The global Maize (Corn) market stood at approximately 1222 million tonnes in 2023 and is anticipated to grow at a CAGR of 3.2% during the forecast period until 2034. Geographically, USA is the largest producer and supplier of Maize (Corn). Maize (Zea mays L.) stands out as the most flexible cereal crop due to its adaptability and diverse varieties and applications. Maize thrives in a range of climates, spanning from tropical and subtropical regions to temperate zones. Notably, it boasts various types, including field corn, sweet corn, popcorn, and baby corn, each serving distinct purposes in agriculture and consumption.
Corn, a versatile crop, finds its utility across diverse industries, showcasing its significance in global agriculture and economy. Primarily, corn serves as a staple food, consumed fresh or processed into various products like cornmeal, cornflakes, and popcorn, meeting nutritional needs worldwide. Moreover, it constitutes a crucial component of livestock feed, providing essential nutrients for animal growth. Beyond food, corn plays a pivotal role in biofuel production, with its conversion into ethanol offering a renewable energy source, contributing to environmental sustainability. Furthermore, corn-derived products extend to industrial applications highlighting its versatility and adaptability in manufacturing processes. Its role as a source of sweeteners, such as corn syrup and high-fructose corn syrup, further underscores its widespread usage in the food and beverage industry. Corn flour forms the base for tortillas and thickening agents, while cornstarch adds versatility to baking and cooking. High-fructose corn syrup remains a prevalent sweetener. Additionally, corn oil's neutral flavor and high smoke point make it a popular choice for cooking and food processing. Additionally, corn serves as a key ingredient in alcohol production, with its fermentation yielding spirits like whiskey and vodka. Furthermore, corn-derived components like corn starch are utilized in pharmaceuticals, serving as fillers in medication tablets and raw materials for drug production. Overall, corn's multifaceted applications underscore its significance as a vital crop with far-reaching implications for various sectors, from agriculture to energy, industry, and beyond.
Several factors intricately shape the dynamics of the corn market, exerting influence on its supply, demand, and pricing. Key among these drivers is the demand for corn as a feedstock for ethanol production, driven by government mandates for blending ethanol with gasoline and a growing interest in renewable energy sources. Additionally, corn's critical role as animal feed further impacts market dynamics, with fluctuations in meat consumption patterns and livestock populations directly influencing corn demand. Moreover, global population growth, particularly in developing countries, escalates the need for corn as a staple food and in processed food products. Corn is a cornerstone of the food and beverage industry, serving both as a direct consumption item and a versatile ingredient in various products. The global Maize (Corn) market is likely to reach approximately 1728 million tonnes in 2034.
Geographically, the North America is poised as the foremost consumer of Maize (Corn). In 2023, North America consumed roughly 50% of the global corn. North America dominates the global maize market as a consumer due to its integral role in the region's diets. Corn, found in staples like cornbread and tortillas, and in snacks and cereals, enjoys widespread usage, contributing to substantial domestic consumption. Moreover, North America's large and affluent population fuels demand for maize-derived products, driven by evolving lifestyles and preferences for convenience foods containing corn ingredients. Additionally, the reliance of North America's food processing industry on maize inputs, including corn starch and oil, cements its status as a major consumer in the global maize market. North America's dominance in the global maize market is underpinned by a combination of factors that collectively establish the region as a powerhouse in corn production as well. Firstly, North America benefits from its vast expanses of arable land, particularly in key corn-producing states such as Iowa, Illinois, and Nebraska. Coupled with advanced agricultural technologies and practices, this fertile land yields consistently high maize harvests. Moreover, the region enjoys favourable climatic conditions conducive to maize cultivation, ensuring reliable production year after year.
Based on the end-user industry, the global Maize (Corn) market is divided into Food & Beverages, Biofuel, Animal Feed, and Others. Among these, Animal Feed is the major segment and held about 60% of the global Maize (Corn) market in 2023 and is anticipated to prevail the same trend in the forthcoming years. Maize, alongside sugar cane, serves as the primary source material for bioethanol production, the prevalent biofuel worldwide.
Major players in the Global Maize (Corn) market are China National Cereals, Oils and Foodstuffs Corporation (COFCO), Archer-Daniels-Midland (ADM), Cargill, Inc., CHS Inc., Bunge Limited, Monsanto
Corteva Agriscience, Adani Wilmar, Agrium Inc., Scoular, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Maize (Corn) which covers production, demand and supply of Maize (Corn) market in the globe.
• To analyse and forecast the market size of Maize (Corn)
• To classify and forecast Global Maize (Corn) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Maize (Corn) market in the globe.
To extract data for Global Maize (Corn) market, primary research surveys were conducted with Maize (Corn) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Maize (Corn) market over the coming years.
ChemAnalyst calculated Maize (Corn) demand across the globe by analyzing the volume of Maize (Corn) consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Maize (Corn) manufacturers and other stakeholders
• Organizations, forums and alliances related to Maize (Corn) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Maize (Corn) manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Maize (Corn) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
1222 million tonnes
Market size Volume in 2034
1728 million tonnes
Growth Rate
CAGR of 3.2% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in million tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Foreign Trade.
Segments covered
By End-Use: (Food & Beverages, Biofuel, Animal Feed, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Maize (Corn) in terms of volume in 2023?
Ans:
The global market size of Maize (Corn) has reached approximately 1222 million tonnes in 2023.
Q2.
Which industry is the leading end-user industry of Maize (Corn)?
Ans:
The Animal Feed industry is the leading end-user industry of Maize (Corn) globally.
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