Corn Powder Market - Forecast(2023 - 2028)

Corn Powder Market Overview

Global Corn Powder Market size is estimated to reach $26.4 billion by 2027. Furthermore, it is poised to grow at a CAGR of 7.5% over the forecast period of 2022-2027. Corn powder is also called corn flour and contains high calories and carbohydrates. Corn powder is a type of dietary fiber that is derived from corn starch. Corn powder helps to increase the intake of folic acid and reduces various types of diseases. Corn powder is used as a food ingredient that helps to enhance the texture and taste of food. Corn powder is created from whole dried corn kernels that have been ground into flour. Since it contains the hull, germ, and endosperm of corn, it is a whole grain flour. Corn Powder is often yellow, although it can also be white or blue depending on the type of corn used. It has the same fine, smooth texture as whole wheat flour. Corn powder is primarily utilized in bakery products, but it is also employed in a variety of skin exploitations. Corn flour is commonly used in the manufacture of healthy pet diets. Furthermore, it is utilized in a variety of food industries, including bakery items, snacks, and ready-to-eat foods, among others. Corn powder is used as an alternative for rice and wheat or mixed with wheat flour as a gluten-free product. Corn powder offers baked dishes and other meals structure. It's frequently coupled with a binder, like eggs, to give it shape. Corn powder is often used in bread, muffins, waffles, pancakes, battered and fried meals, blinis, and other baked goods. Corn powder is like a thickening agent that is used to thicken soups and other liquid-based dishes including sauces, gravies, and custard. Growing preference for ready-to-eat foods and the rising consumption of bakery products are some of the factors driving the Corn Powder Global Industry forward in the projected period of 2022-2027. 

Corn Powder Market Report Coverage

The report: “Corn Powder Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Corn Powder Market.

By Application- Bakery and Confectionary, Snacks, Pharmaceuticals, and Others.
By Distribution Channel- Supermarkets, Convenience Stores, Online Stores, and Others.
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), and Rest of the World (the Middle East, and Africa).

Key Takeaways

Corn Powder Market- Geography (%) for 2021.

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Corn Powder Market Segmentation Analysis- By Application

The Global Corn Powder Market based on the application can be further segmented into Bakery and Confectionery, Snacks, Pharmaceuticals, and Others. Bakery and Confectionary held a dominant market share in the year 2021. The demand for bakery products such as cakes, muffins, cookies, pastries, and many more surges so, the use of cornflour increases as it helps to provide good taste and texture in bakery products. Nowadays, the trends of celebration among youth growing that further increasing the demand for bakery and confectionery products. According to American Bakers Association, about $423 billion in baked goods is produced and sold in the U.S. Therefore the demand for Corn Powder surges in the bakery and confectionery industry.

However, Snacks are estimated to be the fastest-growing, with a CAGR of 8.1% over the forecast period of 2022-2027. Owing to hectic lifestyles and changing consumption patterns, people are attracted to convenience foods and therefore the demand for cornflour growing. Manufacturers are mostly using Corn Powder in order to bind the ready-to-eat snacks properly. Snacking became a frequent practice, especially among the adult and younger population, as many were compelled to stay indoors throughout the pandemic. This has resulted in people "purchasing in bulk" snack foods, allowing them to avoid acute hunger. As a result of the unexpected increase, manufacturers have developed products that are high in protein, vitamins, and nutrients, providing consumers with on-the-go nutrition while snacking. 

Corn Powder Market Segmentation Analysis- By End-Use Industry

The Global Corn Powder Market based on the End-Use Industry can be further segmented into Supermarkets, Convenience Stores, Online Stores, and Others. Supermarkets held a dominant market share in the year 2021. It is owing to various factors such as increased consumer preference towards snacks and bakery products which will lead them to purchase cornflour and the availability of cornflour in bulk attracted consumers to buy from supermarkets. Over the next decade, these factors are expected to drive this segment's growth. This application is applicable to all retail establishments, including supermarkets and hypermarkets.

However, Online Stores are estimated to be the fastest-growing, with a CAGR of 8.7% over the forecast period of 2022-2027. Recently, people are preferring to buy products online as they don’t have enough time to visit shops owing to their busy schedules. In today’s generation, technology is advanced so people are using more online channels to buy a variety of products. In an online sales channel, there are suitable options for every taste requirement so, it becomes easy for customers to choose according to their needs. This factor gives rise to the adoption of the online channel in day-to-day life. 

Corn Powder Market Segmentation Analysis- By Geography

The Corn Powder Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, North America held a dominant market share of 39% as compared to its other counterparts. It's owing to customers' changing consumption patterns and hectic lifestyles. People are continually consuming packaged foods owing to their hectic schedules, and hence the need for Corn Powder has increased. Corn Powder is used in a range of snacks to improve the taste and texture, therefore producers are employing it to build a variety of packaged foods. According to the United States Grains Council, corn exports to the US would total 69.8 million metric tonnes in 2020. Furthermore, corn output in the United States increased by 7% in 2020, resulting in increased utilization in a variety of industries, boosting market growth. 

Corn Powder Market Drivers

Growing Consumer Preference Towards Ready-to-Eat Foods has readily aided the market growth.

The demand for ready-to-eat foods grows among inpiduals as they can be consumed without any further preparation and helps in time savings. Demand for RTE food products is also being driven by the expanding number of quick-service restaurants (QSRs) and the emerging café culture, as well as rising consumer spending power. Owing to the rising demand for ready-to-eat snacks, the usage of cornflour also increases as it helps to make the foods tastier. Manufacturers are launching innovative ready-to-eat flavored variants that are rich in functional ingredients to cater to nutritional requirements, which is also contributing to their widespread preference among consumers. On-the-go snacking is becoming extremely popular, especially among working-class people. According to the National Institute of Health, about 97% of the population consumes ready-to-eat foods in their daily intake pattern. So, the demand for ready-to-eat foods increases among them which in turn escalates the adoption of cornflour and thus drives the market growth.

Rising Growth of the Bakery Industry Gives Rise to the Demand for Corn Powder Market. 

The bakery sector is one of the world's fastest-growing food industries. Bread, biscuits, and cookies are some of the most popular bakery items. These are essential meal snacks for both youngsters and adults. Refined Corn Powder is used to make the majority of bread items. Bakery products with minimal protein and fiber content, such as pizza, cookies, and biscuits, are consumed in significant quantities around the world. In the food business, bakery items play a significant role. As the production of bakery products expands to include a wider range of items, consumers now have a greater selection of bakery products to choose from. Since the bakery sector offers such a perse selection of baked goods, consumers are increasingly seeking out novel options, giving the industry a motive to improve and innovate bakery products in order to satisfy health-conscious customers. For instance, according to the Food Safety and Standards Authority of India (FSSAI), the bakery industry is growing at a rate of 9% in 2020, and thus the demand for corn powder growing rapidly.

Corn Powder Market Challenges

Growing Health Issues owing to Excessive Consumption of Corn powder hampers the market growth.

Recently, people are consuming cornflour in their daily intake that causing obesity and diabetes. Therefore, consumers are avoiding consuming food that contains cornflour which hampers the demand for corn powder. According to the World Health Organization, more than 1.9 billion adults are suffering from obesity in 2020 owing to excessive consumption of cornflour-based foods. Thus, the adoption of cornflour reduces among people which in turn challenges the market growth. 

Corn Powder Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Corn Powder Market. The top 10- Corn Powder Market companies are-

1. Bonn Group
2. Ferrero International S.A.
3. Crown Bakeries
4. Cargill Inc.
5. Clariant AG
6. Solvay S.A.
7. Grain Millers
8. Evonik industries AG
9. Glen Miller
10. BASF SE

Recent Developments

• In June 2021, Crown Bakeries acquired Michel’s Bakery. This acquisition helps to strengthen the portfolio of bakery products and thus escalates the market growth.
• In October 2020, Ferrero launched a new bakery product and increased production from 16,000 to 33,000 tons per year. This product launch further enlarges the growth of the corn powder market.
• In June 2020, Bonn Group launched a range of cupcakes and bar cakes. This product launch increases the demand for corn powder and thus escalates the market growth.
  

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