Corn is considered to be the most successful food, feed, and industrial cereal and corn flour, corn oil, corn flakes, corn syrup, pop corn, rice corn, and soap are some of the popular corn products used globally. Corn oil, pale yellow colored oil procured from kernel of corn was commercially produced in 1889. It is used as a cooking medium and for manufacturing hydrogenated oil. Corn oil also has various therapeutic properties which makes it vulnerable for its use in various applications. It is also known to provide various health benefits which such as, it lowers the cholesterol, improves heart health, and lowers blood pressure and as emollient for skin among others. These factors have led to high demand for corn oil in the market. The increase in demand for corn oil in biodiesel manufacturing and its use as a feedstock for other fuels is also projected to propel the market growth in the projected period. The global corn oil market was valued at around USD 200 million in 2017 and is expected to expand at a CAGR between 4.0% to 5% from 2019 to 2024.
The key factor driving growth of global corn oil market is the rising demand for corn oil as a biodiesel alternative for reducing carbon footprint. Furthermore, growing government regulation particularly important in states with low carbon fuels standards such as California is further expected to support the market demand. On the contrary, availability of other competing materials that can serve similar purpose at reduced cost may significantly hamper the growth of corn oil market in the coming years.
The global corn oil market has been segmented based on type, application, and geography. Based on types, the global corn oil market is segmented into edible and non-edible oil. Based on applications, the global corn oil market is segmented into biodiesel, cooking oil, soap making, paints, textiles, and others. Among various applications, cooking oil accounted for major share in the global corn oil market in 2017 and this segment is further expected to remain dominant in the near future expanding at a CAGR of 4.4% from 2019 to 2024. Other application segments are also expected to showcase significant growth thereby boost the demand for corn oil over the forecast period from 2018 to 2024.
Based on geography, the global corn oil market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America comprises U.S., Canada, and Mexico whereas Europe would primarily cover Germany, France, UK, Italy, and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report. Europe accounted for the largest share in the global corn oil market; it is further projected to dominate the global market by 2024. Asia Pacific accounted to have a second highest share for corn oil due to growing demand for corn oil as cooking oil in most of the countries in the region.
The global corn oil market is concentrated with leading manufacturers such as ADVOC having strong hold on the global market. Some of the key manufacturers of corn oils in the global market include FEC Solutions, Associated British Food plc, GreenField Specialty Alcohols Inc., YONCA GIDA SAN., Archer Daniels Midland Company and ConAgra Foods Inc., among others.