According to a new report published by Introspective Market Research, titled, “Maize Market by Type, Application, and End-User, Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2024–2032,”
the Global Maize market size was valued at USD 143.62 billion in 2023, and is projected to reach USD 204.77 billion by 2032, registering a CAGR of 4.02 % from 2024 to 2032.
Maize is an important cereal crop which is widely used for food, feed, and industrial products. It can be consumed fresh, canned, dried, or milled into flour. The use of maize in different industries mainly in the food industry drives the demand.
Maize is an important ingredient in animal feed due to its high carbohydrate and vitamin contents which makes it an affordable and nutritious food option. One of the largest industries utilizing maize is the food industry which uses maize often in snacks, breakfasts, and baby food products. The vitamins present in maize play crucial roles in energy metabolism, nerve function, and red blood cell production.
The global demand for livestock products requires a consistent and adequate supply of nutritious feed. The increasing demand for cost-effective and nutritious feed for animals drives the growth of the maize market. It is rich in starch, protein, and essential amino acids making it an excellent energy source for livestock. The availability, processing flexibility, palatability, energy density, and adaptability to different livestock species contribute to the overall growth.
There is growing awareness about the potential health benefits of organic food among consumers which opens an opportunity for the organic food market. Maize can be converted into healthy, organic food products such as corn chips, corn meals, corn flakes, etc. This range of organic maize-based products can cater to the rising demand for organic options in different food categories. Many governments have implemented policies and regulations to promote organic farming providing subsidies, incentives, and quality certifications for organic produce to the farmers. It also opens export opportunities to export organic produce to countries with a high demand for organic imports.
Global Maize Market, Segmentation
The Maize market is segmented based on Type, Application, End-user, Distribution Channel, and region.
Type:
Field maize is a versatile crop that can be used for various purposes such as feed, ethanol production, and other industrial purposes. A high portion of field maize production is used for animal feed, particularly in the poultry and livestock industries. The demand for biofuels is likely to increase in the world which can raise the maize demand. The favourable growing conditions and adaptability of field maize contribute to its dominance.
The global cultivation of maize ensures a steady supply and availability of maize in the market. Its high energy content and amino acid profile make it a cost-efficient choice. Higher yield makes it a more profitable crop for farmers.
End-user:
The increasing demand for animal protein and the growth of the livestock industry globally drive the demand for feed and maize is primarily used in animal feed. It is one of the most cost-effective feed options available compared to other feeds. It contains carbohydrates, proteins, vitamins, and minerals that promote livestock growth, development, and overall health.
It is widely cultivated globally resulting in a steady and reliable source of feed for the livestock industry. Maize has a high feed conversion efficiency. The high demand for maize-based feed, the cost-efficiency and nutritional value of maize, its wide availability, and feed conversion efficiency contribute to the dominance of maize in the feed segment.
Region:
North America is one of the largest producers of maize in the world ensuring a steady supply of maize. North America has a strong focus on agricultural research and development, leading to technological advancements in farming practices, seed varieties, and crop management techniques which result in higher yields, better quality maize, and improved overall productivity. It serves as a major exporter of maize to other regions, including Asia, Europe, and South America. The governments in North America, particularly in the United States, provide support and incentives to farmers for maize production to ensure a stable and profitable market for maize growers.
Some of The Active Market Players Are-
- Archer Daniels Midland Company (USA)
- Cargill, Incorporated (USA)
- Land O'Lakes, Inc. (USA)
- Monsanto Company (USA)
- Nufarm Limited (Australia)
- Pioneer Hi-Bred International, Inc. (USA)
- Rallis India Limited (India)
- S&W Seed Company (USA)
- Sinochem Group Co., Ltd. (China)
- Sumitomo Chemical Co., Ltd. (Japan)
- Syngenta AG (Switzerland)
- Terrena Cooperative (France)
- The Tata Chemicals Ltd. (India)
- China Foods Limited (China)
- Sinochem Group Co., Ltd. (China)
- Kaveri Seeds (India)
- Agrocorp International Pte Ltd. (Singapore)
- GoodMills Group (Austria)
- Louis Dreyfus Company B.V. (Netherlands)
- Agromeris LLC (USA)
- Bayer AG (Germany)
- Grain Millers, Inc. (USA)
- Kakira Sugar Works Limited (Uganda)
- DowDuPont Inc. (USA)
- China National Cereals, Oils and Foodstuffs Corporation (COFCO) (China) and Other Active Players.
Key Industry Developments
- On 26 July 2023, Bayer Crop Science launched the herbicide-tolerant biotech corn Dekalb DK95R in Indonesia. This helps to boost overall yield by 30 %.
- In 2023, Corteva Agriscience launched 44 new exclusive corn products and 36 new soybean varieties. Vorceed Enlist corn technology is designed to enable more flexibility for farmers to manage their corn rootworm acres and provides the added benefit of controlling late season emerged broadleaf weed pressures.
Key Findings of the Study
- Global Maize market growth is driven by an increase in demand for maize in different industries.
- The demand for maize as animal feed continues to grow, driving the expansion of the global maize market.
- Organic maize cultivation provides premium pricing options, aligns with consumer health and environmental concerns, receives regulatory support, opens export opportunities, and facilitates market diversification.
- The high production capacity, strong demand for animal feed and ethanol, export market opportunities, supportive government policies, technological advancements, and established infrastructure positions North America to dominate.
