PUBLISHER: Grand View Research, Inc. | PRODUCT CODE: 1178746
PUBLISHER: Grand View Research, Inc. | PRODUCT CODE: 1178746
The global corn and corn starch derivatives market size is expected to reach USD 118.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.4% from 2022 to 2030 in terms of revenue. The market is anticipated to propel in the coming yearsdue to increasing adoption in food and beverages, detergent, paper and board, processed food industries.
Rising demand for convenience food products due to increasing female working population coupled with rising living standards and economic conditions is expected to have a positive impact on the market. Increasing penetration of corn starch in household recipes as thickening agent for marinades, casseroles, sauces, gravies, and soups are further propelling the market growth in the forecast period.Corn starch is also helpful for humans in treating glycogen storage disease (GSD), this factor will also have a positive impact in the market.
Corn oil is a type of vegetable oil extracted from the corn germ, found in both edible and non-edible forms. Corn oil consists of polyunsaturated fatty acids as well as has low content of saturated fats owing to which it is considered as a healthy alternative compared to other edible oils. Thus, rising cases of lifestyle diseases along with changing consumer perception towards healthy lifestyle is driving the demand for corn oil in the forecast period. Furthermore, the increasing usage of corn oil in biofuel production as well as several other industrial products which includes soaps, textiles, paints, poultry, pharmaceuticals, and pesticides are projected to propel market growth.
Leading market players are focused in introducing new products in the market to increase their market share and consumer base. Increasing awareness for plant-based protein among consumers is raising the demand for corn protein in savory products, canned fish, canned meat, seasoning mixtures, instant snacks, puffed food and many more. Advancement of technologies in corn production to increase the yield is also expected to increase the usage of it as raw material in various applications.
The market in Asia Pacific is projected to have a significant CAGR during the forecast period. Favorable and supportive government agricultural policies as well as shifts in consumer's eating styles have raised the demand for convenience and processed food products, thus driving market growth in this region. Remdesivir injection helps to restrict the spread of SARS-CoV-2 virus as well as helps adults for quick recovery. Thus, rising pharmaceutical industry with increasing usage of cyclodextrin in the manufacturing of remdesivir injection has raised the demand for corn starch.