by The global Corn Grit Market is estimated to be valued at US$ 896.1 Mn or 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 grits are made from dried corn kernels that have been degermed, degerminated and hulled. Corn grits are then milled into different coarseness level. Corn grits are gluten-free and provide nutrition. Corn grits contain fiber, protein, vitamins and minerals. They are low in fat and calories. Corn grits can be easily cooked and are commonly used in soups and as a substitute for rice or pasta. They have a mild corn flavor and retain their texture after cooking. The versatility and nutritional profile of corn grits have increased their demand globally.
Market key trends:
The rising consumer preference for gluten-free products is driving the demand for corn grits. According to a survey conducted by the National Foundation for Celiac Awareness, around 1 in 100 people have celiac disease globally. Gluten sensitivity is also increasing. This has positively impacted the sales of gluten-free products such as corn grits. Furthermore, growing health-consciousness among consumers has further augmented the demand for corn grits as they provide nutrition and aid in weight management. Manufacturers are introducing organic corn grits to cater to the rising demand for organic products. Innovations in packaging and introduction of convenient ready-to-eat corn grits have also boosted the market growth.
Porter’s Analysis
Threat of new entrants: The high capital requirement and economies of scale poses a barrier for new entrants in the corn grit market.
Bargaining power of buyers: Large buyers such as food processing companies have significant influence over pricing due to their increasing demands.
Bargaining power of suppliers: Corn being an agricultural commodity, suppliers have moderate to low bargaining power due to availability of substitutes.
Threat of new substitutes: Substitutes such as sorghum, millet and oats poses threat to corn grit market.
Competitive rivalry: The global corn grit market is fragmented in nature with presence of numerous small and large players intensifying the competition.
Key Takeaways
The Global Corn Grit Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing demand from food processing industry. Corn grit finds wide applications in breakfast cereals, snacks, bakery products and animal feed.
The Asia Pacific region dominated the global corn grit market in 2023 and expected to grow at fastest CAGR during forecast period. India and China represents significant growth opportunities owing to increasing consumption of corn based food products.
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. Cargill incorporated, being the largest player focuses on capacity expansion across key markets to leverage opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
