Corn is a popular industrial cereal, food, and feed, primarily used in food industry as cooking medium, and for production of hydrogenated oil. Corn oil, procured from kernel of corn, is pale yellow oil. The first ever commercial corn oil production took place in 1889. In the recent past, corn oil became the fastest growing feedstock in the world for biodiesel production.
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The spotlight on high quality food products initiated research & development activities for promoting and developing healthy food supply. Product quality has become imperative in agricultural sector. Corn oil, with its numerous health benefits, has been gaining importance among consumers as well as manufacturers over the past few years. Corn oil forms a crucial value added product from the leftover embryo, or, germ, coupled with extraction of starch from endosperm of kernel. Corn oil extraction enhances the economic and commercial value of the discarded embryo. With its various therapeutic properties, corn oil is vulnerable for use in a number of applications. The aforementioned factors are expected to influence expansion of the global corn oil market.
Stringent environmental regulations imposed by several regulatory authorities, such as the Environmental Protection Agency (EPA) of the U.S., for reducing the carbon footprint has driven demand for biofuels around the world. This in turn will fuel demand for corn oil in the near future. In addition, cooking oil is one of the largest applications of corn oil. Corn oil also finds its applications in soap production, paints, pharmaceutical preparations, and textiles. Processors of corn oil are focusing more on blending of corn oil with other essential oils such as rice bran oil, and olive oil, which results into recommended ideal levels of polyunsaturated and monounsaturated fatty acids. This further ensures excellent stability of flavor and taste of food. Market players are tapping the corn producing areas in order to increase their productivity and gain higher profits.
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According to a recently published study by Fact.MR, the global market for corn oil is estimated to register a moderate expansion during 2017 to 2022. Global sales of corn oil are expected to account for nearly US$ 3,500 Mn revenues by 2022-end.
Europe to Remain Dominant in the Global Corn Oil Market
Europe will continue to be dominant in the global market for corn oil, in terms of revenues, with sales expected to exhibit a steady expansion through 2022. APEJ will remain the second most lucrative region for growth of the corn oil market during 2017 to 2022. The corn oil markets in North America and Japan will continue to exhibit a sluggish expansion through 2022.
By product type, processed corn oil will remain sought-after among consumers across the globe. Sales of processed corn oil are estimated to account for over three-fourth share of the market, in terms of revenues. On the basis of end-users, retail segment will remain dominant in the global market, with sales expected to expand at the highest CAGR through 2022.
Modern trade is expected to remain the largest distribution channel for corn oil. Sales of corn oil in modern trade will surpass revenues worth US$ 1,000 Mn by 2022-end. However, sales of corn oil in specialty stores will exhibit the fastest expansion, to make specialty stores the second most lucrative distribution channel for corn oil by 2022-end.
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Key players in the global corn oil market include Archer Daniels Midland Company, Cargill Inc., Associated British Foods plc, Borges International Group S.L.U., Grief Inc. (Olympic Oils Limited), The Adani Wilmar Ltd., Ruchi Soya Industries Limited, Bunge Limited, and Marico Limited.
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