The maize market is forecasted to grow at a CAGR of 3.8% during the forecast period (2020-2025).
- The growing meat industry is creating a demand for more cereals, especially for maize and soybean, as both are highly nutritious in terms of protein is used for feeding the livestock.
- Corn is the primary United States feed grain accounting for more than 95% of the total feed grain production and use. More than 90 million acres of crop is grown for maize production, primarily used for livestock and feed purpose. While the number of field farms for corn has declined in recent years, the acreage per corn farm has increased.
Key Market Trends
Increase in Demand for Animal-based Protein sources
The increasing pressure on the livestock industry has intensified in the recent years, to meet the rising demand for meat and high-value animal protein. Population growth, rising incomes in developing nations, and urbanization have led to a surge in the global livestock consumption. The levels of income and consumption of animal protein have been found to be directly correlated to the consumption of milk, meat, and eggs, which is increasing at the expense of staple foods. Since, Maize being one of the key ingredients of almost every type of compound feed for animal types, such as ruminants, poultry swine, and aquaculture. Hence, the rising demand for animal-based protein sources is likely to drive the trade and the market for maize at a global level.
North America to Dominate the Global Maize Market
Globally, among all regions, North America is expected to be the largest market for maize, followed by Asia-Pacific, over the forecast period owing to the high production of maize crop and its consumption as animal feed. The United States is the largest producer of maize, accounting for 36.3% of the total global production. Majority of maize consumed in the region is used as a main energy ingredient for livestock feed. Maize is also used in processing into a wide range of food and industrial products including cereals, alcohol, sweeteners and byproduct feed. With the rise in usage of maize in wide range of applications, the demand for maize is projected to grow during the forecast period.
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