Maize Oil Market: Industry Analysis and Forecast (2024 -2030)

The Maize Oil Market size was valued at USD 7.50 Billion in 2023 and the total Maize oil Revenue is expected to grow at a CAGR of 6.4% from 2024 to 2030, reaching nearly USD 11.58 Billion by 2030.
Maize Oil Market Overview
Maize oil is a good quality edible oil considering its fatty acid profile. It is a rich source of linoleic acid which is necessary for integrity of cell membrane, skin and immune system. In corn oil, 60% of poly-unsaturated fatty acid (PUFA) is constituted by linoleic acid. Among saturated fatty acids palmitic acid is around 13% and stearic acid is around 1%. Corn oil ranks very high among other oils in terms of its PUFA content. Due to high cost and low awareness, corn oil is not much consumed in India but in USA it ranks among the top three oils in terms of volume produced and most of the refined corn oil is consumed as food.

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China is also witnessing rise in corn oil consumption. Increase in corn production during last 15 years has also been a factor behind this rise. High yielding corn hybrids have been developed in China with up to 8% oil to cater the demand of this section of industry. In India, the total maize produced during 1950-51 was around 1.73 million MT, which has increased to 35.91 million tonnes of maize in 2022-23, recording close to 15 times increase. With increased maize production and their utilization in maize-based industries corn oil has come out in higher proportion as by product. This production is expected to further enhance in days to come as maize production is expected to grow at 5-7% per annum. Enhancement of oil content without compromise with grain yield has remained a concerted effort by the breeders.
Maize Oil Market Dynamics
Rising Prevalence of Cardiovascular Diseases and Changing Dietary Preferences Fuel Growth of Maize Oil Market

The maize oil market is experiencing significant growth, driven by two key factors. Firstly, there is a rising prevalence of cardiovascular diseases (CVD) globally. Maize corn oil, with its low saturated fat and high unsaturated fat content, particularly linoleic acid, is considered a healthier option for heart health. As a result, consumers are increasingly turning to maize corn oil as a healthier cooking oil alternative, boosting its demand. Thus, changing dietary preferences towards healthier options is also contributing to the growth of the maize corn oil market. As people become more health-conscious, there is a shift towards healthier food choices, including cooking oils. Maize corn oil, with its perceived health benefits, is gaining popularity among consumers seeking healthier dietary options.

These factors, combined with others, are driving the growth of the maize corn oil market as consumers become more health-conscious and seek out healthier cooking oil alternatives.

1. Cardiac arrest or sudden cardiac death after an acute myocardial infarction suggest that contemporary short-term (3-month) risk is 0.29% or 116 per 100,000 person-years.
2. Laypeople in the United States initiated cardiopulmonary resuscitation in 40.2% of out-of-hospital cardiac arrests in 2021.
3. Based on 2021 mortality data, HD and stroke currently claim more lives each year than cancer and chronic lower respiratory disease combined. In 2021, 227.1 of 100,000 people died of HD and stroke
4. Few US children 12 to 19 years of age (<1%) met the ideal criteria for a Healthy Diet Score across all race and ethnicity groups

Rapid Technological Advancements in Oil Extraction and Processing

Rapid technological advancements in maize oil extraction and processing are driving significant growth in the maize oil market. These advancements have revolutionized the way maize oil is extracted, refined, and produced, leading to higher efficiency, improved quality, and increased sustainability. Modern extraction methods, such as mechanical pressing, have replaced traditional solvent extraction, resulting in a cleaner and higher-quality oil. Furthermore, advanced refining processes, quality control measures, and sustainable practices have enhanced the overall appeal of maize oil. As a result, consumers are increasingly choosing maize oil for its health benefits and culinary versatility, leading to a growing demand and expansion of the maize oil market.

1. For Example, to increase output and quality, automated drilling techniques for maize oil include removing oil from maize kernels using automated gear. Thus, it is sustainable, economical, and requires less physical work while increasing production capacity. For easy deployment and operation, it is simply incorporated into current manufacturing processes.

Table 1. Summary of features of important edible oils




Corn Oil
Canola
Sunflower
Olive
Soyabean
Rice Bran
Mustard Oil


Total oil content
3-4%
43%
45%
30%
20%
3%
34%


Temperature
Medium Temp. 457°F (High)
450°F (medium temperature) Not to be used at high temperature
High 475°F
375-468°F (depending on the type) Not to be used at high temp
High 440°F
490°F (High)
489 °F


Vitamins/ Minerals (*ppm. stands for parts per million)
Omega-6 & 3, Vitamin C, Highest amount of antioxidants among all oils
Vitamin A,D,E,K; Omega-3, betacarotene
Vitamin E (highest), Omega-6
Antioxidants
Omega3Vitamin E
Vitamin E, Squalence, Neutraceutical, Gammaoryzanol
Antioxidants Essential Vitamins


Digestibility
High
Slows digestion
Good even at high temperature
Good
Low Digestibility
Easily digested
Stimulates digestion


Uses
Frying, baking, salad, dressings, margarine, shortening
Frying, baking, salad dressing
Cooking, salad dressings, margarine, shortening
Sautee, stir frying, cooking
Cooking, salad dressings, vegetable oil, margarine,
Cooking, frying, deep frying,salads,dressings.Very cleanflavoured &palatable.
Cooking, frying, deep frying,salads,
dressings.
Very clean
flavoured &
palatable


Benefits
Easy to Digest ,Beneficial to health heart , Reduce risk of Chronic diseases
Lower risk of heart disease , Lower rates of cancer
Lower the level of bad cholesterol without lowering level of good cholesterol
Reduce heart disease, risk of some cancer, diabetes, Influence body fat distribution
Helps in losing weight ,Reduce level of cholesterol ,Strengthen immunity,  Helps in treatment of diabetes
No cholesterol & No trans fatty acids. Naturally low in saturated fat
Protects teeth from germs if rubbed on gums and make gums strong

 



Challenges and Restraints of Maize Oil Market

The Impact of Competition on Cooking Oils and Regulatory Compliance hinders the maize oil market growth

The maize oil industry faces several challenges and restraints that impacts its growth and profitability. One significant challenge is the competition from other cooking oils, such as soybean oil, canola oil, and sunflower oil. These oils often have similar health benefits and are more established in the market, making it challenging for maize oil to gain market share. Additionally, the price volatility of maize, the primary raw material for maize oil production, impact the cost of production for manufacturers. Fluctuations in maize prices, driven by factors such as weather conditions and demand-supply dynamics, so affects the profitability of maize oil producers.

Another challenge for the maize oil industry is regulatory compliance. Maize oil manufacturers must adhere to various regulations related to food safety, labelling, and advertising. Compliance with these regulations is costly and time-consuming, particularly for smaller manufacturers. Additionally, there are growing concerns about the environmental impact of maize cultivation, such as deforestation and water usage. These concerns, along with consumer preferences for sustainable and environmentally friendly products, pose challenges for the maize oil industry in the future.

Achieving Optimal Health and Sustainability in the Maize

The maize oil market presents several opportunities for growth and innovation. One key opportunity lies in the increasing consumer awareness of health and wellness, leading to a higher demand for healthier cooking oils. Maize oil, with its high content of unsaturated fats, vitamin E, and phytosterols, is well-positioned to capitalize on this trend. Additionally, there is an opportunity for product innovation, such as developing new maize oil products with enhanced nutritional profiles or functional properties to cater to changing consumer preferences. Also, sustainability is becoming increasingly important, and companies differentiate themselves by adopting sustainable practices in maize oil production, such as using eco-friendly extraction methods and reducing their carbon footprint. The food industry also presents a significant opportunity, with maize oil being used in various applications such as frying, baking, and salad dressings. Overall, the maize oil market offers numerous opportunities for growth and diversification, driven by evolving consumer trends and preferences.


Corn Oil Processing Process

Maize Oil Market Segment Analysis
Based on Product type, Edible Oil segment is leading the market thanks to its wide range of applications in the food and beverage industry. Edible oil is a popular cooking oil known for its neutral flavour, high smoke point, and nutritional profile. It is used for frying, baking, salad dressings, and other culinary purposes in households, restaurants, and food processing industries. The increasing awareness about the health benefits of maize oil, such as its high content of unsaturated fats, vitamin E, and phytosterols, has also contributed to its popularity. Additionally, the versatility and affordability of edible maize oil compared to other cooking oils have further boosted its demand, making it a leading choice in the edible oil market.



Based on Application, the food and beverage segment hold the largest market share of the Maize Oil Market. According to MMR analysis, the segment is further expected to grow at a CAGR of 6.3% during the forecast period and stands out as the dominant segment within the Maize Oil Market. The food and beverage segment are a leading driver of growth in the maize oil market, fuelled by its versatile applications and health benefits. Maize oil is widely used in the food industry due to its neutral flavour, high smoke point, and nutritional profile. In the beverage sector, maize oil is used in the production of snacks, baked goods, and frying applications. It is also used as a cooking oil in households and restaurants, as well as an ingredient in salad dressings, marinades, and sauces. Additionally, maize oil's high content of unsaturated fats, vitamin E, and phytosterols makes it a healthier alternative to other cooking oils, further driving its popularity in the food and beverage segment.
Maize Oil Market Regional Insights
North America dominated the Maize Oil Market with the highest share of over 37% in 2023. The region is expected to grow at a CAGR of 6.3% during the forecast period and maintain its dominance by 2023. Presently, corn oil makes up a major proportion of edible oil consumption. Maize oil is used in margarine, soup, soap, paint, as a rust preventative, and many more products. The food and feedstock sectors in North America account for a large portion of the market share for corn oil. Over the past ten years, the use of biodiesel as a substitute to reduce environmental pollution has increased. In Canada and the United States, maize oil is commonly used for frying, baking, and salad dressings. In Mexico and Central America, it is a staple cooking oil for traditional dishes such as tortillas and tamales

1. According to the United States Department of Agriculture's (USDA) "World Agricultural Supply and Demand Estimates" report, nations worldwide are projected to produce 1,150.68 million metric tons of corn for the 2022-2023 season and 1,222.77 million metric tons for the 2023-2024 season.

Europe is expected to grow significantly throughout the forecast period. Population growth, urbanization, and changing consumer preferences are some of the factors driving the maize oil market. The production of maize oil is a significant sector in Europe, where leading producers include France, Germany, and Ukraine. High-quality maize oil production is a result of contemporary extraction techniques and sophisticated farming methods. This adaptable and nourishing oil finds usage in a wide range of culinary items and commercial settings. Eco-friendly techniques have been made possible by Europe's emphasis on sustainability and concern for the environment, which has further fuelled the industry's expansion.

1. In 2022, the European Union (EU) produced 270.9 million tonnes of cereals, which was 26.7 million tonnes less than in 2021. This includes a 27.4% decrease in the harvested grain maize production due to drought conditions.

Maize Oil Market Competitive Landscapes

The Maize Oil Market is driven by a diverse range of players, including Archer Daniels Midland (ADM), Cargill, Bunge Limited, Wilmar International, and Louis Dreyfus Company are a few of the significant businesses involved in the maize oil industry. These corporations have a robust market presence and frequently employ tactics like partnerships, product launches, and mergers and acquisitions to sustain their competitive advantage. New competitors entering the market are also delivering cutting-edge items and targeting specialized markets. The competitive nature of the maize oil market is primarily determined by many variables, including the quality of the product, pricing, distribution networks, and ways of marketing.

1. On July 22, 2022 – Cargill and Continental Grain Company has announced the completion of the previously announced acquisition of Sanderson Farms, Inc. (NASDAQ: SAFM) by a joint venture between Cargill and Continental Grain. The acquisition was announced on August 9, 2021
2. On February 6, 2023: Reinforcing its commitment to expand the edible oils portfolio to South India, Cargill has announced the launch of Gemini Pureit™ in Karnataka.
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Maize Oil Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 7.50 Bn.


Forecast Period 2024 to 2030 CAGR:
6.4%
Market Size in 2030:
US $ 11.58 Bn.


 Segments Covered:
by Product Type
Edible
Non-Edible


by Application
Food & Beverage
Pharmaceuticals
Cosmetics & Personal Care
Animal Feed
Industrial
Biodiesel


by Distribution Channel
Direct Sale
B2C Sale



Maize Oil Market, by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan, and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Maize Oil Market Key Players
1. Archer Daniels Midland (ADM) - United States
2. Cargill - United States
3. Bunge Limited - United States
4. Wilmar International - Singapore
5. Louis Dreyfus Company - Netherlands
6. Marico Limited – India
7. Sime Darby Plantation - Malaysia
8. IFFCO - United Arab Emirates
9. ACH Food Companies - United States
10. ConAgra Brands - United States
11. Mazola - United States
12. Borges Mediterranean Group - Spain
13. EFKO Group - Russia
14. GrainCorp - Australia
15. Avena Foods - Canada
16. Grain Millers, Inc. - United States
17. Lam Soon Group - Singapore
18. Ventura Foods - United States
19. Stratas Foods - United States
20. Shree Rani Sati Group – India
21. BRF - Brazil
22. Buderim Group Limited - Australia
23. Crown Premium - United Arab Emirates
24. Bunge Loders Croklaan - Netherlands
25. Gavilon - United States
26. Bluecraft Agro

FAQs:
1. What are the growth drivers for the Maize Oil Market?
Ans. Increased prevalence, increase in food fortification, and awareness about B12 health benefits are the drivers of the Global Maize Oil Market.

2. Which region is expected to lead the global Maize Oil Market during the forecast period?
Ans. North America is expected to lead the global Maize Oil Market during the forecast period.

3. What is the projected market size & and growth rate of the Maize Oil Market?
Ans. The Maize Oil Market size was valued at USD 7.50 Billion in 2023 and the total Maize oil Revenue is expected to grow at a CAGR of 6.4% from 2024 to 2030, reaching nearly USD 11.58 Billion by 2030.

4. What segments are covered in the Maize Oil Market report?
Ans. The segments covered in the Maize Oil Market report are product type, application, distribution channel, and region.