Corn market is expected to reach $410.02 billion by 2032, with a CAGR of 3.6%
The global corn market is projected to grow from USD 307.91 billion in 2024 to USD 410.02 billion by 2032, reflecting a compound annual growth rate (CAGR) of 3.6%. This growth is driven by increasing demand across various industries, including food processing, animal feed, and biofuel production. Advancements in genetic engineering have led to the development of corn varieties with enhanced resistance to pests and environmental stresses, further boosting productivity. Additionally, the rising global population continues to elevate the demand for corn-based products, solidifying corn’s role as a staple crop worldwide.
Corn Market
Polaris Market Research analyses that the corn market is expected to register a CAGR of 3.6% during the forecast period of 2024 to 2032. It was valued at USD 297.99 billion in 2023 and is expected to reach USD 410.02 billion by 2032.
Market Overview
Corn is an amalgamation of all three: a fruit, a grain, and a vegetable. Botanically speaking, corn is a fruit because it develops from a flower of the corn plant. According to the USDA, however, corn can be classified as a vegetable or a grain, depending on various factors such as the type of corn and the time of harvest. When sweet corn is reaped in its early, immature stage, it has liquid-permeated kernels that are soft and tender. Corn is typically considered a starchy vegetable and is commonly found in grocery stores and farmer’s markets, where it is sold as corn on the cob, as well as canned and frozen corn kernels. As the corn matures, the kernels ripen, becoming brittle and dry. Popcorn, for example, is a variety of corn harvested at this mature stage and is classified as a grain. At this point, corn can also be milled into cornmeal and used to make foods such as tortillas or cornbread.
Key Drivers
Advancement in Genetic Engineering: Progress in genetic engineering has gained significant traction, leading to the development of corn varieties that are excessively hostile to pests, diseases, and challenging weather situations. Also, several other approaches, such as CRISPR gene editing, are acquiring approval globally as they enable accurate moderation for improving attributes such as nutrient productivity, drought sufferance, and growth rates. These advancements are, in turn, driving the corn market demand.
Growing Global Population: As the global population continues to grow rapidly, the demand for corm commodities or by-products from several industry verticals is increasing significantly. The growing population causes profound demand for corn from both instant human consumption and deviant human intake through dairy and meat commodities.
Corn Market Report Highlights
• The conventional segment accounted for a noteworthy share due to the adoption of advanced agricultural technologies and the ability to improve crop yields
• The food & beverages segment held the majority share on account of growing food consumption and advancements in food processing techniques
• Asia Pacific region dominated the global market, owing to increased livestock production and the presence of supportive initiatives or programs
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Source : Open PR
