The worldwide market for corn wet milling is anticipated to increase considerably amid 2019-2029. As per research by Future Market Insights (FMI), the market would reflect a firm increment at CAGR of 5.6% amid the assessment of the aforementioned projected tenure. As per the research, the increasing need for multi-functionary corn would stoke development in the market.
Key Takeaways from the Corn Wet Milling Market
- The projected estimation of the market was at US$ 72.1 Billion in 2019. During the assessment period, the market is projected to reflect a sturdy pace of development.
- North America came out as a foremost market for corn wet milling.
- The Asia Pacific and Europe would remain steady as topmost markets for corn wet milling.
- Based on the source, the market could be divided between waxy corn and dent corn. Of these, the dent corn category probably accounts for the dominant overall market share.
- Based on the application, the industrial category is estimated to reflect higher development throughout the approaching years.
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“Whereas North America at present dominates the worldwide market, Asia Pacific is anticipated to come out as one of the most remunerative regions over the years to come. The expanding utilization of corn wet milling products all over diverse industries would fuel the Asia Pacific market,” said a lead analyst at FMI.
Increasing Industrial Applications Strengthen Development Prospects
Products gained from corn wet milling discover applications all over different industries, which FMI touts as a major aspect enabling development in the market. Researches reveal textile, paper, personal care, and pharmaceuticals are amid foremost sectors reflecting the need for these products. Industrial corn starch is very helpful in the paper & textile sector as it is utilized for coating, adhesion, and sizing. Besides these, it is utilized in mining, oil & gas drilling, water filtration and production of construction material. Amid household items, starch is employed in matches, batteries, trash bags and cleaners. In the healthcare and personal care sectors it is utilized as a foremost ingredient that goes into cough drops, medicines, cosmetics, hair styling products, and deodorants. Several applications of products got from corn wet milling all over different sectors would guarantee steady development for the market, all through the projected period.
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A few of the leading participants functioning in the market for corn wet milling are Archer Daniels Midland Company, Tate & Lyle PLC, Cargill, Incorporated, Agrana Beteiligungs-AG, Bunge Limited, Ingredion Incorporated, Global Bio-Chem Technology Group Company Limited, China Agri-Industries Holding Limited, Grain Processing Corporation, The Roquette Freres, amid others.
Because of expanding competition, corn wet milling companies are centering on increasing their product portfolio and enhancing sourcing procedures. Their growth strategies are moreover assisted by agreements amid them and local participants all over the growing market. These companies are especially centering on supplying to altering customer preference all over different applications. Additionally, mergers & acquisition stays a popular approach amid market participants. Companies intend to increase their regional footprint through strategic collaborations.
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