Corn-Based Ingredients Market to Witness Strong Growth with a Projected CAGR of 4.8% by 2030, Reports MarkWide Research
According to a new report published by MarkWide Research, titled, “Corn-Based Ingredients Market: Growth Analysis and Forecast, 2023-2030,” the global corn-based ingredients market is poised to experience substantial growth over the next decade. The market is expected to achieve a robust CAGR of 4.8% during the forecast period, reaching a value of $12.3 billion by 2030.
The increasing demand for natural and sustainable ingredients in various industries, including food and beverages, pharmaceuticals, and personal care, is driving the growth of the corn-based ingredients market. Corn-based ingredients, derived from corn kernels, are valued for their versatility and wide range of applications. With the rising awareness of health benefits associated with natural ingredients, corn-based alternatives are gaining significant traction over synthetic counterparts.
One of the key factors fueling the market growth is the escalating demand for corn-based sweeteners, such as high fructose corn syrup (HFCS), in the food and beverage industry. HFCS is extensively used as a sweetening agent in a multitude of products, ranging from carbonated beverages to baked goods. The shift towards natural sweeteners and the widespread adoption of HFCS in various processed foods are propelling the demand for corn-based ingredients.
Moreover, the pharmaceutical sector is also embracing corn-based ingredients for their binding and disintegrating properties in tablet formulations. Corn starch, a widely used excipient in pharmaceuticals, aids in maintaining the structural integrity of tablets while promoting their dissolution. As the pharmaceutical industry continues to expand, the demand for functional excipients like corn starch is expected to rise, contributing to the growth of the corn-based ingredients market.
The cosmetics and personal care industry is another significant consumer of corn-based ingredients. These ingredients find application in products like talcum powder, body lotions, and skincare formulations. The trend towards natural and organic personal care products is driving the utilization of corn-based ingredients, as they are perceived as safer alternatives to synthetic chemicals.
Geographically, North America holds a substantial share in the corn-based ingredients market, attributed to the strong presence of major players and the well-established food and beverage industry in the region. Furthermore, Asia Pacific is anticipated to exhibit promising growth during the forecast period due to the growing population, changing dietary preferences, and increasing disposable income.
The corn-based ingredients market is characterized by intense competition among key players striving to expand their market presence. Some of the prominent players in the market include Cargill, Archer Daniels Midland Company, Tate & Lyle PLC, and Ingredion Incorporated. These companies are focusing on research and development activities to introduce innovative corn-based ingredients catering to the evolving needs of various industries.
In conclusion, the corn-based ingredients market is on a trajectory of robust growth, fueled by the demand for natural and sustainable alternatives across multiple sectors. With a projected CAGR of 4.8% by 2030, the market is set to reach a value of $12.3 billion. The adoption of corn-based sweeteners in the food and beverage industry, the utilization of corn starch in pharmaceuticals, and the increasing demand for natural personal care products are driving the market’s expansion. As major players invest in innovation and research, the corn-based ingredients market is expected to continue its upward trajectory over the forecast period.