Global Corn And Corn Starch Derivatives Market - 2022-2029

Global Corn And Corn Starch Derivatives Market - 2022-2029

Market Overview

Starch is a highly functional carbohydrate in its unmodified state. It can be modified physically, chemically, and enzymatically to meet specific needs. Corn starch, sometimes also referred to as corn flour, is a carbohydrate extracted from the endosperm of corn. Since corn starch is made from corn, which consists only of carbohydrates and no proteins, it is considered gluten-free. Corn starch is a naturally abundant nutrient carbohydrate consisting of many glucose units. Corn starch derivatives are prepared by treating starch through processes such as hydrolysis, extraction, purification, and chemical treatment to be utilized in a wide range of food and non-food applications.

Corn starch derivatives possess a wide range of functionalities, owing to which they are used as a texture agent, thickener, emulsifier, and many more in various food products. Thus, increasing product innovation and rising consumer expectations for better food items are poised to propel the demand for corn and corn starch derivatives in the forecast period.

The global corn and corn starch derivatives market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 5.46% during the forecast period (2022-2029).

Market DynamicsGrowing corn and corn starch derivatives market with increased demand for corn-based baked products

Growing urbanization and changing lifestyles have increased the demand for healthy snacks and corn-based baked products for leisure time. It is also a thickening agent in foods such as sauces, gravies, soups, and custards. This factor influences food manufacturers to introduce new products to fulfill consumer demand, driving the demand in the foreseeable future. Furthermore, the availability of corn-based bakery products with an extended shelf life, as well as accessibility to freezer storage conditions in retail bakeries, is further driving the demand for the corn starch market. Cornmeal is considered one of the staples and traditional food among Americans. It provides puffiness to corn products such as corn-based pancakes, tortillas, and cornbread.

Moreover, cornmeal and flakes are highly used in beer production in the U.S. and North America. Corn is a common adjunct in mass beer production and makes up YY% of the grist. Thus, the increasing number of breweries in the U.S. is also expected to propel market growth in the forecast period. On December 25, 2022, Pipcorn introduced its newest snack. Pipcorn Twists are a better-for-you snack crafted with the brand’s signature heirloom corn. They are offered in two varieties: sea salt and cinnamon sugar. According to the company, the Twists are non-GMO, gluten-free, and vegan and have 40–50% less fat and 25% fewer calories than traditional salty snack brands. They are formulated using heirloom corn kernels to deliver their crunch and taste. On April 28, 2020, Global Food Products launched Chacho's Corn Chips. Chachos are irresistibly light and crispy. They are made with 100% corn flour imported from America. These crunchy corn chips come in four great-tasting flavors (Cheesy Cheese, Spicy Curry, BBQ Bonanza, and Original) and two pack sizes (80 g and 185 g).

Market Segmentation: The corn oil segment accounted for the highest share of the global corn and corn starch derivatives market

Corn oil is a vegetable extracted from the corn germ, found in both edible and non-edible forms. Corn oil consists of polyunsaturated fatty acids and has a low content of saturated fats, which is considered a healthier alternative than other edible oils. Thus, rising cases of lifestyle diseases and changing consumer perceptions toward a healthy lifestyle are expected to drive the demand for corn oil in the forecast period. Furthermore, the increasing usage of corn oil in biofuel production and several other industrial products, including soaps, textiles, paints, poultry, pharmaceuticals, and pesticides, are projected to propel market growth. For instance, on June 13, 2022, Trucent Separation Technologies LLC announced the launch of CORE, a new technology to significantly reduce impurities in distillers' corn oil (DCO), resulting in a cleaner oil, TruDCO, which can be sold directly to renewable diesel refineries. The full-scale demonstration unit of CORE has been commercialized in conjunction with The Andersons, Inc. It consistently produces TruDCO for direct sale to renewable diesel refineries at a premium over crude DCO.

Geographical Penetration: North America is the dominating region during the forecast period

The market size of North American corn and corn starch derivatives stood at USD YY million in 2021 and is anticipated to expand at a CAGR of YY over the forecast period. Changing lifestyles have created a demand for alternatives to traditional homemade food items, driving the demand for processed and packaged foods. The rising demand for ready-to-eat meals and innovations in bakery products is anticipated to boost market growth. Moreover, the increasing adoption of cornmeal in the animal feed industry further propels market growth during the forecast period. According to the U.S. Energy Information Administration, since 2008, ethanol usage has increased in the country, largely due to the fuel blending requirements of the Renewable Fuel Standard program. This factor raised the importance of ethanol in the country owing to increasing gasoline demand. According to the Renewable Fuels Association, the U.S.'s ethanol production capacity is approximately 17,436 million gallons per year. Most of the ethanol produced is from corn starch due to abundant raw materials. This factor has raised the demand for corn and corn starch derivatives in the domestic market. For instance, on May 5, 2022, in the United States (US), Fluid Quip Technologies LLC (FQT), a majority-owned subsidiary of corn ethanol producer Green Plains Inc., launched ""DCO+,"" a new technology to achieve ""record-high, low-carbon"" renewable corn oil recovery in dry-grind corn ethanol facilities.

Competitive Landscape

The major industry players in the global corn and corn starch derivatives market are now increasing their focus on establishing successful collaborations, acquisitions, and joint ventures to enhance their respective customer bases. In doing so, these players are also increasing their supply capabilities to meet customer requirements on a local and global scale. Some key players include ADM, Cargill, Ingredion, Tate & Lyle, Agrana Group, Roquette Frères, and Wacker Chemie AG. For instance, in December 2022, ADM announced that it would invest in expanding its starch production at its Marshall, Minnesota, facility. This expansion will help the company cater to the fast-growing demand from the food and beverage sectors and support the continued expansion of the company’s BioSolutions platform. On December 14, 2020, in Denmark, Novozymes expanded its portfolio of innovative enzyme solutions for the bioenergy industry with the launch of Fortiva Hemi. The unique new product brings novel enzymes to liquefaction, enabling unmatched substrate conversion to deliver the highest corn oil and ethanol yields possible. Effective across the broadest pH and temperature ranges, it is also the most flexible liquefaction solution available to ethanol producers.

COVID-19 Impact: Positive impact on the global corn and corn starch derivatives market

During the lockdown scenario, corn starch production and sales increased during the COVID-19 pandemic, increasing demand for naturally-derived corn starch ingredients across the food processing industry due to increased interest in ready-to-cook products and components required for in-home cooking. Furthermore, due to the pandemic, there has been an increase in demand for corn starch as a clean-label product. For instance, on November 17, 2020, FoodTech start-up ChickP Protein, Ltd. launched next-gen native starch developed from chickpeas for food and beverage applications. It is non-GMO and a co-product of the ChickP protein process, which uses proprietary technology. The top category of global product launches tracked with starches was bakery (27%), with corn starch being the leading ingredient among the starches tracked.

The global corn and corn starch derivatives market report would provide access to approximately 77 market data tables, 74 figures and 170 pages