Health benefits associated with consuming cornmeal, increase in demand for gluten free ingredients, rise in use of cornmeal in animal feed product, and surge in use of cornmeal in bakery products drive the growth of the global cornmeal market.
PORTLAND, Ore., Aug. 5, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Cornmeal Market by Form (Corn Grits, Corn Flour, Others), by Nature (Organic, Conventional), by Product Type (Blue Cornmeal, Stone Ground Cornmeal, White Cornmeal), by Distribution Channel (B2B, B2C), by Application (Food Industry, Animal Feed): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global cornmeal industry generated $729.40 million in 2021, and is anticipated to generate $1.05 billion by 2031, witnessing a CAGR of 3.9% from 2022 to 2031.
Prime determinants of growth
Health benefits associated with consuming cornmeal, increase in demand for gluten free ingredients, rise in use of cornmeal in animal feed product, and surge in use of cornmeal in bakery products drive the growth of the global cornmeal market. However, availability of substitute products and reduction in the production of corn restrict the market growth. On the other hand, increase in demand for healthy and nutritious food products presents new opportunities in the coming years.
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- The outbreak of the Covid-19 pandemic had a negative impact on the global cornmeal market, due to implementation of global lockdown that led to temporary closure of all hotels, restaurants, bakeries, food stalls, and others.
- Production of cornmeal was halted due to disruptions in the supply chain, unavailability of raw materials, and shortage of labor workforce.
- Owing to reduction in production of cornmeal, the demand from various end use industries experienced a significant decline, thereby hampering the overall growth of the global cornmeal market.
- Nevertheless, owing to growth in awareness regarding its health benefits, the market is expected to gather immense growth post-pandemic.
The corn flour segment to maintain its leadership status throughout the forecast period
Based on form, the corn flour segment held the highest market share in 2021, accounting for nearly two-fifths of the global cornmeal market, and is estimated to maintain its leadership status throughout the forecast period. Due to increased expenditures on corn flour in hotels, restaurants, and others, demand for corn flour is predicted to expand significantly. However, the corn grits segment is projected to manifest the highest CAGR of 4.2% from 2022 to 2031, owing to expansion of use of cornmeal in retail stores, restaurants, café, and bakery sectors.
The conventional segment to maintain its leadership status throughout the forecast period
Based on nature, the conventional segment held the highest market share in 2021, accounting for nearly 89% of the global cornmeal market, and is estimated to maintain its leadership status throughout the forecast period. Conventionally produced cornmeal meals guarantee a very good quantity of proteins and nutrients for each youngster and adult, which, in turn, drives the segment. However, the organic segment is projected to manifest the highest CAGR of 5.1% from 2022 to 2031, owing to the fact that its eco-friendly and beneficial for farmers.
The B2C segment to maintain its lead position during the forecast period
Based on distribution channel, the B2C segment accounted for the largest share in 2021, contributing to more than half of the global cornmeal market, and is projected to maintain its lead position during the forecast period. The multiplied penetration of supermarkets and hypermarkets in the advanced economies has made it a famous B2C channel for promoting cornmeal. However, the B2B segment is expected to portray the largest CAGR of 4.3% from 2022 to 2031. The presence of a huge variety of cornmeal manufacturers and rise in call for corn meal in the food, beverages, and pharmaceutical industries led to the widespread increase of the B2B section in the marketplace.
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Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for nearly two-fifths of the global cornmeal market. Moreover, the same region is expected to witness the fastest CAGR of 4.8% from 2022 to 2031. The cornmeal market for Asia-Pacific is expected to grow as the population is gaining interest in the new corn products in the market. The growing demand for corn in the livestock sector and human consumption has led to trade deficits and reliance on imports to meet its demand. Other regions analyzed in the report are North America, Europe, & LAMEA.
Leading Market Players: –
- Bob’s Red Mill Natural Foods
- Archer Daniels Midland
- Lifeline Foods
- Dover Corn Products Ltd.
- Associated British Foods
- Semo milling
- C.H. Guenther And Son
- Tate And Lyle
The report provides a detailed analysis of several strategies adopted by these key market players such as partnerships, expansion, collaborations, new product launches, and mergers & acquisitions to stay competitive in the market.
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