Maize
Market: Introduction
Maize
is one of the oldest plants domesticated by humans. Maize or Corn,
also known by its scientific name Zea mays, is a plant belonging to
the family of grasses. Maize comes under coarse grains category and
is the third largest planted crop after wheat & rice. Maize is an
annual plant which is cultivated globally due to its exceptional
geographic adaptability however its cultivation is mostly
concentrated in the Northern hemisphere countries. A significant
portion i.e. over 60% of global maize production is used in animal
feed as it provides a high amount of energy and oil content to the
livestock. Moreover, maize is used as staple food and also find a
broad range of industrial application such as food processing and
ethanol production. Maize market has undergone dramatic change over
the past few decades owing to the green revolution and rapid
development in biotechnological advancement in seed and production
which has resulted in the availability of genetically modified maize
seeds which offers increased average maize yield. For instance,
according to Food and Agriculture Organization (FAO), globally the
yield of maize crop has grown to over 11% in 2014 from 2004, while
the total production quantity of maize increased around 28% in 2014
from 2004 owing to the increasing demand of maize from its various
end use application industries. Furthermore, escalating demand for
ethanol is also anticipated to drive the growth of maize market over
the forecast period.
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Maize
Market Segmentation
Global
Maize market can be segmented on the basis of type, color, end use,
nature, and region. On the basis type, maize market is segmented into
the dent or field maize, flint or Indian maize, floury maize, and
sweet maize. On the basis of color, Maize market is segmented into
yellow maize and white maize. The yellow maize segment is anticipated
to remain dominant in terms of value over the forecast period owing
to its usage in animal feed and high geographical adaptability while
the white maize requires more favorable geographical condition and is
generally recognized as the food crop. On the basis of the end use,
maize market is segmented into Food and Beverage, Animal feed,
Pharmaceutical, Personal Care & Cosmetics, Industrial Application
and Others. The food and beverage segment is further sub-segmented
into direct consumption and processed consumption. On the basis of
nature, maize market is segmented into conventional maize and organic
maize. Conventional maize is further sub-segmented into non-GMO maize
and GMO maize.
Maize
Market: Regional Outlook
On
the basis of geography, the Maize market is segmented into North
America, Latin America, Europe, Asia-Pacific, and MEA. Globally,
among all regions, North America is expected to be the largest market
for the Maize, followed by Asia Pacific over the forecast period
owing to the high production of maize crop and its consumption in
animal feed. Globally, U.S. is the largest producer of maize followed
by China and is expected to contribute maximum revenue in the near
future. However, Asia Pacific is anticipated to witness rapid growth
over the forecast period owing to increasing demand for Maize in
animal feed due to meteorically increasing population dynamics which
has resulted in a sudden surge in the demand for food.
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Maize
Market: Dynamics
Increasing
demand for animal feed and industrial use owing to ever increasing
global population is expected to drive the growth of global maize
market over the forecast period. Moreover, increasing health
awareness in emerging and developing economies have resulted in the
shift of dietary preference of people towards protein-rich food which
has led to an increased demand for all feed grains which also include
maize, thus driving the growth of the global maize market.
However,
constant fluctuation in the prices of maize and rising concern of
consumers towards genetically modified maize which has resulted in
the demand for the segregation of non-GM crop from GM crop has
resulted in an added expense to overall supply chain thus restraining
the growth of global maize market.
Maize
Market Key Player:
Some
of the major players operating in Maize market includes Cargill Inc,
Louis Dreyfus Company, Archer-Daniels-Midland Company, COFCO Group,
Bunge Group, ZEN-NOH Co. Ltd., Glencore.
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