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Corn Oil Market Overview, Competitive Analysis, Key Trends And Outlook 2024 To 2033
Corn Oil Market
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According to The Business Research Company's, The corn oil market size has grown strongly in recent years. It will grow from $5.33 billion in 2023 to $5.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to increased demand for biofuels, growth in the food processing industry, rising health awareness, an increase in disposable income, and expanding urbanization.
The corn oil market size is expected to see strong growth in the next few years. It will grow to $7.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to the growing preference for organic products, increased application in biodiesel, growth in the pharmaceutical industry, demand for high-quality edible oils, and increasing awareness of healthy cooking oils. Major trends in the forecast period include a shift towards organic and non-genetically modified organisms (GMO) corn oil, growing in corn oil-based biodiesel production, advancements in oil refining technologies, increasing use of corn oil in the cosmetics industry, and a rise in e-commerce sales of edible oils.
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Market Drivers and Trends:
The increasing need for chemical-free food products is expected to propel the growth of the corn oil market going forward. Chemical-free food products are those that are produced without the use of synthetic pesticides, herbicides, or other artificial chemicals. Health-conscious consumer preferences, environmental concerns, and regulatory shifts towards sustainable agriculture drive the increasing need for chemical-free food products. Corn oil is widely used in chemical-free food products due to its natural extraction process, providing a healthy alternative for cooking and baking. For instance, in May 2023, according to the statistics published by the Organic Trade Association (OTA), a US-based business association of the organic industry, organic food sales in the United States hit $61.7 billion in 2022, marking a 4.3% increase from 2021's $59.1 billion and surpassing $60 billion for the first time. Therefore, the increasing need for chemical-free food products is driving the corn oil market.
Major companies operating in the corn oil market are increasing their focus on developing advanced technologies to upgrade distillers' corn oil (DCO) into a higher-value, lower-impurity product to gain a competitive edge in the market. Distillation technology in corn oil refining uses heat to separate different components based on their boiling points, purifying the oil by removing impurities and enhancing its quality for various culinary and industrial applications. For instance, in June 2022, Trucent Inc., a US-based fluid separation service and technology company, introduced CORE technology. This technology improves corn oil extraction with features such as operator-friendly skid-mounted modules and optimized centrifuges, representing significant technological advancements. This launch is crucial for the corn oil market as it enables ethanol producers to improve the quality of distillers' corn oil for higher-value sales to renewable diesel refineries, thereby increasing revenue in the expanding renewable fuels sector.
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Major Key Players of the Market:
Cargill Incorporated, Archer Daniels Midland Company, Wilmar International Ltd., Bunge Limited, Associated British Foods, ConAgra Brands Inc, Ingredion Incorporated, Savola Group, IFFCO, Roquette Frères, Richardson International, ACH Food Companies Inc., Lam Soon Edible Oils Sdn. Bhd., Greenfield Global, Grain Processing Corporation, Taj Agro International, Abu Dhabi Vegetable Oil Company LLC, Henry Lamotte Oils GmbH, Saporito Foods Inc., Cairo Oil And Soap, Bluecraft Agro, Elburg Global
Corn Oil Market 2024 Key Insights:
• The corn oil market size is expected to see strong growth in the next few years. It will grow to $7.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Increasing Demand For Chemical-Free Food Drives Growth In The Corn Oil Market
• Innovative Advancements In Distillers' Corn Oil (DCO) Refining Technologies
• North America was the largest region in the corn oil market in 2023
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