Maize Market Size & Share Analysis - Growth Trends & Forecasts (2023–2028)

 nalysis of the Maize Market:

The Maize Market, estimated at USD 139.42 billion in 2023, is projected to grow to USD 161.70 billion by 2028, showcasing a CAGR of 3.01% during the forecast period (2023–2028).

Maize, also known as corn, stands out as a leading cereal crop globally, rich in antioxidants like phenols and phytosterols. While the majority of maize is allocated for feed and various industrial purposes, a smaller portion undergoes processing for human consumption, transformed into items like popcorn, flour, tortillas, cornflakes, and corn germ oil. Moreover, maize products contribute to supplementary nutritional programs, aiding in the nourishment of malnourished children and enhancing their health.

The burgeoning meat industry is a significant driver stimulating the demand for cereals, particularly maize and soybeans, prized for their protein content in livestock feed. Moreover, maize plays a pivotal role in ethanol production, aligning with the increasing emphasis on biofuel usage.

The United States serves as a primary hub for corn production, accounting for over 95% of total feed grain production and use. Cultivated across approximately 190 million hectares in 165 countries, maize constitutes 39% of global grain production, predominantly utilized for livestock feed and industrial purposes, notably ethanol production. Despite a decline in the number of field farms dedicated to corn, there's been an increase in acreage per corn farm.

Maize Market Trends:

Rising Demand for Animal-based Protein Sources:

Global trends such as population growth, increased incomes in developing nations, and urbanization have fueled a surge in livestock consumption. The correlation between income, population growth, and the consumption of meat, milk, and eggs has become apparent, with these high-value animal proteins gradually replacing staple foods. For instance, OECD reports reveal a rise in poultry meat consumption per capita from 14.3 kg in 2018 to 14.87 kg in 2020, underscoring the intensification of pressure on the livestock industry to meet escalating demands.

Maize stands as a crucial component in compound feed for various animal types like ruminants, poultry, swine, and aquaculture. The increased demand for feed rations has propelled global maize production, evidenced by FAO data indicating an increase from 1.14 billion tons to 1.16 billion tons in 2020. Notably, the cultivated area for maize rose from 196 million hectares in 2019 to 201 million hectares in 2020, accompanied by a surge in global trade shipments, amounting to over 181 million metric tons in the 2021/2022 trade year, as reported by USDA. Consequently, the escalating demand for animal-based protein sources is poised to drive global maize production and trade markets.

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