The North America Corn Oil Market would witness market growth of 6.9% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 140.87 kilo tonnes, showcasing a growth of 14.1% (2020-2023).
Edible corn oil, extracted from the germ of corn kernels, is a popular vegetable oil known for its light flavor and high smoke point, making it an ideal choice for frying, sautéing, and baking. Rich in polyunsaturated and monounsaturated fats, this oil promotes heart health by helping to lower cholesterol levels when used in place of saturated fats. It also contains vitamin E, an antioxidant that supports immune function and skin health. The oil's versatility extends beyond cooking; it's often used in salad dressings and marinades due to its mild taste and ability to blend well with other ingredients. Thus, the US market consumed 93.24 kilo tonnes of edible oil in 2023.
The US market dominated the North America Corn Oil Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,676.1 million by 2031. The Canada market is experiencing a CAGR of 9.3% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 8.8% during (2024 - 2031).
Corn oil's industrial applications, particularly in the production of biodiesel and animal feed, have contributed significantly to its widespread adoption. The oil's renewable nature makes it an attractive feedstock for biodiesel production, aligning with the growing emphasis on sustainability and reducing carbon emissions.
Additionally, the oil's versatility extends beyond the kitchen, encompassing a wide array of industrial applications across various sectors. Owing to its high smoke point and mild flavor profile, this oil is a staple ingredient in cooking, baking, frying, and salad dressings in the food industry. Its ability to enhance texture and mouthfeel makes it a favored choice for food manufacturers seeking to improve the sensory appeal of their products.
The growing biodiesel production in the United States has emerged as a significant demand driver for this oil, aligning with the country's efforts to promote renewable energy sources, reduce reliance on fossil fuels, and mitigate environmental impact. Additionally, in accordance with the Renewable Fuel Standard, the Environmental Protection Agency (EPA) of the United States has authorized maize oil as a viable feedstock for biodiesel production. This development provides regulatory certainty and market access for biodiesel and maize oil producers. Moreover, Canada's cosmetics sector has seen a surge in demand for products formulated with natural ingredients free from synthetic chemicals, fragrances, and additives. As per the data provided by the International Trade Administration in 2021, the cosmetics sector in Canada generated approximately USD 1.24 billion in revenue. Industry revenue is expected to reach USD 1.8 billion by 2024. Thus, the rising cosmetics sector and biofuel production in North America will assist in the growth of the regional market.
Free Valuable Insights: The 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 U.S., Mexico, Canada, and Rest of North America.
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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