A recent report published by Persistence Market Research, titled 'Corn Steep Liquor Market: Global Industry Analysis 2013–2017 and Forecast 2018–2028', projects that the approximately US$ 2.6 Bn corn steep liquor market is anticipated to surpass the revenue worth US$ 3.5 Bn by the end of 2028. The report has projected a moderate 4% CAGR for global corn steep liquor market during 2018-2028.
Organic Agricultural Practices Favoring Corn Steep Liquor Market Growth
The word organic has never been more in trend than it is now. Globally, the demand for organic foodstuff is increasing every day, and it is affecting every vertical that is concerned with organic agriculture. Organic fertilizers are one such part of the organic agriculture trend that is affected by the demand, and corn steep liquor happens to be one of the best contenders for the same.
Corn steep liquor, with its rich nutrients profile, is a great organic fertilizer/ organic nutritional aid for organic agriculture, and is available at a much cheaper price point than other organic fertilizers. Since corn steep liquor is a by-product of the corn wet milling industry, and is high in nutritional content, it is the perfect contender for an organic fertilizer.
Apart from its rich nutrient profile, the benefit that corn steep liquor has over other chemical fertilizers is the readily-available nitrogen content to be absorbed by the plants. Free nitrogen content, coupled with a rich amino acid profile of corn steep liquor makes for a highly suitable organic fertilizer for organic agricultural practices.
Corn Steep Liquor Powder to Gain Ground Across Expanding Application Base in Organic Agriculture & Industrial Fermentation
Corn steep liquor is available in two forms in the market, either the liquid or powdered form. Corn steep liquor, in its liquid form, has around 45-50% dry matter, while in the powdered form, the product has around 85-90% of dry matter. In animal feed, the liquid form of corn steep liquor is preferred since it helps act as a binding agent for animal feed pellets. In organic agriculture, however, the powdered form of corn steep liquor is preferred, since it has low moisture content and high purity, is easier to handle, easier to store and use, and has better spread ability.
In industrial fermentation, however, both liquid and powdered forms of corn steep liquor are used, but the powdered form is being increasingly preferred since it exhibits higher stability and is easier to handle. Combined with the fact that organic agriculture practices are increasing globally, the powdered form of corn steep liquor is expected to gain traction in the market over the forecast period.
Applications in Animal Feed to Remain Dominant in Corn Steep Liquor Market
By application, the animal feed segment is still the largest segment in the corn steep liquor market, and that too by a large margin. The predominant use of feed additives, the need for cheaper alternatives, and organic animal husbandry practices are all supporting the increasing demand of corn steep liquor from this segment.
However, fertilizers and fermentation are two segments that are expected to exhibit high growth rates in the corn steep liquor market during the forecast period. This is due to the high growth rate of the parent market, and the growing demand for corn steep liquor from associated industries.
Key Producers of Corn Steep Liquor
Some of the key players included in the corn steep liquor market report are Tate & Lyle Plc, Cargill Inc, Archer-Daniels-Midland Company, Ingredion Incorporated, Tereos SA, Global Bio-chem Technology Group Company Limited, Juci Corn Biotechnology Co., Ltd, Sanstar Bio-Polymers Ltd, Baolingbao Biology Co., Ltd., Gulshan Polyols Limited, etc.