The global corn oil market reached a value of US$ 4.7 Billion in 2019. Corn oil is a form of vegetable oil which is extracted from corn germ. It is available in both edible and non-edible forms. Corn oil is mainly composed of polyunsaturated fatty acids and has low content of saturated fats. Hence, it is considered to be a healthy alternative of other edible oil counterparts available in the market. The growing incidences of lifestyle diseases coupled with rising health awareness among consumers has significantly contributed in driving the demand for corn oil globally. Moreover, the use of corn oil in the production of biofuel and various other industrial products such as soaps, paints, textiles, pharmaceuticals, poultry, pesticides etc. have further augmented the growth of the market.
Rising health awareness among consumers has resulted into increasing preference for corn oil due to its health benefits. Moreover, increasing disposable incomes have also enabled consumers to prioritize health over product price. Moreover, as a result of rising environmental concerns, diminishing oil and natural gas resources, and the governments focusing on using cleaner fuels to reduce carbon footprint, the usage of renewable energy sources such as biofuel has been continuously increasing. Though soybean oil is currently being used as the major feedstock in biofuel production, the usage of corn oil in the same has also witnessed substantial growth in recent years. This trend is expected to further aid the growth of the corn oil market globally. Additionally, apart from food and biodiesel applications, corn oil also has a wide array of other industrial applications such as soaps, paints, pesticides, textiles etc. With increasing global population and economic growth across both developed and emerging markets, these end-use industries are also expected to witness substantial growth, creating a positive impact on the demand of corn oil. Looking forward, IMARC expects the market to reach a value of US$ 7.8 Billion by 2025, expanding at a CAGR of 8.8% during 2020-2025.
North America currently accounts for the largest share in the global corn oil market.
Product Type Insights:
The edible form of corn oil currently dominates the global market
Food applications currently represent the largest application segment.
Distribution Channel Insights:
Supermarkets and Hypermarkets currently enjoy the leading position in the global corn oil market.
The report has also analysed the competitive landscape of the global corn oil market. Some of the leading players include Archer Daniels Midland Company (ADM), ACH Food Companies, Cargill, Abu Dhabi Vegetable Oil Company (ADVOC), Elburg Global, ConAgra, Savola Group, etc.
Key Questions Answered in This Report:
Due to the spread of the coronavirus disease (COVID-19), individuals across the globe are preferring healthy cooking oil, such as corn oil, in the preparation of different dishes. However, disruptions in supply chains are negatively influencing the growth of the market.
The global corn oil market was worth around US$ 4.7 Billion in 2019.
According to the estimates by IMARC Group, the global corn oil market will exhibit strong growth during the next five years.
The growing health awareness among individuals and rising utilization of corn oil in the production of soaps, paints, pesticides and textiles are among the key factors stimulating the market growth.
Due to rising environmental concerns and favorable governmental policies on using biodegradable fuels to minimize carbon footprints, there is an increase in the demand for corn oil for producing biofuels.
Based on the product type, the market has been bifurcated into edible and non-edible corn oil.
The market has been categorized on the basis of the application into food, biofuel, industrial and others.
On the basis of the distribution channel, the market has been divided into supermarkets and hypermarkets, convenience stores, departmental stores, and others.
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Leading industry players are Archer Daniels Midland Company, Abu Dhabi Vegetable Oil Company LLC, Cargill, Incorporated, ACH Food Companies, Inc., Elburg Global B.V., Conagra Brands, Inc. and The Savola Group.
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