The global corn wet milling services market is forecasted to experience a steady CAGR of 4.9% throughout the forecast period, with a market valuation of US$ 82,555.2 million in 2023 projected to surge to US$ 133,825.5 million by 2033. Historically, experts from Future Market Insights have recorded a CAGR of 2.2% for this market.
Corn wet milling, a widely adopted method for breaking down maize kernels into various components such as fiber, protein, corn oil, and corn starch, is predominantly utilized in the food industry. Its primary byproduct, starch, serves as a key ingredient in the production of ethanol, modified starches, and sweeteners, catering to both industrial and food applications. The market’s growth is primarily fueled by increasing demand from the food and beverages sectors.
The corn wet milling services market revenue is being driven by improved technological capabilities, energy-efficient business strategies, and a consistent supply of corn crops. Leading corn wet milling services providers are utilizing major business strategies such as capacity expansion and expanded corn supply to meet the rising global demand for corn-based products.
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The corn wet milling services market is experiencing robust growth driven by several key factors. The surge in global food consumption, coupled with the rising demand for multi-functional corn kernels in industrial food and livestock sectors, is fueling market expansion. Additionally, the increased utilization of celiac meal in animal feed and the growing preference for dent corn, prized for its high fructose value, contribute to market growth. Furthermore, rising consumer health awareness, expanding disposable income, and media influence are boosting food spending, thereby driving demand for corn wet milling services.
However, the market faces challenges such as compliance with stringent regulations and varying standards worldwide, along with intensified competition. Inflationary pressures in key countries and price fluctuations for raw materials also pose constraints on market growth in the short term.
Moreover, the global population growth, especially in lower-income nations, coupled with increasing urbanization, is leading to higher food prices. This, combined with the fast-paced modern lifestyle, has resulted in greater reliance on convenience foods, thereby expanding the market for easy-to-prepare food products and increasing the demand 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)
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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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