The corn oil market has shown strong growth, increasing from $5.33 billion in 2023 to $5.73 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.4%. This historical growth is driven by factors such as heightened demand for biofuels, expansion in the food processing industry, rising health awareness, increased disposable income, and urbanization. Looking ahead, the corn oil market is expected to continue its robust growth, reaching $7.64 billion by 2028 at a CAGR of 7.5%. This future growth is supported by the rising preference for organic products, greater use in biodiesel applications, expansion in the pharmaceutical sector, demand for high-quality edible oils, and growing awareness about healthy cooking oils. Key trends anticipated in the forecast period include a shift towards organic and non-GMO corn oil, growth in corn oil-based biodiesel production, advancements in oil refining technologies, increasing use of corn oil in the cosmetics industry, and a rise in e-commerce sales of edible oils.
Global Corn Oil Market Key Driver
The increasing need for chemical-free food products is expected to drive the growth of the corn oil market moving forward. Chemical-free food products, produced without synthetic pesticides, herbicides, or other artificial chemicals, are gaining popularity due to health-conscious consumer preferences, environmental concerns, and regulatory shifts toward sustainable agriculture. Corn oil, valued for its natural extraction process, is a popular choice in chemical-free food products, offering a healthy alternative for cooking and baking. For example, in May 2023, the Organic Trade Association reported that organic food sales in the United States reached $61.7 billion in 2022, up 4.3% from $59.1 billion in 2021 and exceeding $60 billion for the first time. Therefore, the growing demand for chemical-free food products is expected to bolster the corn oil market.
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Global Corn Oil Market Segments
The corn oil market covered in this report is segmented –
1) By Type: Edible, Non-Edible
2) By Grade: Refined Corn Oil, Virgin Corn Oil
3) By Application: Food And Beverages, Pharmaceuticals, Cosmetics And Personal Care, Animal Feed, Industrial, Biodiesel
4) By Distribution Channel: Super markets And Hyper markets, Convenience Stores, Departmental Stores, Other Distribution Channels
By Geography:The regions covered in the corn oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the corn oil market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Corn Oil Industry Players
Cargill Incorporated, Archer Daniels Midland Company, Wilmar International Ltd., Bunge Limited, Associated British Foods, ConAgra Brands Inc, Ingredion Incorporated, Savola Group, IFFCO, Roquette Frères, Richardson International, ACH Food Companies Inc., Lam Soon Edible Oils Sdn. Bhd., Greenfield Global, Grain Processing Corporation, Taj Agro International, Abu Dhabi Vegetable Oil Company LLC, Henry Lamotte Oils GmbH, Saporito Foods Inc., Cairo Oil And Soap, Bluecraft Agro, Elburg Global
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Corn Oil Market Overview
Corn oil is a type of vegetable oil extracted from the germ of corn (maize) kernels. It is commonly used in cooking and frying due to its high smoke point and mild flavor. Corn oil is also used in the production of margarine, salad dressings, and in industrial applications. It is rich in polyunsaturated fatty acids, particularly linoleic acid.
Corn Oil Global Market Report 2023 provides data on the global corn oil market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The corn oil market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
