The latest report by IMARC Group, titled “Corn Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global corn oil market reached a value of US$ 5.7 Billion in 2022. Corn oil refers to a type of vegetable oil that is extracted from corn germ. It contains polyunsaturated fatty acids, phytosterols, and a low amount of saturated fats. It is a healthy alternative to other edible oil counterparts available in the market. Due to this and its high smoke point, corn oil is widely used for cooking purposes. Besides this, corn oil also finds extensive applications in the production of biofuel and various other industrial products such as soaps, paints, textiles, pharmaceuticals, poultry, and pesticides.
Global Corn Oil Market Trends:
The market is primarily driven by the rising health consciousness among the masses. Nowadays, individuals are using corn oil for grilling, deep-frying, baking, and other cooking purposes as it contains polyunsaturated fatty acids, which help promote heart health. In addition, due to the rising environmental concerns and the growing reliance on cleaner fuels to reduce carbon footprint, there has been an escalating demand for biofuels, which is positively influencing the market growth. Besides this, corn oil is utilized in the cosmetic industry as it contains linoleic and oleic acids that help maintain hair and skin health. This, coupled with the rising product adoption as a disintegrant and binder for drug molecules in pharmaceutical preparations, is creating a favorable market outlook across the globe. Moreover, the growing industrial applications of corn oil in manufacturing soaps, paints, pesticides, and textiles are also propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 8.9 Billion by 2028, exhibiting a CAGR of 7.85% during the forecast period (2023-2028).
- Based on the product type, edible oil holds the largest market share, followed by non-edible oil.
- On the basis of the application, the market has been classified into food, biofuel, industrial, and others. Amongst these, food applications exhibit a clear dominance in the market.
- Based on the distribution channel, the market has been segmented into supermarkets and hypermarkets, convenience stores, departmental stores, and others. At present, supermarkets and hypermarkets account for the majority of the global market share.
- Region-wise, North America holds the leading position in the market. Other major regions include Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been studied in the report, with some of the key players being Archer Daniels Midland Company (ADM), ACH Food Companies, Cargill, Inc., Abu Dhabi Vegetable Oil Company (ADVOC), Elburg Global, Conagra Brands, Inc., and Savola Group.
|Base Year of the Analysis
||US$ Billion, Million Tons
||Product Type, Application, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Archer Daniels Midland Company (ADM), ACH Food Companies, Cargill, Inc., Abu Dhabi Vegetable Oil Company (ADVOC), Elburg Global, Conagra Brands, Inc., and Savola Group
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