Future Market Insights predicts that the use of corn wet milling services will increase at a CAGR of 5.0% over the forecasted period. The market for corn wet milling services is anticipated to grow from US$ 76.2 billion to US$ 124.1 billion by 2032.
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.
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.
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.
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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
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.
Get Valuable Insights into Corn Wet Milling Services Market
Future Market Insights, in its new report, presents an unbiased analysis of the global corn wet milling services market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. In terms of source the
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Significant Contributions of the Report
- Key Trends and Challenges: Detailed analysis on the ‘ins and outs’ of the market with qualitative research and quantitative insights
- Recent Drivers and Opportunities: Detailed assessment on the key growth drivers, technological developments, and factors affecting the market over the forecast period.
- Segmental Analysis: Extensive research on each segment and sub-segment, compiled by expert research analysts of FMI
- Regional Market Forecast: Thorough analysis of each regional market to provide market players with real-time data and reliable statistic to gain a competitive edge in the industry
- Competitive Landscape: Comprehensive analysis on prominent players and new entrants eyeing to improve their revenue prospects in the industry
About Future Market Insights (FMI)
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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