Corn Oil Market Size was valued at USD 5.5 Billion in 2022. The Corn Oil market industry is projected to grow from USD 5.9 Billion in 2023 to USD 10.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.20% during the forecast period (2023 - 2032). Utilization of maize oil in a variety of sectors and recent developments in the best extraction of maize oil, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Over time, there has been an increase in the product's use in a number of end-use industries, including the pharmaceutical, cosmetics, industrial, and food and beverage sectors. It serves as a vehicle for therapeutic compounds in pharmaceuticals. It functions as a disintegrant, allowing pills or capsules to crumble into manageable pieces that may be quickly digested and absorbed by the body. It aids in the production of soap, hair care products, and face and body powder. Because it contains saturated, monounsaturated, and polyunsaturated fatty acids including linolenic, linoleic, and oleic acid, people typically use it as cooking oil. These acids provide a number of advantages including lowering blood pressure, reducing inflammation, and excess cholesterol. Inks, fabrics, soaps, rust inhibitors, rubber substitutes, and pesticides are among the products it is used to make in modest quantities. Using oil to massage into a dog's coat makes it look better, and feeding it to horses to alleviate dull coat issues are other uses for it in pet care. As a result, the product's numerous uses fuel the expansion of the global market.
A domestically generated alternative fuel called ethanol is created from corn oil. The process of turning corn into ethanol produces distillers corn oil (DCO), which is a byproduct. Additionally, it is marketed mostly as a feedstock for biodiesel. Oil can be extracted from liquid streams in a maize ethanol production using mechanical methods that operate under centrifugal force. It must first be separated from the germ, though, through milling or crushing. Therefore, achieving the best extraction for ethanol producers becomes essential. As a result, key participants in the business are creating cutting-edge technologies to boost production effectiveness. For instance, DuPont Nutrition & Biosciences (DuPont), a business that develops sustainable solutions for the food, health, pharmaceutical, and biotech industries, introduced DuPont OPTIMASH DCO+ in June 2019. The product, a thermostable protease with a pending patent, aids in releasing the oil from the protein and fibre matrix of the maize kernel. The product aids distillers producing ethanol in increasing productivity without sacrificing grain quality.
Growing consumer health consciousness has led to an increase in customer desire for maize oil because of its health advantages. Additionally, since disposable incomes have grown, consumers can now put health ahead of product cost. Additionally, the use of renewable energy sources like biofuel has been steadily rising due to growing environmental concerns, depleting oil and natural gas resources, and governments' focus on using cleaner fuels to lower carbon footprint. Although soybean oil is now the main feedstock used in the manufacturing of biofuels, maize oil has also seen a significant increase in utilisation in recent years. This pattern is anticipated to support the global maize oil market's continued expansion. In addition, maize oil has a wide range of other industrial uses besides those for food and biodiesel, including those for soaps, paints, insecticides, textiles, etc. These end-use industries are anticipated to have significant expansion due to rising global population and economic growth in both established and emerging markets, which will favourably affect the demand for maize oil. Thus, driving the Corn Oil market revenue.
The Corn Oil Market segmentation, based on type, includes edible and non-edible. Edible segment accounted for the largest revenue share in 2022. This is explained by the fact that the product has a variety of medicinal benefits that make it one of the preferred edible oils for frying. The oil has a number of health advantages, including bettering heart health, decreasing cholesterol and blood pressure, moisturising properties for the skin, and others. The product has high levels of alpha and gamma tocopherols (vitamin E), which prevent the oil from going rancid, according to the National Library of Medicine. This feature of the product makes it useful for use in cooking oils and salad dressings. Due to its great digestibility and ability to deliver energy and Essential Fatty Acids (EFA), people who suffer from dietary problems like heartburn and bloating like the product. The product is being chosen by customers who prioritise leading healthy lifestyles, which raises demand for it in the edible market.
The Corn Oil Market segmentation, based on application, includes food & beverage, pharmaceuticals, cosmetics & personal care, animal feed, industrial, and biodiesel. Food & beverage segment dominated the Corn Oil Market in 2022. The product improves food flavour, gives food texture, makes baked goods crispier, and aids in heat conductivity during cooking, all of which are crucial aspects of food preparation. Due to the product's greater smoke point than its replacements, such as canola oil and soybean oil, industrial cooks are using it more frequently. It has a 450° smoke point. Because it has more flavour than other vegetable oils, it is regarded as one of the best oils for deep-frying or shallow-frying in a skillet.
Figure 1: Corn Oil Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Corn Oil Market dominated this market in 2022 (45.80%). because the product is being used more and more in the feedstock and food industries. Over the past ten years, the use of biodiesel has increased as a substitute to help reduce environmental pollution. Due to the rising need for green fuels in the North American aviation industry, biodiesel has seen tremendous expansion. Further, the U.S. Corn Oil market held the largest market share, and the Canada Corn Oil market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: CORN OIL MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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. Further, the German Corn Oil market held the largest market share, and the U.K Corn Oil market was the fastest growing market in the European region
The Asia Pacific Corn Oil market is expected to register significant growth from 2023 to 2032. It is frequently used to create a variety of food goods, including as soap, ink, and lotions. The demand for biodiesel is directly impacted by government initiatives to minimise carbon footprint in Asian nations including China, India, Malaysia, and Indonesia. China aimed to adopt a 10% biofuel use by 2020. Moreover, China’s Corn Oil market held the largest market share, and the Indian Corn Oil market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Corn Oil market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Corn Oil industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Corn Oil industry to benefit clients and increase the market sector. In recent years, the Corn Oil industry has offered some of the most significant advantages to medicine. Major players in the Corn Oil market, including 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, are attempting to increase market demand by investing in research and development operations.
An organisation with vertical integration, Green Plains Inc. (Green Plains), manufactures, sells, and distributes ethanol. The business also handles and stores grain, produces distiller grains and makes maize oil. It sells dried distiller grains to local, national, and worldwide markets as well as wet, modified wet, and dry distiller grains to local markets. Through sales agreements with integrated energy companies, retailers, traders, and resellers in the US as well as exports to Brazil, Mexico, Canada, China, and other foreign markets, Green Plains sells ethanol to a variety of markets. Throughout the US, the corporation operates cattle feedlots, grain elevators, dry ethanol production facilities, and fuel terminal facilities. The U.S. city of Omaha, Nebraska, serves as the headquarters of Green Plains. At its Wood River, Nebraska, biorefinery, using the patented Fluid Quip Technologies MSC system, Green Plains Inc., an American ethanol fuel producer company, announced in April 2022 that product and technology innovation efforts had resulted in the production of greater than 60% protein concentrations with yields as high as 4 pounds per bushel.
Manufacturer and marketer of foodstuffs and beverages is Nestle SA (Nestle). Baby foods, bottled water, cereals, chocolates and confectionary, coffee, culinary products, plant-based meals, chilled and frozen foods, dairy products, nutritional products, ice cream, and pet care items are all included in the company's product line-up. Aero, Purina Alpo, Milkybar, Cerelac, Nescafe, Nespresso, Nido, Perrier, S.Pellegrino, Acqua Panna, Nestea, Milo, Maggi, Buitoni, Cailler, Movenpick, Purina, Boost, Gerber, and Kit Kat are some of the brand names under which Nestle sells its goods. Asia, Oceania, the Americas, Europe, the Middle East, and Africa are all commercial hubs for the company. In Vevey, Waadt, Switzerland, Nestle has its headquarters. In September 2021, the global food and beverage company Nestle, based in Switzerland, decided to buy out 100% of Agri selling, a significant player in the selling of used cooking oil, technical maize oil and other vegetable oils.
June 2022 The Food Product Standards and Food Additives (F.S.S.) Regulations, 2011, were operationalized by an order from the Food Safety and Standards Authority of India (FSSAI). The F.S.S. (Food Product Standards and Food Additives) Amendment Regulations 2022 had been amended to include standards for crude oil, and they would go into effect right away.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 5.5 Billion |
| Market Size 2023 | USD 5.9 Billion |
| Market Size 2032 | USD 10.3 Billion |
| Compound Annual Growth Rate (CAGR) | 7.20% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 |
| Key Market Opportunities | Increasing demand for non-GMO and fortified products |
| Key Market Dynamics | Diversified usage of corn oil in various industries and latest innovations in optimal corn oil extraction |
Corn Oil Market Highlights:
Frequently Asked Questions (FAQ) :
The Corn Oil Market size was valued at USD 5.5 Billion in 2022.
The global market is projected to grow at a CAGR of 7.20% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are 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 Edible Type dominated the market in 2022.
The Food & Beverage Application had the largest share in the global market.
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