The Corn Grit Market is estimated to be valued at US$ 896.1 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Corn grit refers to coarse cornmeal made from dried corn kernels. It is a coarsely ground cornmeal often used as a breakfast porridge or cereal. Corn grits are a good source of fiber, magnesium, phosphorus, and antioxidants. Corn grits are gluten-free and offer advantages like low glycemic index which makes them suitable for people with celiac disease or gluten intolerance.
Market key trends:
One of the key trends driving the growth of the corn grit market is the rising demand for gluten-free products. According to a report published by Globe News Wire, the global gluten-free products market size was valued at USD 4.59 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.9% from 2021 to 2028. Increasing prevalence of celiac disease and gluten sensitivity along with growing health consciousness among consumers have boosted the demand for gluten-free products. Corn grit, being naturally gluten-free, caters well to the rising needs of gluten intolerant consumers. The growth in the gluten-free market will correspondingly boost the sales of corn grits during the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements for production and distribution of corn grits means threat of new entrants is high.
Bargaining power of buyers: Large retailers such as supermarkets have significant bargaining power over suppliers of corn grits due to private label offerings.
Bargaining power of suppliers: Top corn producing countries have bargaining power over prices due to supply consistency.
Threat of new substitutes: Products such as oats, bread and cereal bars pose a threat as substitutes for corn grits.
Competitive rivalry: Intense competition exists among established players in the global market.
SWOT Analysis
Strength: Wide range of applications in food industry from breakfast cereals to bakery products boosts demand. Ability to create new product lines appeals to customers.
Weakness: Highly dependent on corn supply and price fluctuations pose raw material sourcing challenges. Vulnerable to weather conditions impacting crop yields.
Opportunity: Increasing health consciousness drives interest in wholegrain products offering nutritional benefits. Online retail expansion into newer regions presents avenue for market penetration.
Threats: Consumer preference for artisanal and clean label products poses branding and marketing difficulties for commodity players. Stringent regulations regarding food quality and safety compliance reduce flexibility.
Key Takeaways:
The Global Corn Grits Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing demand for gluten-free alternatives. Corn grits are naturally gluten-free making them a popular choice for consumers with celiac disease or gluten sensitivity.
Regional Analysis
The corn grits market in North America is currently the largest supported by high corn cultivation and consumption in countries like the US and Canada. However, the Asia Pacific market is growing at the fastest pace due to rising health awareness and expanding food industries in developing countries like China and India.
Key Players
Key players operating in the corn grits market are Cargill Incorporated, Archer Daniels Midland Company (ADM), Bunge Limited, Ingredion Incorporated, Tate & Lyle PLC, Didion Milling, Semo Milling, Agrana Beteiligungs-AG, The Andersons, Inc., LifeLine Foods. The major players are focusing on new product launches, mergers, and acquisitions to gain a competitive advantage in the market.
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