Corn Oil Maret:Share, Development and Trend 2016-2024
Corn is one of the most popular feed, food and industrial cereal. Corn flour, corn oil, popcorn, corn syrup, corn soap are some of the most common corn products consumed worldwide. Corn oil is primarily used as a cooking medium in food industry and for manufacturing hydrogenated oil. In 2013, corn oil was the fastest growing feedstock for biodiesel production in the world. Corn is one of the most widely grown crop. Thus easy availability of raw material at lower price is supporting the market growth across the globe.
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Corn Oil Market Segmentation
Corn oil market has been segmented on the basis of Edible and non-edible corn oil. Among both of these segment non edible segment is expected to show robust growth over the forecast period. This is supported by the reason that corn oil is highly environmental friendly product as it has lowest rating for carbon intensity as compared to other biodiesel feed stocks which is driving the segment growth. Edible segment is expected to show substantial growth in terms of volume. Edible segment is further sub segmented as food service restaurants, food processor, and retail (end consumers). Among all these segment retail segment is expected to occupy the major market share. Rising cardiovascular diseases has shifted the consumer focus towards consumption of food containing low cholesterol which is expected to drive the segment growth in the near future. Moreover, food processor segment is expected to account for substantial growth over the forecast period. Consumers are now focusing on healthy lifestyle, due to this they carefully choose the products they buy and use. In addition, easy access to information has made them aware about the availability of different types of oils and fats in the market. Thus, now food processors are trying to respond to consumer demand by offering stable and healthy products.
Corn Oil Regional Outlook
Global corn oil market is also segmented on the basis of distribution channel. The distribution channel is only segmented for retail (end consumers). The distribution channel for retail includes supermarket, hypermarket, departmental stores & grocery stores. Among all these segments hypermarket & supermarket is expected to contribute major share in the market. Groceries stores is expected to show a favorable growth over the forecast period. Increasing penetration of health food in smaller grocery stores is expected to support the segment growth over the forecast period.
Geographically, Europe is expected to be the major market in terms of value for corn oils, owing to increasing consumer towards healthy products. Among the countries, Germany is expected to remain major markets in terms of consumptions for corn oil followed by U.K. North America is expected to represent the favorable market for corn oils in terms of consumption. U.S. is expected to drive the growth. Increasing consumption of corn oil as a biodiesel alternative is expected to support the market growth in the country. Asia Pacific is expected to grow rapidly and expected to be the fastest growing region for corn oil owning increasing in demand of corn oil in food industry across the region.
Corn Oil Market Drivers
Increasing consumption of corn oil as a biodiesel alternative in order to reduce carbon footprint is expected to support the demand of corn oil during the forecast period. Moreover, increasing government regulation especially important in states with low carbon fuels standards such as California is further expected to support the market demand. Furthermore, corn oil provides essential fatty acids like linoleic acid (omega – 6) which is essential for immune function, as well as it enables to lower high blood pressure in people who are suffering from hypertension which is expected to fuel the market growth in the near future.
Corn Oil Market Key Players
Some of the key players operation in corn oil market includes FEC Solutions, Associated British Food plc, GreenField Specialty Alcohols Inc., YONCA GIDA SAN. A.?., Archer Daniels Midland Company and ConAgra Foods Inc among others.