The global Corn Steep Powder market is expected to witness a market value of US$ 975.5 Million in 2023 and is expected to accumulate a market value of US$ 1,544.2 Million by registering a CAGR of 4.7% in the forecast period 2023 to 2033. The Corn Steep Powder market registered a CAGR of 2.9% in the historical period 2018 to 2022. Factors such as the increasing demand for animal feed, as well as the increasing use of corn steep powder as a bio-based ingredient in various applications, are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Corn Steep Powder has been flourished. Corn steep powder is widely used as an ingredient in animal feed, as it is a rich source of amino acids, vitamins, and minerals. With the increasing demand for high-quality animal protein products, such as meat, eggs, and milk, the demand for corn steep powder is expected to rise.
Moreover, the corn steep powder is used as a flavoring and texturizing agent in various food and beverage products, such as soups, sauces, snacks, and beverages. With the growing demand for processed food and beverage products, the demand for corn steep powder is expected to increase.
The corn steep powder is a by-product of the corn wet milling process, which makes it a sustainable and eco-friendly alternative to synthetic ingredients. With the increasing focus on sustainability and environmental protection, the demand for bio-based products like corn steep powder is expected to grow.
Furthermore, the growing demand for organic and non-GMO products among consumers is one of the major factors that is anticipated to stimulate the market growth in the forthcoming years. In addition, the corn steep liquor, which is a by-product of corn steep powder, is used as a liquid fertilizer in agriculture. With the growing demand for sustainable and eco-friendly agriculture practices, the demand for corn steep liquor is expected to increase, which in turn will boost the demand for corn steep powder.
On the regional end, the Corn Steep Powder market in North America is expected to account for the maximum share during the analysis period. The region is one of the major producers and consumers of corn steep powder, and the market is driven by factors such as the growing demand for animal feed and the increasing use of corn steep powder as a bio-based ingredient in various applications.
On the other hand, the Corn Steep Powder Market in Europe is witnessing significant growth in recent years. The regional market is supported by the presence of several major players, such as Tate & Lyle PLC, Roquette Frères, and Cargill, Incorporated, among others. These companies are investing in research and development activities to develop new and innovative products, which is expected to drive the growth of the market.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Corn Steep Powder are expected to create lucrative opportunities for the market growth over the analysis period.
Expected Market Value in 2023
US$ 975.5 Million
Projected Market Value in 2033
US$ 1,544.2 Million
Growth Rate (2023 to 2033)
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Corn steep powder is gaining much attention in market as a replacement for several organic fertilizers, like chicken litter, fish emulsion, feather meal, and soybean meal.
It is also being used in baking and animal feed industries. Research indicates a high growth of the market over the forecast period as it is readily available to use and does not depend on other microbial activities for digestion and release, unlike other products in the category.
Corn steep powder has been widely recognized as a rich nitrogen source in several culture medium and provides optimum condition for cell culture in the production of yeast, antibiotics, and vitamins, such as vitamin B12.
Being rich in nitrogen source, sales of corn steep powder is rising, as it can also be used in the fermentation process, as a replacement of organic nitrogen sources, like yeast powder and soybean meal hydrolysate.
Consumers prefer to use the product more, as it is suitable for fermentation of different amino acids, which, in turn, helps to maintain the stability of the fermenting products, making the process much cheaper and efficient as well.
Highly accessible form of corn steep powder is driving the market in the US and Canada over the recent years.
The dried form of the product is not only available as a powder format in the market over the region, but successful implementation of new technologies and advanced researches have enabled manufacturers now to make the product available in different formats, such as capsules or pellets for ease of use for the consumers.
Corn steep powder in the European market is being widely used as a feed ingredient for aquafeed and livestock diets. It is mostly being used in beef cattle diets as the source of vitamin and essential minerals with highly refined feed grade.
The protein content of such products is also being taken into consideration, as most products contain approximately 40 percent of protein content in them, which is more than enough for animal feed products.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Some of the key manufacturers in corn steep powder market includes
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.