Corn grit is ground dried corn, coarsely cracked. It is used in various food products like breakfast cereals, pancakes, cornbread, and snacks. Corn grit can be boiled in water and eaten as porridge. It is gluten-free, high in fiber, nutrients and provides energy.
The global Corn Grit Market is estimated to be valued at US$ 896.1 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand from food industry is a major driver contributing to the growth of global corn grit market over the forecast period. Corn grit is widely used in production of various food products like cereals, baked goods and snacks. According to an article published by Food Processing, cereal sales in U.S have grown over 25% in 2020 due to shift in dietary habits owing to pandemic. Increasing cereal consumption is expected to drive the demand for corn grit during the forecast period. Further, growing health awareness among consumers is propelling the demand of corn grit based food products as it provides various health benefits like low fat, fiber and carbohydrates. Adoption of corn grit in various vegan and gluten-free products is also gaining traction which will supplement the market growth over the forecast period.
SWOT Analysis
Strength: Corn grit is a nutritional ingredient that contains vitamins, minerals, and antioxidants. It is gluten-free and offers dietary fiber. Due to this nutritional profile, it appeals to health-conscious consumers. Corn grit provides texture and acts as a binder or thickening agent in food products. It is widely available and affordable compared to other gluten-free ingredients.
Weakness: Corn grit has lesser protein content than wheat and other gluten-containing ingredients. This restricts its usage as primary ingredient in some foods. It faces competition from alternative gluten-free ingredients like sorghum, rice, soy, and tapioca.
Opportunity: The growing prevalence of celiac disease and gluten intolerance is driving the demand for gluten-free products. Corn grit can replace wheat flour in baked goods and other gluten-containing foods. Emerging markets in Asia Pacific and Latin America present an opportunity due to rising health awareness. New product innovations incorporating corn grit catering to specific diets can expand its applications.
Threats: Volatility in corn prices influences the cost of corn grit production. Natural calamities can disrupt corn cultivation affecting supply and prices. Stringent food safety regulations impose compliance challenges for manufacturers.
Key Takeaways
The global Corn Grits Market Size is expected to witness high growth. The demand is driven by increasing celiac disease diagnoses and growing health consciousness. Gluten-free product innovations incorporating corn grit captures opportunities. . The US is the dominant market due to high production and consumption. Growth opportunities lie in Latin America and Asia Pacific led by countries like Brazil, China, and India. Rising demand for convenience foods will drive the market.
Regional analysis related content comprises North America dominates the corn grit market currently due to strong demand for gluten-free foods and products. Asia Pacific is the fastest growing regional market with increasing health awareness in countries like India and China boosting demand. Europe is another major regional market supported by active celiac population.
Key players related content comprises Key players operating in the corn grit 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. They focus on new product development, mergers and acquisitions to strengthen market presence.
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