The global corn oil market size was valued at USD 5.34 billion in 2021 and USD 5.86 billion in 2022. The market is expected to reach USD 9.37 billion by 2029 with a CAGR of 6.95% during the forecast period. Diverse applications of corn oil in numerous industries such as pharmaceuticals, cosmetics, and animal feeds are predicted to drive market evolution. New advancement in the extraction of the oil is expected to propel the market course in a growing direction. Rise in the awareness regarding the importance of leading a healthy lifestyle is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Corn Oil Market, 2022-2029.”
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Segments
Edible Segment to Lead as it is One of the Preferred Oils for Cooking
Based on type, the market is bifurcated into edible and non-edible. The edible segment is anticipated to dominate as it is one of the preferred oils for cooking. According to the National Library of Medicine, the oil has high alpha and gamma tocopherols (vitamin E), which prevents the oil from rancidity. This property of the product makes it effective to use in salads and cooking oils.
Food and Beverage to Govern the Segment as it is Used in Commercial Kitchens
Based on application, the market is segmented into food & beverage, pharmaceuticals, cosmetics & personal care, animal feed, industrial, and biodiesel. The food & beverage segment is expected to have a major part as the product as it is increasingly used in commercial kitchens, owing to its higher smoke point than its substitutes such as canola oil and soybean oil. Thus, it is considered one of the ideal oils for deep-frying or shallow-frying in a skillet and has more flavor than other vegetable oils.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Diversifying Usage of the Product to Propel Market Development
Diversifying usage of the product is anticipated to drive the corn oil market growth. There has been an increased usage of the product in various end-user industries such as pharmaceutical, cosmetics, industrial, and food & beverages. It helps in the production of soaps, hair care preparations, and powder for the face and body. It is also used in the skincare of pet animals as a massaging oil for dog hair, which makes the coat look healthier and also used to fed to horses to treat dull coat conditions. New innovation in the optimum extraction of the oil is set to positively impact the market growth.
However, the presence of various substitute oils is projected to hinder market growth.
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Regional Insights
North America to Lead Market Share Due to Increasing Consumption of Biodiesel
North America is expected to lead the corn oil market share due to increasing consumption of biodiesel. The growth for biodiesel is growing due to the growing demand for green fuels across the aviation industry. The region reached a valuation of USD 2.90 billion in 2021 due to increasing prevalence of obesity among the population of the U.S. Food manufacturers have launched initiatives to support the consumption of low-calorie and cholesterol-free oils so as to reduce cardiovascular diseases and blood-cholesterol levels and improve digestion and metabolism.
Europe is also set to hold an important position in the market due to growing demand from countries such as Germany and Italy. The demand in the region is high for feedstock production in European countries.
Competitive Landscape
Acquisition Strategies by Key Players to Advance Market Course
Various market players of the market have been focusing on acquisition strategies. In September 2021, Nestle agreed to acquire 100% of Agri Trading. The agreement is set to support renewable growth and enhanced the global renewable raw material sourcing and footprint in the U.S. Such goals related to renewable energy is set to facilitate the demand for products that are green in nature. The industry is experiencing an increase in the new entry of players with a range of innovative products, especially in developing nations.
List of Key Players Profiled in the Report
- Abu Dhabi Vegetable Oil Company LLC. (U.A.E)
- Archer-Daniels-Midland Company (U.S.)
- Associated British Foods (U.K.)
- Bluecraft Agro (India)
- Cargill Inc (U.S.)
- Grain Processing Corporation (U.S.)
- Greenfield Specialty Alcohols (Canada)
- Ingredion Incorporated (U.S.)
- Richardson International (Canada)
- Roquette Frères. (France)
Key Industry Development
- March 2022: Minnedosa Ethanol Plant (M.E.P.), an ethanol plant located in Minnedosa, Canada, started producing corn oil used to make renewable diesel. The new product has highlighted the company’s pledge of ingenuity, teamwork, and innovation in meeting the world’s ever-changing energy demands.
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COVID-19 Impact:
Increase in the Prices of the Oil During Pandemic Led to Positive Market Value
The COVID-19 pandemic significantly affected the food & beverage industry. The supply chains were majorly hampered due to the lockdown, production halt, and prolonged quarantine conditions. Factories had reduced a number of employees, which impacted the production of the oil. Lack of availability of corn oil in the market led to high prices and increase in the value of the market. According to the global analysis article by the Foreign Agricultural Service, in the U.S., the price of corn oil in the year 2019-20 was USD 870 per metric ton and increased to USD 1,193 per ton in 2020-21.
