Mr. Chris Smith
According to a new market report published by Credence Research “Corn Oil Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023,” the corn oil market was valued at US$ 0.14 Bn in 2015, and is expected to reach US$ 0.18 Bn by 2022, expanding at a CAGR of 3.5% from 2016 to 2023.
Corn oil is extracted from the germ of corn. The small germinating part of the seed which further grows in to the corn plant is called as germ. Germs are rich in oils and nutrients. Corn oil is known as healthy edible oil which is widely used as cooking oil. It is known as healthy oil as it is consists of polyunsaturated fats and very low saturated fat. Corn oil is used for various applications which include domestic as well as industrial applications.
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Based on applications, the global corn oil market was segmented into biodiesel, cooking oil, soap making, paint, textiles, pharmaceutical preparations and other applications. Among these, the biodiesel accounted for major share of global corn oil market in 2015 and is anticipated to retain its position in the near future. Corn oil is expected to experience high demand from the biodiesel manufacturing industries as corn oil is used as feedstock for biodiesel production. Therefore, the biodiesel industry is expected to boost high growth of global corn oil market. Cooking oil accounted as the second largest application of corn oil and is expected to rise in the near future. Corn oil is known to be the healthiest cooking oil and hence is expected to experience high demand in the market. In terms of demand, soap making application followed cooking oil application and accounted as the third largest application segment of corn oil market. Other applications of corn oil are also projected to boost market growth for corn oil during the forecast period.
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North America accounted for major share of global corn oil market in 2015 and is expected to retain its position in the near future. Corn oil is Canada’s third valuable crop and is grown on a large scale. Hence, high demand is experienced for corn oil from various end-user industries in the region. Asia Pacific accounted as the second largest market for corn oil and is expected to generate high demand for corn oil market during the forecast period. Corn oil is known to be healthy edible oil which is widely used for cooking, frying, baking, etc. Therefore, high demand for corn oil as cooking oil in the region has boosted market growth in most countries of Asia Pacific. Europe accounted as the third largest market for corn oil due to the growing demand for corn oil as biodiesel feedstock. Strict environmental reforms have led to high demand for biofuels in the region. Hence, high demand is reported for corn oil in the region. Other regions such as Latin America and Middle East & Africa are also projected to fuel growth of global corn oil market during the forecast period from 2016 to 2023.
Production of biodiesel
Widely used as cooking oil
Used in various industrial applications
Opportunities from increasing research activities for use as feedstock in production of biofuels.