The global corn wet milling services market size is likely to expand considerably between 2020 and 2030. According to a study by Future Market Insights (FMI), the market will show a steady rise at 5.6% CAGR during the course of the aforementioned forecast tenure. According to the report, the rising demand for multi-functionary corn will stoke growth in the market. The report offers in-depth insights into factors impacting the market’s growth trajectory. It therefore includes information on key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the refined forecasts on market.
Industrial, food and feed sectors are exhibiting high demand for multi-functionary corns. This is a chief driver of the corn wet milling services market. Studies reveal that there is a steady demand for dent corn for its high fructose value. As a result corn syrup derived from dent corns is in high demand in the food and beverages sector.
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It includes in-depth insights into the corn wet milling services market. Some of these are:
- The estimated value of the market was at US$ 72.1 Bn in 2020. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, North America emerged as a key market for corn wet milling.
- Europe and Asia Pacific will remain steady as key markets for corn wet milling.
- In terms of source, the market can be split between dent corn and waxy corn. Of these, dent corn segment likely holds the dominant share in the overall market.
- On the basis of application, the industrial segment is forecast to show high growth over the coming years.
“While North America currently dominates the global market, Asia Pacific is projected to emerge as one of the most lucrative regions in the future. The increasing consumption of corn wet milling services products across diverse industries will drive the market in Asia Pacific,” said a lead analyst at FMI.
- Dent corn
- Waxy corn
- Corn gluten meal & gluten feed
- Others (corn oil, proteins, corn germ meal, and steep liquor)
Rising Industrial Applications Bolster Growth Opportunities
Products derived from corn wet milling finds application across diverse industries, which FMI touts as a key factor enabling growth in the market. Studies reveal, pharmaceuticals, personal care, paper and textile are among key industries exhibiting demand for these products. Industrial corn starch is very useful in paper and textile industry since it is used for sizing, adhesion, and coating. Besides these, it is used in oil and gas drilling, mining, production of construction material and water filtration. Among household items, starch is used in cleaners, trash bags, batteries and matches. In the personal care and healthcare industries it is used as a key ingredient that goes into deodorants, medicines, hair styling products, cosmetics and cough drops. Numerous applications of products obtained from corn wet milling services across diverse industries will guarantee steady growth for the market, through the course of the forecast period.
Who is Winning?
Some of the leading players operating in the corn wet milling services market are Tate & Lyle PLC, Archer Daniels Midland Company, Agrana Beteiligungs-AG, Cargill, Incorporated, Bunge Limited, Global Bio-Chem Technology Group Company Limited, Ingredion Incorporated, China Agri-Industries Holding Limited, The Roquette Freres, Grain Processing Corporation among others.
As a result of increasing competition, corn wet milling services companies are focusing on expanding their product portfolio and improving sourcing process. Their expansion strategies are further aided by agreements between them and local players across emerging market. These companies are particularly focusing on catering to changing consumer preference across various applications.
In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
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- Base year considered – 2020
- Actual estimates/Historical data – 2015 – 2020
- Forecast period – 2020 – 2030
- Forecast units – Value (USD) Bn
- Segments covered – Source, End Products, Application, Region
- Regions covered – North America, Latin America, Europe, APEJ, Japan, Oceania and MEA
- Key Players – Tate & Lyle PLC, Archer Daniels Midland Company, Agrana Beteiligungs-AG, Cargill, Incorporated, Bunge Limited, Global Bio-Chem Technology Group Company Limited, Ingredion Incorporated, China Agri-Industries Holding Limited, The Roquette Freres, Grain Processing Corporation
- Report coverage – Revenue forecast, company share, competitive landscape, growth factors, and trends