Global Corn Oil Market - 2022-2029

Market Overview

Corn Oil Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 8.12% during the forecast period (2022-2029).

Corn is a cereal grain and the corn oil is derived from the germ of corn plant which is the most widely grown and most reliable plants in the world. Due to its wide availability it might be one of the most inexpensive vegetable oils and thus is one of the most popular vegetable oil. Corn oil can be acquired by expeller pressing, refinement and steam distillation. These processes makes oil with high smoking point, thus, it is then made ideal for cooking. In addition, corn oil possesses good fatty acids which are less harmful to the health and contains good amount of vitamin E which benefits the health, skin, hairs and others.

Furthermore, increasing number of health conscious consumers is the major factor accelerating the growth of the corn oil market in the forecast period as corn oil have numerous health benefits which helps consumers maintains a good health. Moreover, corn oil has various health benefits such as it lowers cholesterol, Healthy heart, maintains blood pressure, skin health, hair health which attracts the consumers thereby propelling the market growth. Thus, owing to these benefits, the demand for corn oil in various industries such as food, personal care/cosmetics and others has increased globally.

Market Dynamics: Changing dietary preferences of consumers is driving the growth global corn oil market

Corn oil is rich in linoleic acid, which helps in maintaining the integrity of skin cells, and is highly effective in lowering serum cholesterol and increasing resistance to various diseases. The oil also contains acids that enhance cardiovascular and gastrointestinal functions. These health benefits of corn oil are increasing the demand for corn oil globally.

Furthermore, growing work culture, hectic work schedules and sedentary lifestyle occurred due to that is enabling consumers to change their dietary preferences to live a healthy life. Thus, consumers prefer products which are nutritious and beneficial for their health, this indeed increases the demand for corn oil.

Now-a-days customers can easily access information regarding the healthier alternative of cooking products, which enabled the food oil producers to manufacture and introduce a healthier version of corn oil in their product portfolio to increase the customer base. Furthermore, changing consumer dietary preferences and inclination towards nutritious food products is increasing the demand for corn oil in the market. Corn oil is used in various food applications such as sauteing & frying, salad dressings & marinades, cakes, bread and other baked products.

Consumer demand for natural, organic and plant based food products, has witnessed exponential growth in recent years. Due to increased consumer preferences for healthy and nutritious food products, along with this, the increased preference for plant-based healthy and tasty food alternatives Research studies show that the global corn oil market is anticipated to witness significant growth in the coming years.

For instance,

• In May 2022, Green Plains Inc has launched its DCO+, new technology to achieve "record-high low carbon" renewable corn oil recovery in dry grind corn ethanol facilities.

Thus, the increased awareness about the health benefits and nutritional content and other applications of corn oil increases its demand in the market which ultimately has helped the market to grow in coming years.

However, the side effects associated with corn oil such as risk of cancer, obesity and others is expected to restraint the market growth.

Market Segmentation: Edible corn oil stands for the highest share in global corn oil market

In 2021, the edible corn oil segment had the highest revenue share of YY percent. Edible corn oil have been the most preferred choice of consumers due to the growing demand for organic and chemical free food products globally, coupled with a rise in demand for healthy & nutritious products along with good taste.

In 2021, the food segment had the highest revenue share of YY percent. The key manufacturing companies focus on establishing the online product availability. Various companies also offer products on their own websites and through various channels. In addition, various companies are introducing corn oil for various industries such as food, cosmetics, household and others. Variety of applications associated with corn oil increase its demand in the market thereby helps the market to grow in coming years.

Geographical Penetration: North America is the dominating region during the forecast period

In 2021, North America had the highest revenue share of YY percent. The region has well-developed food, healthcare and cosmetic industries, where the demand for plant based, healthy and nutritious food is increasing. Consumers in U.S. prefer to eat healthy products with medicinal properties which again add to the growth of the market. In addition, corn oil is also used in majority of the household applications in U.S. as an ingredient. Thus, the increased usage of corn oil in variety of applications is driving the growth of the market.

Competitive Landscape:

The global corn oil market is competitive and comprises players such as Archer Daniels Midland Company, Cargill Inc, Associated British Foods Plc, Borges International Group S.L.U., Bunge Limted, Maricco Limited, EFC Solutions, Gulab Oils, Vicotek Palm Oil and Conagra Brands, Inc among others. The corn oil market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as agreements and product innovation for various applications. Moreover, rising research and development activities of product innovation for vegan people and consumers' preference for natural forms of products are also expected to propel market growth.

For instance,

• In June 2022, Cargill has opened first Food Innovation Center in India to address growing consumer demand for healthy, nutritious food solutions

COVID-19 Impact: Negatively impact the global corn oil market

The COVID-19 pandemic has adversely affected the economies of various countries due to lockdowns, business close, and travel bans. Food and beverages is among the major industries suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants.

In addition, the closures of the companies, production facilities 7 factories in various countries have disrupted the whole supply chains. It has negatively impacted manufacturing activities, delivery schedules, and various goods sales. Multiple companies have already announced possible delays in product deliveries and a decline in future sales of their products.

Furthermore, the restrictions on the import-export restrictions imposed by governments in various regions such as North America, Asia, and Europe are hindering geographical expansion, business collaboration and partnership opportunities. Thus, these factors are hindering the growth of the corn oil market.

However, there has been sudden shift towards the healthy and natural products, consumers specially preferred products with good nutritional value to stay away from any disorders during & after COVID-19 pandemic which has increased the demand to a certain extent for corn oil globally.

The global corn oil market report would provide an access to approximately 53 market data tables, 52 figures and 170 pages