Dry Milled Corn Market Size, Share & Industry Analysis, By End-Product (Ethanol, Corn Grits, Corn Flour, Distillers Dried Grains with Solubles (DDGS), Cornmeal), By Application (Food & Beverage, Animal Feed, Fuel) And Regional Forecast, 2024-2032

Corn is a major cereal grain that is widely consumed across the globe as a staple crop. Corn is rich in fibre, antioxidants, vitamins and minerals along with being naturally gluten-free. These attributes of corn have led to its extensive utilization as a raw material by various food and non-food application industries. The end-products derived by the dry milling process of corn such as ethanol, cornmeal, corn flour and others are used for manufacturing feed, food and biofuel.

In current times there has been a surging demand for convenience and ready-to-eat food products has led to increasing in demand for dry milled corn-derived products. The dry milled corn products are used for manufacturing various extruded snacks, cereals, baked goods, and fermentation process. Moreover, the growing consumption of extruded snacks worldwide due to their taste and textural properties has also impetus market growth.

One of the major factors driving the dry milled corn market is its low cost of production compared to the conventional wet milling process. The low cost of dry milled corn production is mainly due to the low electricity and heat consumption along with the total recovery of production wastes. Further, the cost-effectiveness has led to increased utilization of dry milled corn products for various food and feed purpose, which in turn also fuels its market growth.

The various storability and microbial contamination challenges associated with storing corns has significantly impeded its market growth. Coupled with this, the high maintenance costs for retaining the quality of the end-products as they can easily get oxidized, hampering their odour and flavour has also posed as a restraint in the market growth.

Key Players Covered:

The key companies operating in the global dry milled corn market are, Archer Daniels Midland Company, Bunge Limited, Cargill Inc., Sunopta, Inc., Lifeline Foods, LLC., Didion Milling Inc., Pacific Ethanol Inc., Semo Milling, LLC, Grain Millers Inc., and Valero Marketing and Supply Company.

The corn flour end-product segment is expected to hold a major share in the market due to its wide utilization as a binding agent for puddings and other culinary preparations. It is also used as a thickening agent in various soups and sauces premixes. Along with this, the sauces and condiments sector is witnessing exponential growth due to the consumers’ inclination towards spicy and flavourful products; thereby, driving the corn flour market growth.

The food and beverage application sector is anticipated to have a major share in the market due to the wide incorporation of dry milled corn products in various snacks and bakery products. The products enhance the taste and texture in various baked foods such as pancakes and waffles. Further, there has been robust growth in the bakery industry due to factors such as an increase in creativity and product novelty adopted by the various processed foods manufacturers. Thus, contributing in the market growth of dry milled corn.

Regional Analysis:

North America is expected to hold a major share in the market as the U.S. is the major global producer of corn. According to the United States Department of Agriculture (USDA) 95% of the global corn production is from the U.S. and during the year 2018-2019 it produced more than 14.42 billion bushels of corn and roughly 14.3% of the total production was exported. This makes the region one of the largest producer in the world. The abundant availability of raw material for dry milled corn production is one of the major factors driving its regional market. Further, the strong supply chain in the region enables the easy availability of raw material to the end-user industries, thus propelling its regional market growth.

Asia Pacific is observing significant growth in the dry milled corn market due to the burgeoning bakery industry in countries such as India. The bakery sector in India is mainly driven by rapid urbanization, an increase in population and changing taste preferences. Along with this, the increase in imports of corn by countries such Vietnam and Malaysia for feed and food, which according to USDA is projected to grow exponentially in future, has also supported in fuelling the regional market growth.

Segmentation

Key Industry Developments

• In January 2018, Cargill Incorporated and Arabian Agricultural Services Company, a Saudi food ingredients firm. together started, The Middle East Food Solutions Company (MEFSCO) corn milling facility in Saudi Arabia, owing to their joint venture. This new plant will triple the joint venture’s overall production volume and double the production of glucose and starch.


• In 2018, Dasca Group and Bunge Ltd., signed a joint venture agreement following which the companies started a new corn milling and origination facility in Ukraine which was expected to be functional by the end of 2019. This joint venture is expected to increase the production capacities of companies, thereby aiding its revenue generation.