12-Dec-2022 | Zion Market Research
The global corn wet-milling market size was worth around USD 76.19 billion in 2021 and is predicted to grow to around USD 101.9 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.1% between 2022 and 2030.
The wet-milling procedure entails several steps which are followed to break corn into its basic components which undergo further processing to be used in animal feed or to produce food ingredients that are suitable for human consumption. The steps involved in the process are steeping, followed by germ separation and fine grinding. The next step involves the separation of starch after which the product is fermented with syrup conversion being the last step. Corn is made of five basic components namely, gluten, starch, fiber, germ, and steep liquor. The process has become a preferred choice because of its high outcome efficiency.
While the main end-product is used extensively in the food sector, the by-products do not get wasted and are processed to manufacture animal feed, making the whole process extremely bio-efficient. Small portions of corn gluten can be made to undergo acid hydrolysis giving rise to hydrolyzed vegetable protein. The United States of Agriculture recommends that grade 5 corn can be used in the wet-milling process and harvested crops need to be cleaned before they are milled. In the steeping process, corn is soaked in water or hydrated to allow the loosening of starch from the protein matrix leaving the rest of the component that is the germ to be effectively milled.
The global corn wet-milling market is projected to grow due to the growing demand for processed food in the food & beverages industry. These food items are altered in some form to meet the growing demands of end-consumers. The growth can be witnessed when changing consumer patterns are observed especially for corn syrup that is high in fructose content which is around 55%.
The market for carbonated beverages is at an all-time high due to the addition of new players along with exhaustive marketing and sales strategies adopted by them to garner a strong hold over consumer groups. By 2026, the European market for soft drinks is expected to reach USD 190 billion while growing at a CAGR close to 7%. An average European citizen is estimated to drink around 80 liters of carbonated drink per capita annually. The global market may witness high yield due to the growing applications of wet-milling by-products in the animal feed market which is growing at a fast pace due to the rising animal husbandry industry
However, one of the major concerns faced by the global market players is the high amount of co-products that are produced during the process. Almost 23.5% of the corn processed has no value and they have to put it under further processing to generate useful by-products. This is another reason why the cost of setting up wet-milling plants and the process is extremely high.
The demand for high-grade food products may provide excellent growth opportunities while raw material price fluctuation is expected to challenge the global market growth.
The global corn wet-milling market is segmented by type, equipment, end products, application, and region
Based on equipment, the global market divisions are steeping, centrifuge, washing & filtering, and milling. In 2021, the global market was dominated by centrifuge systems that are used extensively in the wet-milling process during various stages of the procedure. Most of the producers deploy high-grade washing centrifuges to achieve starch displacement and to create a sharp distinction between gluten and starch. The whole process until the end makes use of centrifugal machines for some assistance and it is one of the reasons why a centrifuge is an essential investment in the wet-milling process. Standard centrifuges can yield 15 to 25 g/l of gluten in terms of density.
Based on end products, the global market is divided into sweeteners, ethanol, corn oil, starches, feed, and gluten meal. The sweeteners section accounted for more than 54% of the United States market share in 2021 owing to the high demand for sweetening agents across the food sub-segments. Growing development in the sweetener segment resulting in low-calorie options may drive segmental growth in the coming years.
Asia-Pacific is projected to lead the global corn wet-milling market due to the rise in the animal feed market of China and India. In 2020, the Indian animal feed market was valued at over USD 400 billion. The industrial growth is driven by the country's changes in policy and adoption of new regulations to promote animal husbandry subsequently leading to more demand for nutritious animal feed. An increasing number of startups and their intensive measures like the collaboration between Alland & Robert and Sayaji Industries in 2018 is expected to drive regional growth. North America may witness high growth due to the presence of important players in the US.
The global corn wet-milling market is led by players like Agri-Industries Holding Limited, Cargill, Bunge Limited, Grain Processing Corporation, Tate & Lyle PLC, and others.
This review is based on a report by Zion Market Research, titled “Corn Wet-Milling Market By Type (Dent, and Waxy), By Equipment (Steeping, Centrifuge, Washing & Filtering, and Milling), By End Products (Sweeteners, Ethanol, Corn Oil, Starches, Feed, and Gluten Meal), By Application (Food, Feed Area, Starch Modification, Mill, Ethanol Production, Refinery, Steepwater, and Others), By Type (Texture, Stability, and Moisture Retention), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/corn-wet-milling-market
The global corn wet-milling market is segmented as follows:
By End Products
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