Global Corn Wet Milling Market Overview
Corn Wet Milling Market Size was estimated at 33.04 (USD Billion) in 2022. The Corn Wet Milling Industry is expected to grow from 34.31(USD Billion) in 2023 to 48.2 (USD Billion) by 2032. The Corn Wet Milling Market CAGR (growth rate) is expected to be around 3.85% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Corn Wet Milling Market Trends Highlighted
The rising consumption of corn syrup and other corn wet milling products can be attributed to the health-conscious habits of food buyers who prefer natural and less processed food products. The increasing usage of corn ethanol as a transportation fuel has also generated a huge requirement for corn wet milling. Developments like enzyme engineering and process optimization are focused on making cross-test corn wet milling efficient and productive.
However, in recent times, the introduction of these technologies by the industry markets has made advanced innovations such as corn wet milling more viable. These changes allow companies to lower costs and meet produced demand for product design and enhancement. Further, increasing cognizance of concern over environmental issues is bringing about advancements in corn-wet milling to promote increased use of sustainable approaches.
Key market growth enablers include the high demand for corn-based products, the proliferation of technology, and sustainability concerns. Emerging opportunities in the market include activities such as corn wet milling for functional food ingredients, bioplastics, and other corn-derived value-added products. In the following years, further improvement and growth in the market will be expected depending on the changing landscape of the food and beverage industry and biotechnology development.
Corn Wet Milling Market Drivers
Rising Demand for Biofuels
One of the main drivers of the corn wet milling market is a constantly growing demand for biofuels, especially ethanol. It is a renewable fuel made from corn starch fermented by microorganisms. While most countries are trying to shift from fossil fuels to other energy sources in order to finally put an end to the greenhouse effect, bringing many restrictions and new laws to help promote the industry will not shrink the demand for biofuels.It can be thus forecasted that the corn-wet milling market will also flourish. Thus, the corn wet milling market industry seems to have a very optimistic future.
Growing Population and Changing Dietary Habits
The growing population and changing dietary habits are also contributing to the growth of the corn wet milling market. Corn is a staple food in many parts of the world, and as the population grows, so too will the demand for corn-based products. Additionally, changing dietary habits, such as the increasing popularity of plant-based diets, are also driving the demand for corn wet milling products. Corn wet milling is used to produce a variety of food ingredients, including starch, sweeteners, and oils.These ingredients are used in a wide range of food products, from beverages to baked goods to processed foods. The Corn Wet Milling Market Industry is expected to witness significant growth in the coming years, owing to the growing population and changing dietary habits.
Technological Advancements
Technological advancements are also playing a role in the growth of the corn wet milling market. New technologies are being developed to improve the efficiency and cost-effectiveness of corn wet milling. These technologies are helping to reduce the cost of production and improve the quality of corn wet milling products. The Corn Wet Milling Market Industry is expected to witness significant growth in the coming years, owing to the technological advancements.
Corn Wet Milling Market Segment Insights
Corn Wet Milling Market Grade Insights
The Corn Wet Milling Market is segmented by Grade into Food Grade, Industrial Grade, and Pharmaceutical Grade. Among these segments, the Food Grade segment is expected to hold the largest market share in 2023, owing to the increasing demand for corn-based food products. The Industrial Grade segment is projected to grow at a CAGR of 4.10% during the forecast period, reaching a market value of USD 15.3 billion by 2032. The Pharmaceutical Grade segment is expected to grow at a steady pace during the forecast period, driven by the increasing demand for corn-based pharmaceuticals.The Pharmaceutical Grade segment is projected to grow at a CAGR of 3.90% during the forecast period, reaching a market value of USD 9.8 billion by 2032. Overall, the Grade segment is expected to contribute significantly to the growth of the Corn Wet Milling Market. The increasing demand for corn-based products across various industries is expected to drive the growth of this segment.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Corn Wet Milling Market Product Type Insights
The product type segment of the Corn Wet Milling Market is segmented into corn starch, corn syrup, corn oil, corn gluten feed, and corn gluten meal. Among these, corn starch is estimated to account for the largest revenue share in 2023. The increasing demand for corn starch in various food applications, such as thickeners, stabilizers, and binding agents, is driving its market growth. Corn syrup is the second largest product type, and its demand is expected to rise due to its wide application in the food and beverage industry as a sweetener.
Corn Wet Milling Market Application Insights
The Corn Wet Milling Market is segmented into various application segments, including Food and Beverages, Animal Feed, Pharmaceuticals, Cosmetics, and Industrial. Each segment exhibits unique market dynamics and growth prospects. The Food and Beverages segment held the largest market share in 2023, driven by the extensive use of corn wet milling products in food processing, beverage manufacturing, and confectionery industries. The Animal Feed segment is anticipated to grow at a steady pace due to the increasing demand for high-quality animal feed ingredients.The Pharmaceuticals segment is projected to witness significant growth, attributed to the growing usage of corn-based excipients and active pharmaceutical ingredients in drug formulations. The Cosmetics segment is expected to experience moderate growth, driven by the incorporation of corn-based ingredients in skincare and haircare products. The Industrial segment holds a niche market share, with applications in areas such as adhesives, textiles, and paper production. The rising demand for biodegradable and renewable materials is expected to drive growth in this segment.Overall, the Corn Wet Milling Market is expected to experience steady growth over the next decade, driven by increasing demand from various end-use industries, technological advancements, and the growing focus on sustainable and renewable resources.
Corn Wet Milling Market End-User Insights
The end-user segment of the Corn Wet Milling Market holds immense significance, driving market growth and shaping industry dynamics. Industrial applications account for a substantial share of the market, estimated to reach USD 15.24 billion by 2024. This segment encompasses industries such as food processing, pharmaceuticals, and textiles, which utilize corn wet milling products as raw materials or ingredients. Commercial end-users, including bakeries, restaurants, and food service providers, represent another key segment, contributing to market growth.Residential end-users, comprising households and individual consumers, also play a role in market demand, particularly for products such as sweeteners, starches, and biofuels. Understanding the specific needs and preferences of each end-user segment is crucial for market players to develop targeted strategies and drive revenue growth.
Corn Wet Milling Market Regional Insights
The regional landscape of the Corn Wet Milling Market showcases a dynamic competitive landscape with varying market shares and growth prospects. North America holds a significant market share, driven by the presence of large-scale corn wet milling facilities and a well-established food processing industry. Europe follows closely, supported by a growing demand for bio-based products and a strong focus on sustainable agriculture. The Asia Pacific region is expected to witness substantial growth in the coming years, attributed to the rising demand for corn-based products and the expansion of the food and beverage industry.South America and the Middle East and Africa (MEA) regions are anticipated to contribute moderately to the overall market growth, with opportunities emerging in the biofuels and animal feed sectors. The Corn Wet Milling Market revenue in 2024 is estimated to be around USD 36.5 billion, exhibiting a steady growth trajectory in the coming years.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Corn Wet Milling Market Key Players And Competitive Insights
Major players in the Corn Wet Milling Market industry are constantly innovating and developing new products to meet the changing needs of their customers. Leading Corn Wet Milling Market players are also focusing on expanding their reach and establishing new partnerships to increase their market share. The Corn Wet Milling Market development is driven by the increasing demand for corn-based products such as sweeteners, starch, and biofuels. The growing population and rising disposable income in developing countries are also contributing to the growth of the Corn Wet Milling Market. The competitive landscape of the Corn Wet Milling Market is expected to remain fragmented in the coming years, with a number of small and medium-sized players competing for market share.CarADM is a leading corn wet milling market player. The company offers a wide range of corn-based products, including sweeteners, starch, and biofuels. CarADM has a strong focus on research and development, and it is constantly innovating to meet the changing needs of its customers. The company has a strong presence in North America, Europe, and Asia.Ingredion is another leading Corn Wet Milling Market player with a presence. The company offers a wide range of corn-based products, including sweeteners, starch, and biofuels. Ingredion has a strong focus on sustainability, and it is committed to reducing its environmental impact. The company has a strong presence in North America, South America, and Asia.
Key Companies in the Corn Wet Milling Market Include
- Jilin Beidahuang Group Co., Ltd.
- Corn Products International, Inc.
- MGP Ingredients, Inc.
- Archer Daniels Midland Company
- Guangxi Xiuzhou Sugar Factory Corporation Limited
- Jilin Da'an Maize Biotechnology Co., Ltd.
- Ingredion Incorporated
- Grain Processing Corporation
- Henan Yuncheng Xiwang Foodstuffs Co., Ltd.
- Heilongjiang Jinfengyuan Group Co., Ltd.
- Xinjiang Guanghui Industry Co., Ltd.
- Tate Lyle PLC
- Shandong Xiwang Foodstuffs Co., Ltd.
- Cargill
Corn Wet Milling Market Industry Developments
The corn wet milling market is projected to reach USD 48.2 billion by 2032, exhibiting a CAGR of 3.85% during the forecast period (2024-2032). The market growth is attributed to the increasing demand for corn-based products such as starch, sweeteners, and biofuels. Starch is widely used in the food and beverage industry as a thickener and stabilizer, while sweeteners are used as sugar substitutes in various products. Biofuels, such as ethanol, are gaining popularity as a renewable energy source, further driving the demand for corn wet milling.Recent developments in the market include the expansion of production capacities by major players. For instance, in 2023, Archer Daniels Midland Company announced plans to invest USD 300 million to expand its corn wet milling plant in Illinois, USA. Such investments are expected to meet the growing demand for corn-based products and strengthen the market position of key players.Other notable trends in the market include the adoption of sustainable practices and the development of innovative technologies. Companies are focusing on reducing their environmental footprint by adopting eco-friendly processes and using renewable energy sources. Additionally, advancements in biotechnology are leading to the development of new enzymes and microorganisms that improve the efficiency of the corn wet milling process.
Corn Wet Milling Market Segmentation Insights
- Corn Wet Milling Market Grade Outlook
- Food Grade
- Industrial Grade
- Pharmaceutical Grade
- Corn Wet Milling Market Product Type Outlook
- Corn Starch
- Corn Syrup
- Corn Oil
- Corn Gluten Feed
- Corn Gluten Meal
- Corn Wet Milling Market Application Outlook
- Food and Beverages
- Animal Feed
- Pharmaceuticals
- Cosmetics
- Industrial
- Corn Wet Milling Market End-User Outlook
- Industrial
- Commercial
- Residential
- Corn Wet Milling Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
33.04(USD Billion) |
| Market Size 2023 |
34.31(USD Billion) |
| Market Size 2032 |
48.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.85% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Jilin Beidahuang Group Co., Ltd., Corn Products International, Inc., MGP Ingredients, Inc., Archer Daniels Midland Company, Guangxi Xiuzhou Sugar Factory Corporation Limited, Jilin Da'an Maize Biotechnology Co., Ltd., Ingredion Incorporated, Grain Processing Corporation, Henan Yuncheng Xiwang Foodstuffs Co., Ltd., Heilongjiang Jinfengyuan Group Co., Ltd., Xinjiang Guanghui Industry Co., Ltd., Tate Lyle PLC, Shandong Xiwang Foodstuffs Co., Ltd., Cargill |
| Segments Covered |
Grade, Product Type, Application, End-User, Regional |
| Key Market Opportunities |
1 Growing Demand for Renewable Energy Sources2 Increasing Application in Animal Feed Industry3 Expansion in the Food and Beverage Sector4 Adoption in the Bioplastics Market5 Rise in Health and Wellness Awareness |
| Key Market Dynamics |
Rising demand for biofuels Growing population and increasing food consumption Technological advancements in the corn wet milling process Expanding applications in the food and beverage industry Fluctuating corn prices |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Corn Wet Milling Market is projected to grow at a CAGR of 3.85% from 2024 to 2032.
The overall valuation of the Corn Wet Milling Market in 2023 was 34.31 USD Billion.
The projected overall valuation of the Corn Wet Milling Market in 2032 is 48.2 USD Billion.
North America is expected to hold the largest market share in the Corn Wet Milling Market by 2032.
Key applications of corn wet milling include the production of starch, sweeteners, and biofuels.
Some of the key competitors in the Corn Wet Milling Market include Archer Daniels Midland Company, Cargill, and Ingredion Incorporated.
Major factors driving the growth of the Corn Wet Milling Market include increasing demand for biofuels and sweeteners, as well as the growing population and urbanization.
Some of the challenges facing the Corn Wet Milling Market include fluctuating corn prices and competition from other starch and sweetener sources.
Major opportunities for growth in the Corn Wet Milling Market include the development of new applications for corn wet milling products and the expansion into new markets.
Key trends in the Corn Wet Milling Market include the increasing use of enzymes in corn wet milling and the development of new starch and sweetener products.
