Global Corn Market Report and Forecast 2024-2032

Global Corn Market Size

The global corn market reached a volume of 1183.43 million metric tons in 2023. The corn market value is likely to expand at a CAGR of 1.1% between 2024 and 2032.

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Global Corn Market Growth

Corn is the staple food in many parts of the world and serves as a primary food source for humans and livestock aside from serving as raw material in many sectors. Corn is remarkable in its productivity and the wide variety of uses it has. It can be eaten as a vegetable while still young or after harvest when mature and thus used as a grain.

It is one of the basic constituents of corn syrup, cornstarch, popcorn, and many other food and industrial products. Corn is genetically quite variable, thus allowing it to grow in a wide variety of climatic conditions and under both intensive and extensive agriculture methods. Corn is one of the major food sources, but it also stands prominent in economies in agriculture and food industries.

Recent Developments

In 2023, Breeder Direct has introduced two new corn hybrids. The Contend Series of hybrids is meant to provide consistent performance in hard circumstances, whereas the Command Series is an exclusive line developed for improved growing conditions. The development of both the Contend as well as Command series of corn hybrids provides seed firms alternatives that result in profitability on every acre, regardless of yield potential.

Corn Market Trends

Economic growth in developing countries could result in an increased demand for corn and corn-based products and by-products. With a growing population comes a growing need for food, including corn. It is a critical component of animal feed, which enhances the demand for corn globally. A significant trend of corn market is the growing population which results in increased demand for direct human consumption and indirect consumption of meat and dairy products.

In countries with developing economies, economic growth tends to result in larger disposable incomes, which then are converted into changes in diets. There's usually an increase in the consumption of meat and dairy products, whereby this increases demand for corn as animal feed. Higher economic conditions, on the other hand, normally translate to increased utilization of corn-based products and by-products.

Advances in agricultural technology

Advances in genetic engineering are one of the key corn market trends, which have resulted in the production of corn variants that are more pest- and disease-resistant, heterogeneous, and withstand challenging weather conditions. Gene editing with CRISPR is now enabling changes that allow crops to become more drought-resistant, with efficient rates of nutrient uptake and growth. Genomic data is also speeding up traditional breeding for the development of new varieties that are more resilient to various stresses, aiding the corn demand forecast. Farmers will be able to use precision agriculture to tailor their practices to the needs of different areas of their fields, this therefore maximizes the output of the resources. This also involves precise quantities and times of application of water, fertilizers, and pesticides. This increases production but reduces the environmental impact.

Trade policies and agreements between major corn-producing and –consuming countries

The reduction in tariffs and other trade barriers on corn will catalyze the corn industry revenue as the exporting countries can sell more corn in the global market. This increased accessibility can lead to a rise in exports, benefiting major corn-producing countries.

Bilateral and multilateral trade agreements can create more favorable conditions for corn trade. For example, agreements that include provisions for agricultural products can open up new markets for corn exporters, boosting global trade volumes. Policies that promote sustainable and ethical farming practices can also impact the corn market. Consumers and businesses are increasingly demanding environmentally friendly and socially responsible products, which can shape trade flows and market preferences.

Industry Outlook

According to the Food and Agriculture Organization of the United Nations (2023), in 2021, the United States led global corn production with 382.89 million tons, representing a significant increase from 2018's 364.26 million tons. Despite a slight decline to 358.45 million tons in 2020, the upward trajectory resumed, reaching 348.75 million tons in 2022.

China's corn market value is boosted by its production that exhibited a steady increase from 257.17 million tons in 2018 to 277.20 million tons in 2022. Notably, 2021 saw a sharp rise to 272.55 million tons from 260.78 million tons in 2019, marking the highest annual growth within the observed period. By 2022, China's production had increased by nearly 20 million tons compared to 2018.

Russia's corn production, while significantly lower in volume compared to the other nations, also showed progressive growth. From 11.42 million tons in 2018, production rose to 15.86 million tons by 2022. This upward trend, particularly noticeable from 14.28 million tons in 2019 to 15.86 million tons in 2022, signifies improvements in Russian agricultural efficiency and capacity.

According to the Federal Reserve Bank of St. Louis, From 2018 to 2023, global corn prices exhibited significant fluctuations. Starting at USD 164.51 per metric ton in 2018, prices saw a modest rise to USD 170.17 in 2019, followed by a slight dip to USD 165.58 in 2020. Prices saw a sharp rise in 2021, rising to USD 259.39 per metric ton—nearly $100 more than the previous year.

The upward trend persisted in 2022, reaching a peak of USD 318.36 per metric ton, or almost double the price of 2018. Even with the decline to USD 251.46 per metric ton in 2023, it was still much higher than in 2021. These variations highlight how interruptions to the world's supply chains, geopolitical unrest, and shifts in demand affect corn prices.

Corn Industry Statistics in India

India's corn production demonstrated a more modest yet consistent growth pattern. Starting at 28.75 million tons in 2018, the production increased to 33.73 million tons in 2022. The incremental growth, particularly from 27.72 million tons in 2019 to 31.65 million tons in 2021.

Government initiatives aimed at boosting maize production are therefore driving the market revenues. For example, in May 2023, the Indian government announced that it would increase maize production and would engage farmers to do so through various initiatives given the demand coming from a host of industries, such as the ethanol and poultry production industries. It is projected to continue benefiting from the research and development being done towards increasing corn production and maximizing profit in the corn industry in India during the forecast period.

Production of Food, Biofuel, Animal Feed, and Industrial Uses to Propel Corn Market Share

• Ongoing developments in agricultural technologies and processing-oriented efficiency drive down production costs.

• Dominant producers like the United States, China, and Brazil ensure a stable global supply.

• The use of corn in biofuel production and ongoing research into better crop yields, along with better farming practices, are slowly improving its environmental footprint. Such factors boost the demand in the global corn market.

Rapid Population Growth and Urbanization Results in Growth of the Market in Developing Regions.

• Steps in agricultural biotechnology—particularly in the form of genetically modified crops—could make way for increased yields with less damage to the environment.

• Increased emphasis on renewable sources of energy underlines corn's role in biofuels and creates further demand in the corn market globally. 

• Sustainability and environmental protection—already significant concerns—are growing globally and, in doing so, further reinforce the development and uptake of more sustainable corn farming practices.

High Energy Dependence of Corn Production Impacts Costs and Competitiveness, Especially with Fluctuating Energy Prices.

• Environmental laws and regulations raise operation costs and compliance burdens for producers, restricting the growth of corn industry.

• Much of the world's corn production is physically concentrated in just a few regions, particularly in the United States and China, which creates risks associated with regional disruptions.

• The high capital investment needed for sophisticated farm machinery and infrastructure can lead to constraints on the growth of smaller producers.

• Weather conditions and unfavorable changes in the climate create significant risks for crop yields and production stability.

• The fluctuation of corn prices within the international market, triggered by market dynamics, trade policies, and geopolitical tensions, may influence profitability.

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Corn Industry Segmentations

The corn market is bifurcated based on source into:

• Organic

• Conventional

Corn finds its applications in the following segments:

• Food and Beverages

• Animal Feed

• Ethanol Production

• Others

The EMR report also covers the regional corn markets like North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Growing Demand in Various End-Use Sectors to Drive the Market Growth of Corn

The market is being stimulated by the increasing demand for corn in the animal food and feed industry. The crop's production has increased because of an increase in ethanol and animal feedstock demand. Corn, having high starch content and being easily convertible into ethanol, finds its major application in producing biofuel.

As per corn industry analysis, the market is growing due to an increase in demand forecast for one of its end-use products, which is sorbitol. Among those who are health-conscious, sorbitol is often utilized because of its low-calorie content. Pharmaceuticals and personal care items both use sorbitol extensively. The corn industry is also being driven by the product's easy availability and inexpensive cost of manufacturing.

The growth of the industry, particularly in the Asia Pacific area, has been encouraged by the government's favorable policies and the rising FDI flows into both pharmaceutical and personal care products. In the Asia Pacific region, China and India are the product's two main emerging markets.

Corn is being consumed more often due to improved knowledge about its health benefits. Intake of corn helps in the improvement of gut health and reduces the risk of illnesses such as heart disease, cancer, and type 2 diabetes. Yellow corn also contains high amounts of carotenoids, such as zeaxanthin and lutein, which enhance eye health and prevent cataracts. Rising production, particularly in South Asian countries, due to geographical and climatic conditions, remains one of the major factors driving corn demand growth.

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Corn Market Regional Analysis

Increasing corn production in countries like China and the United States to Bolster Sales

The three main corn-producing nations are the United States, China, and Brazil; the United States accounts for around 36% of the global market share for corn. The other main exporters of the crop are Russia, Argentina, Brazil, and Ukraine, which together account for more than 36% of global exports.

China, the United States, Mexico, the European Union, and Brazil are the main corn-consuming markets, boosting the growth of the corn market. The end-use industries, such as the markets for corn starch and animal feed, contribute to the increasing demand in these areas. Due to the constantly expanding end-use industries of corn in these regions, the United States and China rank among the major consumers. Japan, Mexico, South Korea, and the European Union are among the nations that depend on imports.

The growth of the feed and industrial sectors is the cause of the increased demand for corn within the United States. Since corn contains carbohydrates, it makes up a useful part of a livestock's diet. Animal feed is the nation's most common application sector, next to fuel ethanol. China is the primary producer of corn, therefore the country's expanding processing industry is fueling corn market revenue. The nation possesses a noteworthy portion of the market in various application domains such as polyols and HFCS.

Corn Market Analysis

Production has risen sharply, especially in major producing countries, particularly the United States, which is enjoying favorable weather and higher yields. New agricultural technologies aimed at boosting yields, such as precision farming and higher yielding, genetically engineered varieties, are underway to boost output efficiency and robustness. Extreme and variable weather due to climate change can hit yields and thus supply and price volatility. The surging corn demand in the making of biofuel, primarily ethanol, continues to diminish the real value of corn and further integrates it with the energy sector.

There could be further focus on sustainable modes of corn production that balance high yields with environmental and social duties. Trade policy, international relationships, and geopolitical events can be huge drivers of global trade flows and pricing in the corn industry.

Competitive Strategies of the Key Players

• Focus on new agricultural technologies and management of resources, particularly efficient resource use for enhanced production and sustainability to boost demand of corn market.

• Dominate through large-scale farms to affect global pricing and supply dynamics to hold a competitive edge.

• Orient toward sustainable agriculture practices and innovations in their respective areas to meet the regulatory demand and consumer preference driven by green products.

• Excel at being focused on regional settings and exploiting unique geographical advantages to maximum productivity and distribution.

• Integrate operations from seed development to crop production and processing for cost control and supply chain efficiency.

• Invest heavily in R&D to develop high-yield corn varieties that are resistant to pests. These need to be resilient to climatic factors to seize the corn market opportunities.

• Liaise with other stakeholders through partnerships and strategic alliances to capture market reach, sharing technological innovations to improve the profile of industry standards.

• Diversification into biofuels, food products, and industrial applications will minimize the risks of market fluctuations.

Key Highlights of the Report

Corn Market Report Snapshots

Corn Market Size

Corn Market Growth

Corn Market Trends

Corn Market Regional Analysis