Market Research Future (MRFR) has published a Half cooked research report on the “Global Corn Oil Market” that contains information from 2018 to 2032. The Corn Oil market is estimated to register a CAGR of 7.20% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Corn Oil market— Abu Dhabi Vegetable Oil Company LLC, Archer-Daniels-Midland Company, Associated British Foods, Bluecraft Agro, Cargill Inc, Grain Processing Corporation, Greenfield Specialty Alcohols, Ingredion Incorporated, Richardson International, and Roquette Frères.
The global Corn Oil market is accounted to register a CAGR of 7.20% during the forecast period and is estimated to reach USD 10.3 Billion by 2032.
Due to its many uses in the food and beverage industries and its advantageous effects on health, the maize oil market is steadily expanding. The market is expanding and luring investments in the maize oil sector due to the growing customer preference for healthier cooking oils and the rising need for biofuels.
The global corn oil market has been segmented based type, and application.
On the basis of type, the market is segmented into edible and non-edible. Edible segment accounted for the largest revenue share in 2022. This is explained by the product's numerous health advantages, which make it one of the most popular edible oils for frying.
Based on application, the global Corn Oil market has been segmented into food & beverage, pharmaceuticals, cosmetics & personal care, animal feed, industrial, and biodiesel. Food & beverage segment dominated the global Corn Oil market in 2022. The product enhances the flavour and texture of food, gives baked items more crunch, and helps with heat conductivity during cooking, all of which are important features of food preparation.
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The global Corn Oil market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Corn Oil market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Corn Oil market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Corn Oil market comprises of Middle East, Africa, and Latin America.
The North America corn oil market dominated this market in 2022 (45.80%). because the feedstock and food industries utilise the product more and more frequently. The usage of biodiesel as a replacement has grown over the last 10 years in an effort to lessen environmental damage. Biodiesel has grown significantly as a result of the growing need for green fuels in the North American aviation industry. Additionally, the North American maize oil market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion.
Moreover, Europe corn oil market accounted for the healthy market share in 2022. Germany and Italy, which produced the most feedstock among the European nations, are the main drivers of the product demand in the region. It is one of the most popular feedstocks used to produce biodiesel in Europe.
Additionally, from 2023 to 2032, the Asia Pacific corn oil market is anticipated to experience rapid growth. It is frequently employed to make a range of food products, including as lotion, ink, and soap. Government programmes to reduce carbon footprint in Asian countries like China, India, Malaysia, and Indonesia have a direct impact on the demand for biodiesel. By 2020, China wanted to use 10% biofuel.
Furthermore, the rest of the world's corn oil market is divided into the Middle East, Africa, and Latin America. Latin America's enormous maize supply and rising consumer demand for healthier cooking oils are driving the market for corn oil to expand significantly. The market in Latin America is also expanding as people become more aware of the health advantages of maize oil, such as its low concentration of saturated fat.
Key Findings of the Study