritious, and some scientific research shows that the risk of cancer is rising with these foods. Therefore, a growing number of health-conscious people across the world is likely to impede the demand for snack products, which is negatively impacting market growth. The availability of cheaper products where the quality of the raw materials used is very low when compared to the original products is acting as a barrier for the market's key players. 

IMPACT OF COVID-19 ON THE GLOBAL DRY MILLING MARKET

Dry milling market share declined due to the spread of COVID-19. Lockdown restrictions and supply chain disruptions are two major factors that showed negative results on the growth rate of the market. The global health crisis affected the economy in an unprecedented way that further created disruptions in every sector. As the world is now coming into pre-COVID terms, the demand for dry milling has started to rise. The dry milling market share quickly started to rise with the rising demand to produce food products around the world. Major companies have started investments, and new projects are taking place that are likely to propel the growth rate of the dry milling market in the foreseen period.

 REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Dry Milling Market By End-Product

The ethanol segment is leading with a prominent share of the market. The increasing population is proportional to the rising number of vehicles. The growing number of vehicles is further escalating the demand for the fuel, which is implied to accelerate the growth rate of the ethanol dry milling market. Corn flour market is next in leading the dominant share of the market with the rising demand for various food products.

Global Dry Milling Market By Application

The fuel segment is ascribed to have a robust growth rate during the forecast period, whereas food and feed segments are to grow significantly in the coming years with the growing consumption rate of animal feed in developed and developing countries.

Global Dry Milling Market By Source

The yellow corn segment has a significant growth rate, whereas the white corn segment flourished with the highest CAGR during the forecast period. Yellow corn has special benefits in producing animal feed and Ethanol, which is inclined to show positive growth opportunities for this segment.

REGIONAL ANALYSIS

Asia Pacific has had a prominent dry milling market share for the past few years. Increasing demand for the production rate of animal feed using the dry milling process is gearing up the market size in this region. The shifting trend towards the adoption of automation technology is greatly amplifying the demand for dry milling procedures to produce renewable biofuel. Also, the ongoing demand to supply food for the livestock is elevating the market growth rate. India is one of the largest producers of milk and meat, which implies increasing the production of feed to animals at a higher rate. According to recent data, India’s cattle stock was more than 193 million head. Therefore, the dry milling market share is higher in the Asia Pacific region.

Following Asia Pacific, North America is next in leading the dominant share of the dry milling market. High disposable income and increasing preference for processed food are major attributes ascribed to boost the share of the market. The US dry milling market was valued at USD 22 billion in 2022.

Europe is estimated to hit the highest CAGR by the end of 2029 with the presence of key companies and their strategies to expand their product portfolios. Also, growing demand to increase the production rate of biofuel with the initiative to provide necessary incentives and policies in favor of the end, users are likely to fuel the growth rate of the market in European regions.

Latin America is showcased to grow at a steady pace during the forecast period. The consumption rate of meat and dairy products has increased since 2018, which is inclined to fuel the demand for animal feed. To meet the demand for feed production rate, the dry milling market share is growing steadily. The Middle East & Africa dry milling market is to have potential growth opportunities in the foreseen years.

KEY MARKET PLAYERS

Cargill (U.S.), Archer Daniels Midland Company (U.S.), Bunge Limited (U.S.), SunOpta, Inc. (Canada), Grain Millers Inc. (U.S.), Semo Milling, LLC (U.S.), LifeLine Foods, LLC (U.S.), Pacific Ethanol Inc. (U.S.), Green Plains Inc.(U.S.), Flint Hills Resources, LP (U.S.), C.H. Guenther & Son, Incorporated (U.S.), Valero Energy Corporation (U.S.) are some of the prominent companies in the global dry milling market.

RECENT HAPPENINGS IN THE GLOBAL MARKET

• In 2023, Archer Daniels and Philips 66 PSX collaborated together to perform the operations of converting grain-based alcohol into jet fuel. Archer Daniels, one of the leading companies in dry milling, is focussing on producing renewable sources in a joint venture with Phillips 66 PSX. 

DETAILED SEGMENTATION OF THE GLOBAL ELECTRIC VEHICLE TRANSMISSION MARKET INCLUDED IN THIS REPORT

This research report on the global electric vehicle transmission market is segmented and sub-segmented into the following categories.  

By End-Product

• Ethanol
• DDGS
• Corn Grits
• Cornmeal
• Corn Flour
• Others

By Application

• Fuel
• Feed
• Food

By Source

• Yellow Corn
• White Corn

By Region

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa