“Global Corn Oil Market to reach a market value of USD 10.3 Billion by 2031 growing at a CAGR of 7.4%”
The Global Corn Oil Market size is expected to reach $10.3 billion by 2031, rising at a market growth of 7.4% CAGR during the forecast period. In the year 2023, the market attained a volume of 573.69 Kilo Tonnes experiencing a growth of 14.5% (2020-2023).
The pharmaceutical industry's ongoing efforts to develop innovative drug delivery systems and formulations have created new opportunities for this oil as a versatile excipient and carrier oil. Consequently, the pharmaceuticals segment would acquire 5% of the total market share by 2031. Also, the Russian pharmaceutical industry would consume 3.66 kilo tonnes of this oil by 2031. This oil's lipid-rich composition and compatibility with a wide range of active pharmaceutical ingredients (APIs) make it well-suited for formulating oral, topical, and parenteral dosage forms, including capsules, tablets, creams, ointments, and injectables.
As consumers become more conscious of the impact of their dietary choices on their health, there's been a noticeable trend towards opting for cooking oils that offer nutritional benefits beyond merely adding flavor to their dishes. Moreover, this oil is rich in vitamin E, a potent antioxidant that helps protect cells from damage caused by free radicals. Hence, these aspects will boost the demand for this oil in the upcoming years. Additionally, Heightened awareness about the potential health and environmental impacts of genetically modified organisms (GMOs) and pesticide residues has led to a shift in consumer purchasing behaviors towards safer and more sustainable products. In addition, consumers' perception of non-GMO and organic corn oil as safer and environmentally sustainable options has resonated, driving increased adoption of these products. Thus, these aspects will assist in the growth of the market.
However, Corn cultivation is highly dependent on favorable weather conditions throughout the growing season. Factors like rainfall patterns, temperature variations, and extreme weather events like droughts or floods can significantly impact corn yields. Moreover, uncontrolled infestations of the numerous pests and diseases that can harm corn crops and reduce yields may result in crop damage. Therefore, owing to these factors, there will be reduced demand for this oil in the coming years.
On the basis of application, the market is divided into food & beverages, pharmaceuticals, cosmetics & personal care, animal feed, industrial, and biodiesel. In 2023, the biodiesel segment witnessed 21.2% revenue share in the market. In terms of volume, the biodiesel segment registered a volume of 116.16 kilo tonnes in 2023. Innovations in feedstock pretreatment, extraction, and transesterification techniques have improved the efficiency and economics of biodiesel production from this oil and other feedstocks, reducing production costs and enhancing product quality.
Based on type, the market is segmented into edible and non-edible. In 2023, the non-edible segment garnered 33.3% revenue share in the market. In terms of volume, the non-edible corn oil registered 231.32 kilo tonnes in 2023. This oil serves as a valuable feedstock for biodiesel production, offering a renewable and environmentally friendly energy source. With growing concerns about climate change, air pollution, and energy security, there has been a push toward reducing dependence on conventional fuels and promoting using renewable biofuels derived from sources such as this oil. Thus, these factors will help in the growth of the segment.
Free Valuable Insights: Global Corn Oil Market size to reach USD 10.3 Billion by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America segment procured 37.8% revenue share in the market in 2023. North America, particularly the United States, accounts for a significant share of global corn production, with vast agricultural lands and advanced farming practices supporting high yields and quality crops. The abundance of corn as a raw material enables efficient and cost-effective production of this oil. Hence, the segment will grow rapidly in the coming years.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 5.9 Billion |
| Market size forecast in 2031 | USD 10.3 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.4% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 243 |
| Number of Tables | 549 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, Region |
| Country scope |
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| Companies Included | Abu Dhabi Vegetable Oil Company (International Holding Company), Archer Daniels Midland Company, Associated British Foods PLC (Wittington Investments Limited), Bluecraft Agro Private Limited (Riddhi Siddhi Group), Cargill, Incorporated, Grain Processing Corporation (Kent Corporation), Greenfield Global Inc., Richardson International Limited (James Richardson & Sons, Limited) and Roquette Freres SA |
By Type (Volume, Kilo Tonnes, USD Billion, 2020-31)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-31)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-31)
This Market size is expected to reach $10.3 billion by 2031.
Rising health-conscious consumer trends are driving the Market in coming years, however, Challenges associated with fluctuating agricultural production restraints the growth of the Market.
Abu Dhabi Vegetable Oil Company (International Holding Company), Archer Daniels Midland Company, Associated British Foods PLC (Wittington Investments Limited), Bluecraft Agro Private Limited (Riddhi Siddhi Group), Cargill, Incorporated, Grain Processing Corporation (Kent Corporation), Greenfield Global Inc., Richardson International Limited (James Richardson & Sons, Limited) and Roquette Freres SA
In the year 2023, the market attained a volume of 573.69 Kilo Tonnes experiencing a growth of 14.5% (2020-2023).
The Edible segment led the Market by Type in 2023; thereby, achieving a market value of $6.6 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3.7 billion by 2031.
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