The Latin America, Middle East and Africa Corn Oil Market would witness market growth of 9.1% CAGR during the forecast period (2024-2031). In the year 2027, the LAMEA market's volume is expected to surge to 56.99 Kilo Tonnes, showcasing a growth of 10.4% (2024-2031).
Corn oil, particularly the non-edible grade, is widely used in the animal feed industry due to its high energy content and nutritional benefits. Incorporating corn oil into animal feed provides a rich source of essential fatty acids, such as linoleic acid, which are vital for the growth and development of livestock. These fatty acids support healthy skin and coat conditions in animals, improve reproductive performance, and enhance overall vitality. Thus, Brazilian animal feed industry consumed 1.54 kilo tonnes of this oil in 2023.
The Brazil market dominated the LAMEA Corn Oil Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $191.1 million by 2031. The Argentina market is showcasing a CAGR of 10.2% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 8.7% during (2024 - 2031).
The market is shifting towards sustainable sourcing and production practices driven by consumer preferences for ethically sourced and environmentally responsible products. Sustainable certification schemes and labeling initiatives are gaining traction, enabling consumers to make informed choices and incentivizing companies to adopt sustainable practices throughout the supply chain.
On the industrial front, technological advancements and innovations in extraction, refining, and processing techniques are enhancing the efficiency and quality of oil production. This enables manufacturers to meet the evolving market demands while minimizing waste and environmental impact. Moreover, integrating digitalization and data analytics enables companies to optimize production processes, improve yield, and enhance product quality, thereby fostering competitiveness and sustainability in the oil industry.
As consumers in the UAE increasingly dine out or order food for delivery, the demand for cooking oils, including this oil, is expected to rise to meet the needs of the food service industry. According to the United States Department of Agriculture data, UAE is the second largest food service sector within the Arab Gulf Cooperation Council (GCC) region after Saudi Arabia. In 2021, the value of the UAE hotel, restaurant, and institutional sector totaled $12.3 billion, almost a 17 percent increase from 2020. Additionally, South Africa's diverse and multicultural population, with its rich culinary traditions and preferences, fuels the demand for various cooking oils to cater to different tastes and dietary needs. As per the data from the Government of South Africa, when denominated in constant 2019 prices, the food and beverage sector's overall revenue grew by 14.9% in February 2023 compared to February 2022. Positive annual growth rates were recorded for bar sales (35,5%) and food sales (13,8%). Thus, with the growth of food service and food & beverage sectors in the LAMEA region, there will be increased demand for this oil.
Corn oil, particularly the non-edible grade, is widely used in the animal feed industry due to its high energy content and nutritional benefits. Incorporating corn oil into animal feed provides a rich source of essential fatty acids, such as linoleic acid, which are vital for the growth and development of livestock. These fatty acids support healthy skin and coat conditions in animals, improve reproductive performance, and enhance overall vitality. Thus, Brazilian animal feed industry consumed 1.54 kilo tonnes of this oil in 2023.
The Brazil market dominated the LAMEA Corn Oil Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $191.1 million by 2031. The Argentina market is showcasing a CAGR of 10.2% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 8.7% during (2024 - 2031).
The market is shifting towards sustainable sourcing and production practices driven by consumer preferences for ethically sourced and environmentally responsible products. Sustainable certification schemes and labeling initiatives are gaining traction, enabling consumers to make informed choices and incentivizing companies to adopt sustainable practices throughout the supply chain.
On the industrial front, technological advancements and innovations in extraction, refining, and processing techniques are enhancing the efficiency and quality of oil production. This enables manufacturers to meet the evolving market demands while minimizing waste and environmental impact. Moreover, integrating digitalization and data analytics enables companies to optimize production processes, improve yield, and enhance product quality, thereby fostering competitiveness and sustainability in the oil industry.
As consumers in the UAE increasingly dine out or order food for delivery, the demand for cooking oils, including this oil, is expected to rise to meet the needs of the food service industry. According to the United States Department of Agriculture data, UAE is the second largest food service sector within the Arab Gulf Cooperation Council (GCC) region after Saudi Arabia. In 2021, the value of the UAE hotel, restaurant, and institutional sector totaled $12.3 billion, almost a 17 percent increase from 2020. Additionally, South Africa's diverse and multicultural population, with its rich culinary traditions and preferences, fuels the demand for various cooking oils to cater to different tastes and dietary needs. As per the data from the Government of South Africa, when denominated in constant 2019 prices, the food and beverage sector's overall revenue grew by 14.9% in February 2023 compared to February 2022. Positive annual growth rates were recorded for bar sales (35,5%) and food sales (13,8%). Thus, with the growth of food service and food & beverage sectors in the LAMEA region, there will be increased demand for this oil.
Based on Type, the market is segmented into Edible, and Non-Edible. Based on Application, the market is segmented into Food & Beverages, Biodiesel, Animal Feed, Cosmetics & Personal Care, Industrial, and Pharmaceuticals. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
List of Key Companies Profiled
- Abu Dhabi Vegetable Oil Company (International Holding Company)
- Archer Daniels Midland Company
- Associated British Foods PLC (Wittington Investments Limited)
- Bluecraft Agro Private Limited (Riddhi Siddhi Group)
- Cargill, Incorporated
- Grain Processing Corporation (Kent Corporation)
- Greenfield Global Inc.
- Richardson International Limited (James Richardson & Sons, Limited)
- Roquette Freres SA
Market Report Segmentation
By Type (Volume, Kilo Tonnes, USD Billion, 2020-31)
- Edible
- Non-Edible
By Application (Volume, Kilo Tonnes, USD Billion, 2020-31)
- Food & Beverages
- Biodiesel
- Animal Feed
- Cosmetics & Personal Care
- Industrial
- Pharmaceuticals
By Country (Volume, Kilo Tonnes, USD Billion, 2020-31)
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. LAMEA Corn Oil Market by Type
Chapter 5. LAMEA Corn Oil Market by Application
Chapter 6. LAMEA Corn Oil Market by Country
Chapter 7. Company Profiles
Companies Mentioned
- Abu Dhabi Vegetable Oil Company (International Holding Company)
- Archer Daniels Midland Company
- Associated British Foods PLC (Wittington Investments Limited)
- Bluecraft Agro Private Limited (Riddhi Siddhi Group)
- Cargill, Incorporated
- Grain Processing Corporation (Kent Corporation)
- Greenfield Global Inc.
- Richardson International Limited (James Richardson & Sons, Limited)
- Roquette Freres SA
Methodology
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