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Corn Market: Definition
Corn is a versatile ingredient that is readily used in a wide range of cuisines and many traditional recipes from different cultures. Businesses are putting a lot of effort into developing novel goods to meet the increasing demand for corn in food applications. In 2022–2023, the global crop market is expected to produce 1,161 MMT and consume 1,170 MMT, according to a procurement intelligence analysis by ELINT Market Research. Additionally, ending corn inventories for the same period were Brazil at 7.25 MMT, China at 206.12 MMT, and the United States at 31.54 MMT.
Corn Market: Growth Driving Factors
A key driver of the corn market’s expansion is an increasing need for corn across several end-user sectors, including food preparation, medicines, ethanol generation, cosmetics, and livestock feed. Additionally, the strong global rise in ethanol production drives up corn values.
Corn Market: Challenge
Unfavorable trade regulations and frequent modifications to business laws cause disruptions in global supply chains and have an impact on the availability of goods in the international corn industry.
Corn Market: Opportunity
The rapid progress in genetic engineering results in the creation of multiple cultivars in the corn market that exhibit exceptional resistance against pests, illnesses, and unfavorable meteorological circumstances.
Corn Market: Leading Regions
Holding the biggest revenue stake, the Asia Pacific territory leads the global sugar procurement market. the main drivers of the region’s supremacy include growing consumer demand for various corn-based goods and the expanding cattle business throughout the country.
Corn Market: Key Manufacturers
1. Cargill Incorporated
Established in 1865, Cargill, Incorporated is a US-based multinational food company with its headquarters located in Wilmington, Delaware. It provides food and bio goods, salt, proteins, feed for animals, etc.
2. Ingredion Inc.
Headquartered in Illinois, United States, and founded in 1906, Ingredion Inc. is an American company that supplies ingredients for food and beverages. Its primary products include carbohydrates, stevia, pea proteins, and organic sweetener products.
3. Archer Daniels Midland
Established in 1902, the Archer Daniels Midland organization, evolved is a worldwide food manufacturing and commodities selling company based in Chicago, Illinois. Also, ADM is leading the way in the world for human and animal food products.
4. Tate & Lyle PLC
Tate & Lyle PLC supplies food and drink goods to the commercial and food sectors globally. Established in 1921, it has its headquarters in London, United Kingdom. As it promotes environmental sustainability the organization is a leader in giving materials for healthier meals and drinks.
5. Roquette Frères
The leading global manufacturer of proteins, plant-based components, and medication excipients is Roquette Frères. Established in 1933, this business has headquarters in France and generates over 650 different derivatives using starch derived from corn, wheat, potatoes, and peas.
6. Bayer AG
Among the biggest pharmacological and biomedical corporations globally, Bayer AG has evolved as dominant a multinational German corporation that was established in 1863 and specializes in biotechnology and pharmaceutical goods.
7. Syngenta
Based in Basel, Switzerland, Syngenta is a multinational agricultural products firm that was established in 2000. This top agricultural enterprise is enhancing worldwide food security by empowering thousands of farmers.
8. John Deere
A prominent American company, John Deere, was established in 1837 and has a solid foundation in the fields of agriculture, construction, forestry machines, engines, diesel engines, etc.
9. Limagrain
Limagrain is a worldwide agricultural collaborative company that has a focus on vegetable and field seeds, as well as cereal products. It was founded in 1965 and its headquarters resided in France.
10. Sound Agriculture
Sound Agriculture formed in the United States in 2013 harnesses the inherent potential of crops to fulfill the need for a wider variety and higher quality of food items. Due to its creative, immediate crop solutions, agribusiness can respond to changing consumer tastes and environmental conditions more quickly.
Conclusion:
The existence of multiple competitors is expected to cause rivalry in the fragmented global corn market. Important businesses covered in this procurement intelligence study are heavily concentrating on several expansion methods, including joint ventures, acquisitions, collaborations, and the introduction of new products.