According to Stratistics MRC, the “Global Corn Wet-Milling Market” is accounted for $64.10 billion in 2018 and is expected to reach $115.40 billion by 2027 growing at a CAGR of 6.8% during the forecast period. While the factors like growing demand for high fructose corn syrup in processed food & beverages and increasing consumption of corn gluten meal-based animal feed products are driving the growth of the market. However, stringent government regulatory controls over health & safety and increasing quality standards are some of the factors restraining the market growth.
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Corn wet-milling is a process of refining corns to manufacture end products utilized by immeasurable individuals worldwide. The shelled corns are processed by two types of dry mills or wet mills. Beneath corn wet-milling process corns are separated into four parts particularly starch, fiber, germ, and gluten. The production method of corn wet-milling includes cleansing, steeping, milling & germ separation, fine grinding & screening and separating starch & protein.
Opportunity: Rising demand from feed industry provide ample opportunities for the market
The increasing demand for corn wet milling is significantly high in the feed industry. This is because the industry is in stable need of copious supply of safe and affordable animal protein. In addition to this, the increasing demand for meat and meat products in Asia Pacific and the Middle East and Africa will offer lucrative growth opportunities to the market in the coming years. In developed regions such as North America, the presence of multinational food processing giants such as Ingredion (US), ADM (US), and Cargill (US) will support the overall expansion of the market.
Driver: Increased demand for high fructose corn syrup in processed food & beverage
Increased demand for high fructose corn syrup (HFCS) in the carbonated beverage industry owing to its 55% fructose content, which makes it sweeter compared to sucrose, resulting in low production cost for manufacturers. Since HFCS is the key product manufactured in the wet-milling process, increase in its demand is expected to drive the market for corn wet-milling in the near future. The global beverage industry is expected to rise significantly irrespective of the global economic downturn. This increase in the sales of ready-to-drink beverages which include products such as carbonated & dairy beverages, tea, fruit drinks, and alcoholic beverages such as beer, ciders, and malted beverages is the key factor leading to increased demand for HFCS.
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By end product, the sweetener segment is projected to grow at the significant rate during the forecast period. The products of corn sweeteners comprise crystalline fructose, corn syrups, high fructose corn syrups, and dextrose. A major production of corn sweeteners and their application in the food industry is anticipated to drive their demand. Sweeteners are extensively used in the food & beverage as well as the pharmaceutical industry. Furthermore, sweeteners are the more important refined corn product account for around 55% to the US nutrient sweetener market followed by ethanol which is growing as a burning preference for motor fuels.
By geography, Asia Pacific is expected to have considerable market growth during the forecast period, due to expansion of corn wet milling industries, rising increasing customer base, high production and consumption of corn related products, and high consumption of corn wet-milling products by many industries such as textiles, food, pharmaceuticals, animal feed, personal care and others in this region. Moreover, Emerging economies such as Japan, China, and India also show considerable growth in corn wet-milling market.
Some of the key players in Global Corn Wet-Milling market include Tate & Lyle PLC, Archer Daniels Midland Company, Ingredion Incorporated, Global Bio-Chem Technology Group Company Limited, Cargill, Incorporated, Roquette Corporate, Agrana Beteiligungs-Ag, Bunge Limited, Grain Processing Corporation, China Agri-Industries Holdings Limited, and Agri-Industries Holding Limited.
Archer Daniels Midland Company: Aug 2016: Archer Daniels Midland Co. has signed an agreement with Tate & Lyle P.L.C. to acquire the latter’s Casablanca, Morocco-based corn wet mill that produces glucose and native starch. The Morocco plant, which serves both global and regional customers in the food, feed, paper and corrugated board industries, is a great addition to the global sweeteners and starches footprint. The facility is the leading sweetener and starch supplier in a country that should see substantial demand growth in the coming years. It is well-positioned to serve Moroccan customers as well as Mediterranean export markets. This also represents an opportunity to help introduce a wider range of ADM food and feed ingredients to the Moroccan market.
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Tate & Lyle PLC: June 2019: Tate & Lyle extends exclusive partnership with DKSH to Vietnam. The extended exclusive partnership agreement covers all products from Tate & Lyle’s portfolio: fibers, low and no calorie sweeteners, stabilisers and texturants used in a wide range of applications, including beverage, dairy, soups, sauces and dressings, meat processing and nutraceuticals. DKSH is already partnered with Tate & Lyle in Myanmar and India. Tate & Lyle has again chosen DKSH due to DKSH’s extensive distribution network, innovation center, large customer base and strong technical sales force with deep knowledge of the Vietnam market.
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