Global Corn Wet Milling Services Market to Rise at Over 5% CAGR
The global corn wet milling services market was valued at above US$ 72 Bn in 2020. Rising at above 5% CAGR, the market is on path of a steady expansion between 2020 and 2030. Regionally, North America is expected dominate the market. However during the forecast period, Asia Pacific is likely to rise at a higher pace. In terms of application, the industrial sector will emerge as a key demand generator.
Increasing Demand for Multi-functionary Corns Will Enable Growth
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.
In addition to this, gluten meal is widely used in animal feed, which is another factor expected to drive the market. On the downside, stringent regulations imposed to improve the overall quality of food as a result of mounting health concerns could hinder the market.
Asia Pacific Emerges as Lucrative Regional Market for Corn wet milling services
Regionally, the global corn wet milling services market covers North America, Latin America, Europe, APEJ, Oceania, Japan, and the Middle East and Africa. Among these regions North America currently leads the market. A key point to note here is that North America is one of the leading consumers of corn products in the world.
Factors such as expansion of wet milling industries and high consumption of products derived from corn wet milling services are supporting the expansion of the market in the region. In addition to this, the demand for corn wet milling services is expected to remain high in Asia Pacific.
Rising Demand from Feed Industry to Guarantee Continued Growth
The demand for corn wet milling services is considerably high in the feed industry. This is because the industry is in constant need of abundant supply of safe and affordable animal protein. In addition to this, the increasing demand for meat and meat products in Asia Pacific and the Middle East and Africa will offer lucrative growth opportunities to the market in the coming years.
In developed regions such as North America, the presence of multinational food processing giants such as Ingredion (US), ADM (US), and Cargill (US) will support the overall expansion of the market.
Key Highlights
- 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
Market Segmentation
Source
- Dent corn
- Waxy corn
End Products
- Starch
- Sweetener
- Ethanol
- Corn gluten meal & gluten feed
- Others (corn oil, proteins, corn germ meal, and steep liquor)
Application
- Food
- Feed
- Industrial
Region
- North America
- latin America
- Europe
- South Asia
- East Asia
- Oceania
- MEA
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