The Asia Pacific Corn Oil Market would witness market growth of 7.9% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 173.83 kilo tonnes, showcasing a growth of 15.0% (2020-2023).
Corn oil is extensively used in the food and beverage industry due to its light flavor, high smoke point, and versatile properties. In cooking, its ability to withstand high temperatures without breaking down makes it ideal for frying, sautéing, and baking, where it helps achieve crispy textures and evenly cooked dishes. Its neutral taste ensures that it does not overpower the flavors of the ingredients it accompanies, making it a preferred oil for a variety of culinary applications. Thus, the Chinese food and beverage industry consumed 27.12 kilo tonnes of this oil in 2023.
The China market dominated the Asia Pacific Corn Oil Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $911 million by 2031. The Japan market is registering a CAGR of 7.2% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 8.6% during (2024 - 2031).
Corn oil is utilized in animal nutrition as a valuable energy source and essential fatty acids in livestock feed formulations. Its inclusion in feed rations enhances the overall nutritional quality and palatability, promoting optimal growth and performance in poultry, swine, and cattle. Furthermore, research indicates that supplementing animal diets with this oil can benefit meat quality, particularly in marbling, tenderness, and flavor.
Additionally, the rising incidence of lifestyle-related diseases such as obesity, cardiovascular disorders, and diabetes has heightened awareness about the importance of healthy dietary habits and the role of cooking oils in overall health and well-being. Consequently, there is a growing demand for this oil as a healthier alternative to saturated fats, trans fats, and hydrogenated oils, supported by scientific research highlighting its beneficial effects on lipid profiles and cardiovascular health.
China's pharmaceutical industry has undergone rapid modernization and consolidation, focusing on upgrading manufacturing capabilities, enhancing quality standards, and promoting innovation. According to the International Trade Administration data, the pharmaceutical industry in China was expected to attain a value of $161.8 billion by 2023, representing an approximate 30% market share on a global scale. Australia's vibrant food and beverage industry, characterized by a diverse culinary landscape and a strong emphasis on quality, innovation, and sustainability, presents significant opportunities for this oil producers and suppliers to capitalize on the growing demand for this versatile ingredient. According to the Australian Bureau of Statistics data, in the 2020–21 fiscal year, foods and non-alcoholic beverages weighing 14.7 million tonnes were sold through specialty food stores, grocery stores, supermarkets, and fresh food sectors. In comparison to the preceding 12-month period (2019–20), this was up 1.4% (204,100 tonnes) and up 4.9% (686,000 tonnes) from 2018–19. Hence, the rising food & beverage and pharmaceutical sectors in the Asia Pacific will increase demand.
Free Valuable Insights: The Global Corn Oil Market is Predict to reach USD 10.3 Billion by 2031, at a CAGR of 7.4%
Based on Type, the market is segmented into Edible, and Non-Edible. Based on Application, the market is segmented into Food & Beverages, Biodiesel, Animal Feed, Cosmetics & Personal Care, Industrial, and Pharmaceuticals. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Type (Volume, Kilo Tonnes, USD Billion, 2020-31)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-31)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-31)
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