Dry Milling Global Market Report 2024

Dry milling is a process employed in the production of maize-related products, particularly cornflower for human consumption. This method involves processing corn kernels into flour or meal without the addition of any liquid. Distinct from other milling techniques, dry milling utilizes the particle contact method during the milling process.

The primary sources in the dry milling market are categorized into yellow corn and white corn. Yellow corn serves as a foundational ingredient for cornmeal flour, extensively used in baking applications such as cornbread, tortillas, cereals, and various beverages. Yellow corn, characterized by its carotenoid content imparting a yellow color to the kernels, finds applications in ethanol production, dried distillers' grain with soluble (DDGS), corn grits, corn meal, corn flour, and other end products. The diverse applications span the fuel, feed, and food sectors.

The dry milling market research report is one of a series of new reports that provides dry milling market statistics, including dry milling industry global market size, regional shares, competitors with a dry milling market share, detailed dry milling market segments, market trends and opportunities, and any further data you may need to thrive in the dry milling industry. This dry 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 dry milling market size has grown strongly in recent years. It will grow from $104.19 billion in 2023 to $111.9 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed in the historic period of dry milling can be attributed to factors such as evolving consumer preferences, regulatory changes, a heightened focus on local and terroir-specific products, effective marketing and branding strategies, and the burgeoning cocktail culture.

The dry milling market size is expected to see strong growth in the next few years. It will grow to $155.63 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. Anticipated growth in the forecast period for the dry milling market can be linked to persistent expansion in the premium segment, increasing emphasis on health and wellness, the surge in digital marketing and e-commerce, a growing aging population, and the intricate processes of whiskey aging and maturation. Notable trends in the forecast period include the rise of low- and no-alcohol options, the emergence of regional and terroir-driven offerings, the popularity of ready-to-drink (RTD) cocktails, innovative aging techniques, and the continued impact of digital marketing and e-commerce.

The growth of the dry milling market is anticipated to be driven by the increasing consumption of corn flour-processed snacks globally. Corn flour, derived from the grinding of dried corn kernels, is a common staple food used in various food items. The rise in the consumption of corn flour-processed snacks is evident, as indicated by a November 2021 report from the Institute of Food Technologists (IFT). The report highlighted a 5% increase in the number of snacks sold in the US, with adults consuming up to 2.7 snacks per day. This trend underscores the growing preference for corn flour-based snacks, contributing to the expansion of the dry milling market.

The surge in the consumption of bakery products is expected to drive the growth of the dry milling market. The dry milling process involves grinding dried grains, including corn, into a fine powder or flour. The resulting flour is a key ingredient in various bakery items, influencing their taste, texture, and nutritional value. According to a report on Sector Trend Analysis of Bakery Products in the United States published by the Government of Canada in October 2022, retail sales of baked goods in the US reached $67.9 billion in 2021 and are projected to reach $75.8 billion in 2026. The increasing consumption of bakery products contributes to the demand for dry milling, reinforcing its market growth during the forecast period.

Technological advancements have become a prominent trend in the dry milling market. Major companies in the sector are actively developing new technologies to maintain their market positions. In December 2021, Rieco Industries Limited, an India-based project engineering and machine manufacturing company, introduced RACAM, an air classifying action mill for dry powder grinding. This innovative technological solution incorporates air and dust separation, offering various functionalities in dry milling, including classifying, conveying, integrated grinding, and collecting operations - all in a single machine. RACAM provides advantages such as larger capacity, higher efficiency, and reduced noise. The equipment's enhanced features, including ease of cleaning and use, contribute to its efficiency, reflecting the industry's commitment to technological advancements in the dry milling market.

Major companies in the dry milling sector are strategically focusing on the development and launch of new products to enhance their market positions. A notable example is Ulrick & Short, a UK-based manufacturer of clean-label, additive-free ingredients, which introduced a new functional flour named FazendaTM Nutrigel in June 2021. This product, derived from the dry milling process, incorporates a unique ingredient that enhances viscosity, texture, and structure in gluten-free bakery applications. FazendaTM Nutrigel is a versatile functional flour suitable for both sweet and savory bakery applications, including bread, baked goods, cakes, muffins, and gluten-free batters and coatings. The introduction of this innovative product underscores Ulrick & Short's commitment to providing high-quality ingredients with unique functionalities, contributing to the advancement of gluten-free bakery applications.

In June 2023, Columbia Grain International (CGI), a US-based agricultural trading and processing company, made a strategic move by acquiring Great River Milling for an undisclosed amount. As part of this acquisition, CGI plans to integrate its Balanced Bushel brand of dry beans and pulses, packaged in consumer-friendly formats, into the portfolio of its newly formed subsidiary. Great River Milling, the acquired company, is a US-based organic grain milling company. This acquisition aligns with CGI's strategy to expand its product offerings and strengthen its presence in the agricultural trading and processing sector. The integration of Balanced Bushel into the subsidiary's portfolio represents a strategic move to enhance CGI's capabilities and offerings in the dry milling market.

Major companies operating in the dry milling market include Archer Daniels Midland Company, Bunge Limited, C.H Guenther And Son Incorporated, Cargill Inc., Didion Milling, Flint Hills Resources LP, LifeLine Foods Pvt. Ltd., Green Plains Inc., Semo Milling, Valero Energy Corporation, Pacific Ethanol Inc., Alto Ingredients Inc., FRITSCH Co., SunOpta Inc., Millmore Engineering Private Limited, Hosokawa Micron Powder Systems, Quadro Engineering Corp., Frewitt Ltd., KemutecGroup Ltd., Sturtevant Inc., Buhler AG, GEA Group AG, Hosokawa Alpine AG, IKA Works GmbH & Co. KG, Netzsch Grinding & Dispersing, Pallmann Maschinenfabrik GmbH & Co. KG, Schenck Process Holding GmbH, Union Process Inc., WAB Group, Yenchen Machinery Co. Ltd.

Asia-Pacific was the largest region in the dry milling market in 2023. Asia-Pacific is expected to be the fastest-growing region in the dry milling market during the forecast period. The regions covered in the dry milling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the dry milling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The dry milling market includes revenues earned by entities by cleaning, tempering and conditioning, gristing, milling, blending. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included

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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