The global corn
oil market has been segmented based on type, application, and
geography. Based on types, the global corn oil market is segmented into
edible and non-edible oil. Based on applications, the global corn oil
market is segmented into biodiesel, cooking oil, soap making, paints,
textiles, and others. Among various applications, cooking oil accounted for
major share in the global corn oil market in 2017 and this segment is further
expected to remain dominant in the near future expanding at a CAGR of 4.4% from
2019 to 2024. Other application segments are also expected to showcase
significant growth thereby boost the demand for corn oil over the forecast
period from 2018 to 2024.
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Corn is considered to be the most
successful food, feed, and industrial cereal and corn flour, corn oil, corn
flakes, corn syrup, pop corn, rice corn, and soap are some of the popular corn
products used globally. Corn oil, pale yellow colored oil procured from kernel
of corn was commercially produced in 1889. It is used as a cooking medium and
for manufacturing hydrogenated oil. Corn oil also has various therapeutic
properties which makes it vulnerable for its use in various applications. It is
also known to provide various health benefits which such as, it lowers the
cholesterol, improves heart health, and lowers blood pressure and as emollient
for skin among others.
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The key factor driving growth of global corn oil market
is the rising demand for corn oil as a biodiesel alternative for reducing
carbon footprint. Furthermore, growing government regulation particularly
important in states with low carbon fuels standards such as California is
further expected to support the market demand. On the contrary, availability of
other competing materials that can serve similar purpose at reduced cost may
significantly hamper the growth of corn oil market in the coming years.
Based on
geography, the global corn oil market has been segmented into North America,
Europe, Asia Pacific, Latin America, and Middle East & Africa. North
America comprises U.S., Canada, and Mexico whereas Europe would primarily cover
Germany, France, UK, Italy, and Rest of Europe. The key countries included
under Asia Pacific are China, Japan, India, Australia, and Rest of Asia
Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the
key segments whereas in Middle East & Africa, South Africa and Rest of MEA
are the key segments covered in the report. Europe accounted for the largest
share in the global corn oil market; it is further projected to dominate the
global market by 2024. Asia Pacific accounted to have a second highest share
for corn oil due to growing demand for corn oil as cooking oil in most of the
countries in the region.
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