Milled Corn Products Market: Introduction:
Milled Corn Products are the products derived after the processing of corn from the two effective methods namely dry milling and wet milling. These products lay a foundation mainly for the production of food and industrial products across the world. Advancements in corn processing have opened up opportunities and expanded its horizons from the traditional food and feed currently to organic chemicals, biofuel, and biodegradable polymers. There has been further development within various sub-segments at various stages of the value chain of corn.
The prominence of key food suppliers and their footprint globally in corn has led to the not only higher availability of corn but also improved focus on research and development which has resulted in the development of various milled corn products. In turn, this scenario has led to rise in use of milled corn products across multiple industries.
Substantial growth has been witnessed in the milled corn products in the recent years. Milled Corn Products market is projected to be driven by growing demand from the end-user industries.
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Milled Corn Products Market: Segmentation
The Milled Corn Products market is segmented by Product Type, Application, Milling Process and Distribution Channel.
By product type, the Milled Corn Products market is segmented into Grits & Cones, Corn Flour, Hominy Feed, Corn Germ Oil, Corn Germ Meal, Corn Germ, Corn Gluten Feed, Corn Gluten Meal, Modified Starch, Native Starch, Sweeteners and other product types. Corn-based sweeteners are projected to witness the fastest growth owing to robust demand from the food and beverages industries.
By application, the Milled Corn Products market is segmented into food, feed and industrial. Feed segment is projected to dominate over the forecast period backed by the reason higher availability and its broader acceptability in the feed industry specifically in the poultry feed industry.
By distribution channel, the Milled Corn Products market segmentation is broadly segmented into two categories namely indirect and direct. The indirect segmentation is further classified into modern trade, e-commerce, convenience stores, specialty stores and other store formats. The direct segment is anticipated to lead during the forecast period.
Milled Corn Products Market: Region-wise Outlook
North America is estimated to dominate the Milled Corn Products market backed by its prominence both regarding production and consumption of milled corn products. North America and APAC have an estimated share of more than 50% of the milled corn products market. With higher availability for crop cultivation and increase in FDI in agriculture is likely to boost corn cultivation and processing in African countries.
Latin America is also emerging as a potential region for milled corn products backed by major corn producing countries including Brazil and Argentina.
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Milled Corn Products Market: Drivers and Restraints
Increasing demand for corn-based sweeteners in the food segment and growing preferences from the end-user industries especially beverages and chocolate and confectionery has resulted in the higher purchase of corn-based sweeteners globally. High R&D focus for corn, use of high yielding corn varieties and advancements in corn processing has resulted in the availability of various milled corn products. In addition to it, there has been demand for milled corn products in tandem with supply globally.
Expansion of drought conditions in major corn growing and consuming areas including areas mainly in Brazil, Argentina, and China has limited potential growth of the milled corn products in the long-term.
Milled Corn Products Market: Key Players:
The global player for the Milled Corn Products market are ADM, Cargill Inc, Bunge Limited, Tate & Lyle PLC, Ingredion Incorporated, Agrana Beteiligungs-Ag, China Agri-Industries Holdings Limited, Grain Processing Corporation, The Roquette Frères, and National Corn Growers Association.
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