(Food-Beverage-News.Com, February 20, 2019 ) A moderate expansion has been estimated for the global corn oil market over the forecast period (2017-2022), according to a new study published by Fact.MR. Corn oil has been increasingly adopted as feedstock for biodiesel production, and used for producing hydrogenated oil. Revenues from sales of corn oil across the globe will reach roughly US$ 3,500 Mn by 2022-end.
Several regulatory authorities have imposed stricter rules in order to lower the carbon footprint. This has propelled demand for biofuels across the globe, which in turn is estimated to drive demand for corn oil. Corn oil finds cooking as one of the major applications, coupled with textile production, pharmaceutical preparations, soap manufacturing, and paints. Corn oil processors are now concentrating more on blending with olive oil, and rice bran oil, which provides recommended levels of polyunsaturated as well as monounsaturated fatty acids. This ensures excellent stability in taste and flavor of food. Leading players in the global corn oil market are tapping into corn producing places for increasing their productivity and gaining higher profits.
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.
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.
Competition Tracking
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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