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According to latest research by Persistence Market Research, Corn fiber market is set to witness steady growth during 2021-2031 with CAGR between 5% and 7% for the same period. Demand will witness moderate recovery in short-term, with a steady growth outlook in the long-run.
Growing focus on more eco-friendly alternatives for synthetic fibers is driving the demand globally. The widespread use of poisonous and harsh chemicals alters the natural properties of materials, pollutes soil and underground water sources, and releases toxic gases into the atmosphere. In the long term, increasing the use of organic fabrics for clothes would help to reduce waste and other harmful effects on the atmosphere.
Increasing utilization in pharmaceutical products to enhance their nutritional contents is expected to drive the market growth over the forecast period.
Furthermore, rising food and beverage intake would contribute to the expansion. The high nutritional content of these fibers has increased their demand in dairy products, processed meals, baked goods, and other products. Consumer preference for a healthier lifestyle, combined with the disposable income levels, is expected to drive product demand, especially in emerging markets.
Wide application in textile sector due to high durability, comfort, and eco-friendliness, as well as in animal nutrition products due to high protein content, are expected to drive market growth.
In terms of demand, the pharmaceutical application is expected to play a key role in overall sales for the market. Product demand in this application category is expected to increase as prescription drugs and medicines with nutritional benefits become more widely available.
Textiles are expected to be the second-largest application market, thanks to advantages including high longevity and comfort. Corn fiber filaments often have a fluid drape and a soft lustre, making them a greener alternative to nylon and polyester.
This market is expected to grow in demand due to the demand for high-nutritional items and the consumption of food and meal replacement beverages. Corn fibre products are high in proteins and carbohydrates, making them ideal for animal feed. These are often used to complement poultry, swine, and ruminant diets.
In terms of sales, North America led the market with almost 1/3rd of the market share. Well-established pharmaceutical and textile industries in the region have majorly contributed to the market growth. Moreover, growing trend of performance and specialty clothing is anticipated to support the demand.
U.S. is the largest producer of corn and has well-established application industries. The country is home to some of the biggest pharma companies worldwide. This growth is fuelled by the growing and ageing population in U.S. More than 15% of U.S. population is above 65 years of age and this number is expected to rise by 2023.
Apart from demographic growth and ageing population, increases in purchasing power and access to affordable healthcare and pharmaceuticals for poor and middle-class households around the world are also propelling U.S. growth.
Asia Pacific accounted for a significant share in the market.Presence of prominent pharmaceutical manufacturers in the region coupled with the growing textiles industry is likely to provide growth opportunities to the market over the forecast period.
In addition, market growth is being fueled by an increasing preference for new and more organic-based cosmetic products, especially among women consumers in the area. Because of the country's large-scale corn production and well-established application industries, the demand in China is expected to expand at a moderate pace.
The country's industrial industry has been hampered by the latest coronavirus pandemic, which has had a negative impact on the economy. However, with a decline in the effects of the coronavirus, demand is expected to recover in the second quarter of the year.
Some of the leading manufacturers and suppliers include
Mergers and acquisitions are a common occurrence in this sector. Along with emerging players in the industry, entrepreneurs and newcomers are focused on taking advantage of the different opportunities that the increasing movement for more natural and organic goods is creating.
For instance, in October 2019, Cargill announced a USD 35.0 million investment to manufacture soluble fibres such as corn fibres in order to meet growing market demand for more nutritionally dense food products in Europe.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
By Distribution Channel
By Application
By Region
The Corn Fiber report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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