Corn Oil Market Report 2024

The corn oil market size has grown strongly in recent years. It will grow from $5.33 billion in 2023 to $5.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed during the historic period can be attributed to several factors, heightened demand for biofuels, expansion of the food processing industry, increasing health awareness, rising disposable income, and growing urbanization.

The corn oil market size is expected to see strong growth in the next few years. It will grow to $7.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth during the forecast period can be attributed to several factors, rising preference for organic products, increased use in biodiesel production, expansion in the pharmaceutical industry, demand for high-quality edible oils, and greater awareness of healthy cooking oils. Key trends expected to shape the period include a shift towards organic and non-GMO corn oil, growth in corn oil-based biodiesel production, advancements in oil refining technologies, increased use of corn oil in the cosmetics industry, and a rise in e-commerce sales of edible oils.

The growth of the corn oil market is anticipated due to the rising demand for chemical-free food products. Chemical-free food products are those produced without synthetic pesticides, herbicides, or other artificial chemicals. The increasing need for such products is driven by health-conscious consumer preferences, environmental concerns, and regulatory changes favoring sustainable agriculture. Corn oil is favored in these products because of its natural extraction process, offering a healthy alternative for cooking and baking. For example, the Organic Trade Association (OTA), a U.S.-based organization in the organic industry, reported in May 2023 that U.S. organic food sales reached $61.7 billion in 2022, a 4.3% increase from $59.1 billion in 2021, marking the first time sales surpassed $60 billion. This growing demand for chemical-free food products is propelling the corn oil market.

Key players in the corn oil market are focusing on advanced technologies to enhance the quality of distillers' corn oil (DCO) by reducing impurities and increasing its value. Distillation technology in corn oil refining uses heat to separate components based on boiling points, improving oil quality by removing impurities. For instance, Trucent Inc., a U.S.-based fluid separation service and technology company, launched CORE technology in June 2022. This technology enhances corn oil extraction through features such as user-friendly skid-mounted modules and optimized centrifuges, marking a significant technological advancement. CORE technology helps ethanol producers improve the quality of distillers' corn oil, making it suitable for higher-value sales to renewable diesel refineries and boosting revenue in the renewable fuels sector.

In June 2023, Viterra Limited, a Netherlands-based agriculture company, announced its merger with Bunge Global SA for $18 billion. This merger is set to enhance their global presence and operational synergies, strengthening their position in the corn oil market and the broader vegetable oil sector. Bunge Global SA, a U.S.-based food company, provides corn oil.

Major companies operating in the corn oil market are Cargill Incorporated, Archer Daniels Midland Company, Wilmar International Ltd., Bunge Limited, Associated British Foods, ConAgra Brands Inc, Ingredion Incorporated, Savola Group, IFFCO, Roquette Frères, Richardson International, ACH Food Companies Inc., Lam Soon Edible Oils Sdn. Bhd., Greenfield Global, Grain Processing Corporation, Taj Agro International, Abu Dhabi Vegetable Oil Company LLC, Henry Lamotte Oils GmbH, Saporito Foods Inc., Cairo Oil And Soap, Bluecraft Agro, Elburg Global.

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

The countries covered in the corn oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Corn oil is a vegetable oil derived from the germ of corn (maize) kernels. It is widely used in cooking and frying due to its high smoke point and neutral flavor. Corn oil is also utilized in the production of margarine, salad dressings, and various industrial applications. It is high in polyunsaturated fatty acids, especially linoleic acid.

Corn oil can be categorized into edible and non-edible types. Edible corn oil, extracted from corn kernels, is safe for consumption and commonly used in cooking and food preparation. It comes in refined and virgin grades. Its applications span across food and beverages, pharmaceuticals, cosmetics and personal care, animal feed, industrial uses, and biodiesel. Corn oil is distributed through supermarkets and hypermarkets, convenience stores, departmental stores, and other retail channels.

The corn oil market research report is one of a series of new reports that provides corn oil market statistics, including corn oil industry global market size, regional shares, competitors with a corn oil market share, detailed corn oil market segments, market trends and opportunities, and any further data you may need to thrive in the corn oil industry. This corn oil 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 oil market consists of sales of organic corn oil, cold-pressed corn oil, high-oleic corn oil, blended corn oil, and genetically modified organism (GMO)-free corn oil. 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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