The global corn wet milling services market is projected to have a moderate-paced CAGR of 4.9% during the forecast period. The current valuation of the market is US$ 82,555.2 million in 2023. The market value is anticipated to reach a high of US$ 133,825.5 million by the year 2033. A historical CAGR of 2.2% has been recorded by the experts of Future Market Insights for the concerned market.
Corn wet milling is a prevalent way of breaking down maize kernels into its constituent parts, such as fiber, protein, corn oil, and corn starch. The vast bulk of its products find application in the food industry. Its main byproduct, starch, is used for producing ethanol, modified starches, and sweeteners for industrial and food applications. Rising demand from the food and beverages sectors is primarily driving market growth.
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The surge in global food consumption stands as one of the primary catalysts propelling the growth of the corn wet milling services market. The rising demand for multi-functional kernels in the industrial food and livestock sectors, as well as the increased use of celiac meal in animal feed, promote market growth. Growing demand for dent corn due to its high fructose value, as well as increased consumption of corn gluten meal-based animal feed products, also have an impact on the market. Further, rising consumer health awareness, expanding disposable income, the impact of media on consumers, and increased food spending are all helping the corn-wet-milling industry.
Compliance with stringent regulations and varying standards around the world is a constraint on the market. Growing competition also poses a challenge to the market’s growth. Inflation is anticipated to remain above the upper band in key countries in the short term, further impacting the market. Price fluctuations for raw materials also contribute to the constraints faced by the corn wet milling services market over the forecast period.
The global population continues to grow at an unprecedented rate, particularly in nations with lower incomes. This, together with the tendency of growing urbanization, has resulted in higher prices for food products. Because of the rapid pace of modern life, people have become more reliant on convenience foods. The market for easy-to-prepare food products is expanding, which has raised the need for corn wet milling services.
Key Takeaways
- On a global scale, the United States market accounted for 27.0% of the market in 2022.
- From 2023 to 2033, the corn wet milling services industry in the United Kingdom is expected to grow at a 2.4% CAGR.
- In 2022, Japan’s corn wet milling services market accounted for 7.1% of the global market.
- The Indian market for maize wet milling is expected to grow fast, with a CAGR of 25.9% over the forecast period.
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Competitive Landscape
Various businesses are focusing on organic growth tactics such as new launches, product approvals, and other factors like patents and events. Acquisitions, partnerships, and collaborations were some of the inorganic growth strategies noticed in the market. These initiatives have paved the way for market participants to grow their business and client base. With expanding global demand for corn wet-milling, market players in the corn wet milling services market are expected to benefit from lucrative opportunities for development in the future.
Recent Development
Global Bio-chem Technology Group Company Limited and Global Sweeteners Holdings Limited announced in April 2023 that the GBT Group plans to sell 47% of GSH’s issued share capital to Mr. Kong Zhanpeng and Mr. Wang Tieguang (“Joint Offerors”).
EGT, LLC announced an investment to increase the export terminal capacity in July 2023.
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Corn Wet Milling Services Market by Category
By Equipment:
- Milling
- Steeping
By Type:
- Waxy
- Dent
By Application:
- Steepwater
- Mill
- Food
- Refinery
- Starch modification
- Ethanol production
- Feed area
- Others
By End Products:
- Ethanol
- Sweeteners
- Starches
- Corn oil
- Gluten meal and feed
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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