Global Corn Market Size, Share, Value, Outlook, Forecast: By Source: Organic, Conventional; By Application: Food and Beverages, Animal Feed, Ethanol Production, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Trade Data Analysis; Key Trends and Developments in the Market; 2024-2032

Global Corn Market Outlook

The global corn market size reached a volume of 1183.43 million metric tons in 2023. The market is expected to grow at a CAGR of 1.1% between 2024 and 2032.

Corn refers to the yellow or white corn seeds, used mainly as livestock feed and as food for humans. It is also known as maize or Indian corn, a cereal plant belonging to the grass family called Poaceae, which has edible grain. The domesticated plant originated in the Americas, especially Mexico, and is among the most widely distributed food crops in the world.

The leafy stalk of the plant produces pollen inflorescences and separate ovuliferous inflorescences called ears that yield kernels or seeds, which are fruits. Corn is a staple food in many parts of the world and serves as a primary food source for humans, and livestock, and as raw material in many sectors.

Corn is remarkable for its productivity and its wide variety of uses. It can be eaten as a vegetable while still young or can be harvested when mature and used as a grain. It is a key ingredient in products like corn syrup, cornstarch, popcorn, and a vast array of other food and industrial products. Genetically, corn is highly diverse, allowing for adaptation to various climates and farming practices. Corn is not only a significant food source but also plays an integral role in economies, particularly in the agricultural and food sectors.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Key Trends of the Market

Economic growth in developing countries could lead to a rise in demand for corn and corn-based products and by-products

As the world population increases, so does the demand for food, including corn. Corn is a staple food in many parts of the world and a key ingredient in animal feed which boosts the corn market demand. An increasing population leads to greater demand for both direct human consumption and indirect consumption through meat and dairy products.

As developing countries experience economic growth, their citizens typically have more disposable income, which often leads to changes in dietary habits. There's usually an increase in the consumption of meat and dairy products, which in turn raises the demand for corn as animal feed. Additionally, improved economic conditions can lead to increased use of corn-based products and by-products.

Technological advancements in agricultural technology

Advances in genetic engineering are one of the crucial corn market trends that have led to the development of corn varieties that are more resistant to pests, diseases, and adverse weather conditions. Techniques like CRISPR gene editing are enabling more precise modifications to enhance traits like drought tolerance, nutrient efficiency, and growth rates. Traditional breeding methods, supported by genomic data, are also speeding up the development of new, more resilient varieties.

Farmers can use precision agriculture to tailor their practices to the specific needs of different parts of their fields, leading to more efficient use of resources. This includes the precise application of water, fertilisers, and pesticides, which not only boost yields but also minimise environmental impact.

Trade policies and agreements between major corn-producing and consuming countries

Lowering tariffs and other trade barriers on corn can propel the corn market growth, allowing exporting countries to sell more corn in the international market. This increased accessibility can lead to a rise in exports, benefiting major corn-producing countries.

Bilateral and multilateral trade agreements can create more favourable conditions for corn trade. For example, agreements that include provisions for agricultural products can open up new markets for corn exporters, boosting global trade volumes. Policies that promote sustainable and ethical farming practices can also impact the corn market. Consumers and businesses are increasingly demanding environmentally friendly and socially responsible products, which can shape trade flows and market preferences.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Corn Market Segmentation

The market is bifurcated on the basis of source into:

• Organic

• Conventional

Corn finds its applications in the following segments:

• Food and Beverages

• Animal Feed

• Ethanol Production

• Others

The EMR report also covers the regional markets of corn like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising corn production in the United States and China supports the market growth

The major corn producing countries include the United States, China, and Brazil, with the United States accounting for nearly 36% of the global corn market share. The United States is also responsible for over 36% of the global exports, followed by Brazil, Argentina, Ukraine, and Russia, as the other major exporters of the crop.

The significant consuming markets for corn include the United States, China, the European Union, Mexico, and Brazil. This growing demand in these regions is supported by the end-use sectors like the animal feed and corn starch markets. The United States and China are among the largest consumers owing to the rapidly growing end-use sectors of corn in these regions. The countries that rely on imports are Mexico, Japan, South Korea, the European Union, and Egypt. The rising demand for corn in the United States is due to the expansion of the feed and industrial sectors. Corn is a source of carbohydrates and so forms an effective diet for livestock. The dominant application sector in the country is animal feed, followed by fuel ethanol. Meanwhile, the growing corn starch processing in China is driving the market demand, as China is the leading key player in corn starch production. The country also accounts for a significant market share in other application sectors like HFCS and polyols.

Growing Demand in Various End-Use Sectors to Drive the Market Growth of Corn

The global corn market is being driven by the increasing applications of corn in various end-use sectors. Corn is widely used in the production of corn starch, which is further utilised in food ingredients, papers, ethanol, and sweeteners, among others. Corn is also used in the production of animal feed. The growing demand for all these products is providing an impetus to the market. The increasing demand for animal feed, as well as ethanol, has resulted in increased production of the crop. Corn is used in making biofuel because of the content of the starch present, and it can easily be converted into ethanol.

The rapidly rising demand for the product in the United States and China is mainly driven by the increasing use of the crop in various end-use sectors. The United States is a significant confectionery market, which is propelling the demand for corn starch owing to its use in sorbitol and sweeteners production.

The growing demand for sorbitol, which is an end-use segment, is supporting the growth of the market. Sorbitol is abundantly used due to its low-calorie content among the health-conscious population. Sorbitol has wide applications in personal care products and pharmaceuticals. The corn market is also being driven by the easy availability and low manufacturing cost of the product. The favourable policies of the government, as well as the increasing FDI flows for both pharmaceuticals and personal care products, have aided the growth of the market, especially in the Asia Pacific region. India and China represent the major emerging markets for the product in the Asia Pacific.

The growing awareness about the health benefits of corn is resulting in its increased consumption. The intake of corn can lead to better gut health and lower the chances of diseases like cancer, heart disease, and type 2 diabetes. Also, yellow corn is a good source of carotenoids like lutein and zeaxanthin, which boost eye health and prevent cataracts. The expanding production of corn, particularly in South Asian countries, due to their favourable geographical location and climatic conditions, is playing a critical role in the market development.

The steps taken by the governments to boost the production of maize are providing impetus to the market expansion. For instance, in May 2023, the Government of India announced to increase maize production, encouraging farmers for the same through various initiatives to meet the demand from diverse sectors like poultry and ethanol production. The ongoing research and development activities to enhance the corn yield and maximise profit are likely to aid the market over the forecast period.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Corn Market Analysis

There has been a significant increase in corn production, especially in major producing countries like the United States, driven by favourable weather conditions and improved yields. Innovations in agricultural technology, including precision agriculture and genetically modified crops, are enhancing production efficiency and crop resilience. Changing weather patterns due to climate change can affect crop yields, influencing supply and price volatility. The demand for corn in biofuel production, particularly ethanol, continues to impact the corn market value, linking it closely with the energy sector.

There might be an increased focus on sustainable corn production methods, balancing the need for high yields with environmental and social responsibilities. Trade policies, international relations, and geopolitical events can significantly influence global trade flows and pricing in the corn market.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.