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Corn Flour Market size is anticipated to witness healthy growth during 2023 to 2032, owing to the surging demand for healthy and nutritious food products.
Rapid urbanization, fast-paced lifestyles, and rising disposable income have accelerated the consumption of processed snacks, thus driving the corn flour market demand. It is widely used in products like pasta and soups along with a wide variety of ready-to-eat and ready-to-cook meals. The growing consumption of corn flour can be attributed to the many health benefits associated with maize such as the maintenance of good bone health, bone strength, kidney functioning, and heart rate. Maize is packed with micro-nutrients and minerals including iron, zinc, magnesium, copper, manganese, and phosphate.
With the rising prevalence of heart diseases and diabetes and growing health-conscious consumers, the demand for corn flour-based snacks is expected to rise. According to a study published in Diabetes Care, diabetes prevalence in people under the age of 20 in the U.S. is projected to witness a 700% rise to 220,000 individuals living with type 2 diabetes in 2060.
Maize-based products gained substantial demand after the outbreak of the COVID-19 pandemic due to a rapid shift in dietary preferences toward gluten-free diets. With a dramatic rise in snackification trends during the pandemic, naturally derived corn starch ingredients gained traction across the food processing sector in ready-to-cook products. Furthermore, the increasing number of health-conscious consumers along with the growing adoption of a vegan diet is slated to propel the demand for food products made up of grains. However, the Russia-Ukraine war is likely to have a significant impact on the corn flour market since the two countries are among the leading producers and exporters of corn.
In terms of distribution channels, the hypermarkets/supermarkets segment is set to hold a notable share by 2032. Increasing investments in the expansion of supermarket chains and the development of next-generation hypermarkets will support the lucrative sale of corn flour-based products.
With respect to applications, the bakery sector is predicted to rise substantially through 2032, driven by increasing consumption of bakery and confectionery products across developed and developing countries. Moreover, dynamic growth in the food processing sector is set to boost corn flour use in snacks such as nachos, and tortilla chips.
Asia Pacific corn flour market will gain remarkable momentum during the forecast timeline. APAC is home to some of the largest corn producers, exporting maize products worldwide. For instance, as per the Ministry of Commerce & Industry, India reported the highest surge in maize export surpassing USD 816 million within the first ten months of FY 2021-22 from over USD 634 million in the last financial year.
Some of the major players in the corn flour market include Evonik Bunge, Cargill, BASF, Gruma, Solvay, Clariant, Grain Millers, Glen Miller, SEMO Milling, Buffaloe Milling, W.R. Grace, Minsa Corp, Grupo Bimbo, C.H Guenther and sons, Shaff Farms, and Ingredion Lifeline Foods. These participants are focusing on geographic and production expansion to consolidate their industry presence. For instance, in September 2022, Cargill launched its new corn wet mill in Pandaan, Indonesia to address the growing demand for sweeteners, starches, and feed across Asia.