Depleting petrochemical resources around the world in oil rigs has initiated substantial focus and concern towards research on alternative fuels and renewable energy sources such as biofuels. Uncontrollable aspects of crude oil prices in the global scenario are other factor arising similar concerns and drifts towards the usage of corn ethanol as biofuel in the automotive industry. The number of motor vehicles produced worldwide is around 95 million in 2018. Increasing demand for personal vehicles and subsequent rise in per capita income in the emerging economies has led to a remarkable growth of automobile sales in recent years, which in turn, fuel the growth of the corn wet-milling market.The global [FURL=https://www.industryarc.com/Research/Corn-Wet-Milling-Market-Research-504878]Corn Wet-Milling Market[/FURL] size was valued at $66.94 billion as of 2018 and is expected to grow with a CAGR of 5.51% throughout the forecast period 2019-2025.
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Increased Demand for High Fructose Corn Syrup in Processed Food & Beverage Food Products Drives the Corn Wet-Milling market
Surging demand for high fructose corn syrup (HFCS) with 55% fructose content in the carbonated beverage sector which makes it sweeter compared to sucrose, resulting in low production cost for manufacturers. HFCS contains no fat, and no protein but with 76% of carbohydrates in significant amounts. Since HFCS is the major outcome in the corn wet-milling process, increasing demand for this product, which in turn, spur the growth of the corn wet-milling market share globally in the upcoming years. HFCS is also used by the dairy industry for the production of flavored milk, frozen desserts, yogurt, and ice-creams. Cost-effective nature when compared to other sweeteners and its ability to remain in solution form are the functional advantages of high fructose corn syrup. It is available in liquid form which makes easier while transportation and its preservative ability that reduces the use of other preservatives makes HFCS is an eminent ingredient in the food and beverage sector. A rapid surge in the sales of ready-to-drink (RTD) beverages which include products such as alcoholic beverages such as beer, and carbonated beverages are also spurred the demand of HFCS thereby corn wet-milling market size worldwide.
The Major Players in the Corn Wet-Milling Market:
Prominent players in the corn wet-milling market include Archer Daniels Midland Company, Agrana Beteiligungs-AG, Bunge Limited, Agri-Industries Holding Limited, and Cargill, Incorporated. Other players include Global Bio-Chem Technology Group Company Limited, Grain Processing Corporation, Ingredion Incorporated, The Roquette Freres, and Tate & Lyle PLC.
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