Corn Wet-Milling Global Market Report 2024

The global corn wet-milling market has grown strongly in recent years. It will grow from $76.91 billion in 2023 to $81.17 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth observed in the historical period can be attributed to the diverse applications in the food industry, the increasing global population, the demand for high fructose corn syrup (HFCS), its use in biofuel production, consumption in the feed industry, and expanded applications in various industrial sectors.

The global corn wet-milling market is expected to see strong growth in the next few years. It will grow to $100.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The projected growth in the forecast period can be attributed to the increase in demand for clean label and natural ingredients, innovations in value-added products, a rising need for gluten-free products, a heightened focus on animal nutrition, shifts in global dietary patterns, and the emergence of novel corn varieties. Major trends expected in this period include the digitalization of manufacturing processes, increased investment in sustainable practices, strategic collaborations in research initiatives, technological advancements in processing methods, and the adoption of biorefinery concepts within the industry.

The corn wet-milling market is experiencing significant growth, driven by the increasing demand for corn-based products globally. Corn-based items, including corn flakes and flours, are in high demand, leading to increased utilization of corn wet-milling processes to enhance product purity. A report by RaboBank indicates a projected 25% increase in global corn consumption over the next decade, from 1.14 billion metric tons in 2021 to 1.43 billion metric tons in 2030. This surge in demand for corn-based products positions the corn wet-milling market for robust growth.

The expansion of the food and beverage industry is a key driver for the corn wet-milling market. The industry's growth has led to an escalated demand for corn-derived ingredients, such as starch, sweeteners, and syrups, obtained through wet-milling. These corn-based components play a crucial role in enhancing the texture, mouthfeel, and overall quality of a variety of food and beverage products. The versatility of corn-based ingredients makes wet-milling an attractive choice for manufacturers seeking diverse applications. Notably, statistics from the Australian Bureau of Statistics highlight a 4% and 12% increase in per capita daily consumption of non-alcoholic beverages like soft drinks and packaged water in 2021 compared to the previous year. This trend underscores the growing expansion of the food and beverage sector, further fueling the corn wet-milling market.

Major players in the corn wet-milling market are actively investing in new mills to reinforce their market positions. In a strategic move, Cargill, Incorporated, a prominent US-based food corporation, inaugurated a state-of-the-art corn wet mill in Pandaan, Pasuruan, Surabaya, representing a substantial USD 100 million investment. Equipped with advanced technologies, including industry 4.0 practices, the facility is designed for efficiency from milling to packaging, incorporating robotics systems for automation. Cargill's new corn wet mill aims to meet the rising demand for starches, sweeteners, and feeds in Asia and Indonesia while prioritizing environmental sustainability through waste management and water conservation practices.

Innovation remains a key focus for major companies in the corn wet-milling market. Si-Ware Systems, a US-based semiconductor company, introduced a portable FT-NIR analyzer that enables on-site evaluation of various products, including corn gluten meal. The FT-NIR spectral scanning technique facilitates real-time measurement of nutrient content and protein levels in raw materials, contributing to informed decision-making for optimizing feed output and reducing input costs. This innovative approach by Si-Ware Systems aims to enhance efficiency and cost savings in the corn wet-milling process.

In December 2021, Komline-Sanderson Corporation, a US-based industrial equipment designer and manufacturer, acquired Fluid Quip, Inc., a US-based manufacturer in the agri-tech, corn wet-milling, and ethanol industries. This strategic move expands Komline-Sanderson's product offering, positioning the company for growth in the evolving corn wet-milling market.

Major companies operating in the corn wet-milling market report are Agrana Beteiligungs-AG, Tate & Lyle PLC, Archer Daniels Midland Company, Cargill Incorporated, Ingredion Incorporated, Roquette Freres SA, Grain Processing Corporation, Bunge Limited, Andritz Group, China Agri-Industries Holding Limited, VetterTec GmbH, PerkinElmer Inc., AGC Heat Transfer Inc., Koninklijke DSM NV, The Andersons Inc., Green Plains Inc., Global Bio-Chem Technology Group Company Limited, Grain Millers Inc., Didion Milling Inc., SunOpta Inc., Pacific Ethanol Inc., Valero Energy Corporation, Flint Hills Resources LP, GreenField Specialty Alcohols Inc., The Mennel Milling Company, The Scoular Company, Lamsan Co. Ltd., National Starch LLC, Penford Corporation, Cereal Ingredients Inc., LifeLine Foods LLC

North America was the largest region in the corn wet-milling market share in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the corn wet-milling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the corn wet-milling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary sources of corn wet-milling are dent corn and waxy corn. Dent corn refers to a type of corn with kernels that mature and exhibit a dent at the top. Dent corn serves as the foundational ingredient for various products such as cornmeal flour, tortillas, corn chips, and taco shells. The equipment utilized in corn wet milling includes milling equipment, steeping equipment, centrifuge systems, washing and filtration systems, among others. The resulting end-products encompass starch, sweetener, ethanol, corn gluten meal and gluten feed, and more.

This report provides corn wet-milling market statistics, including corn wet-milling industry global market size, regional shares, competitors with a corn wet-milling market share, detailed corn wet-milling market segments, market trends and opportunities, and any further data you may need to thrive in the corn wet-milling industry. This corn wet-milling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The corn wet-milling market consists of sales of heating and cooling systems, dryers, and utility equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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