Maize Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 350 Billion |
| Market Size (2029) | USD 404.30 Billion |
| CAGR (2024 - 2029) | 2.90 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Maize Market Analysis
The Maize Market size is estimated at USD 350 billion in 2024, and is expected to reach USD 404.30 billion by 2029, at a CAGR of 2.9% during the forecast period (2024-2029).
The maize market is expanding due to rising demand for this versatile cereal grain. Maize, commonly known as corn, contains antioxidants like phenols and phytosterols. Maize has multiple uses, including animal feed, consumer products, industrial goods, and food processing. Maize is also used in ethanol fuel production, and its cobs have industrial applications due to their absorbent properties.
FAOSTAT 2024 statistics show that over 170 countries produced approximately 1,163.5 million metric tons of maize from 203.5 million hectares in 2022, with an average yield of 5,718.3 kg per hectare. Global maize consumption is distributed as follows: 61% for feed, 17% for food, and 22% for industrial use. To cater to the increasing demand, production is reported to increase globally. According to FAOSTAT, maize production in the Asia Pacific region increased to 389.9 million metric tons in 2022 from 373.7 million metric tons in the previous year.
Meat consumption is increasing globally, driving the demand for maize as feed for poultry and swine. According to FAOSTAT, the global poultry birds slaughtered increased to 79.7 billion in 2022 from 78.3 billion in 2021. Additionally, Maize is a primary agricultural commodity for ethanol production. In the United States, approximately one-third of maize production is utilized for ethanol. The growing significance of biofuels contributes to the expansion of the maize market. The increasing demand for maize due to these factors is driving its production. According to FAOSTAT, maize production in the Asia Pacific region increased to 389.9 million metric tons in 2022 from 373.7 million metric tons in the previous year.
Maize Market Trends
Increase in Demand for Animal-based Protein Sources
Population growth, rising incomes, and urbanization have driven increased livestock consumption and demand for animal-based proteins such as meat, milk, and eggs. Beef, pork, poultry, and fish remain the most widely consumed protein sources globally, according to a major livestock industry trade organization. In February 2024, the National Cattlemen's Beef Association released a consumer insights survey, funded by the Beef Checkoff program. The survey revealed that 83% of consumers eat
poultry at least once a week, followed by beef (70%), pork (46%), fish (41%), and meat alternatives (25%). Chicken emerged as the top protein choice at 44%, followed by beef (35%), fish (12%), plant-based meat alternatives (5%), and pork (4%). Notably, many consumers who choose plant-based meat alternatives also continue to consume conventional meat. These factors drive the demand for maize as feed, supporting the market's growth.
Maize is a crucial ingredient in compound feed for various livestock, including poultry, swine, ruminants, and aquaculture. As demand for animal feed increases, global maize production has expanded. According to the FAO, global maize production in 2022 increased to 1.21 billion metric tons, a 3.8% rise from the previous year. Trade has also increased, with the ITC Trademap reporting that global corn exports valued over USD 5306.8 million in 2023, a 2.2% increase from 2021.
North America to Dominate the Maize Market
North America is anticipated to be the largest maize market during the forecast period, followed by Asia-Pacific. This dominance is primarily due to the extensive use of maize as animal feed. According to the Food and Agricultural Organization (FAO), the United States was the world's largest maize producer in 2022, yielding 348.8 million metric tons, which accounted for 30.0% of global production. Maize is crucial to the US economy, with most domestic production used for livestock feed and ethanol production. The crop is also used in manufacturing various food and industrial products, including cereals, alcohol, sweeteners, and by-product feed. The United States is also a major maize exporter due to its high production capacity. In 2022, the country exported over 45.9 million metric tons of corn, representing more than half of global corn exports. The value of these exports reached USD 13.7 billion in 2023.
Mexico is also among the world's top maize producers. According to FAOSTAT, the country produced 26.6 million metric tons of corn in 2022. This increase was primarily driven by demand for animal feed, reflecting changing dietary patterns and increased expenditure on animal-sourced proteins. As maize finds applications in various industries, its demand is projected to grow during the forecast period.
Maize Market News
- October 2024: The Himachal Pradesh state government in India has set a support price of USD 3.57 per quintal for maize cultivated using natural farming techniques.
- October 2024: China is enhancing agricultural productivity by approving the commercial-scale cultivation of genetically modified (GM) crops. The country has authorized 64 varieties of GM maize for large-scale planting.
- October 2022: Ghana's President, Nana Addo Dankwa Akufo-Addo, inaugurated a new maize processing factory at Nsuta-Kwagye in the Sekyere-Central District of the Ashanti Region, as part of the "One District, One Factory" initiative. The facility is equipped with modern processing equipment, including a maize drying plant and a grit milling machine.
Maize Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Demand for Animal Feed
4.2.2 Technological Advancements in Agriculture
4.2.3 Favourable Trade Policies
4.3 Market Restraints
4.3.1 Climate Change and Weather Variability
4.3.2 Rising Input Costs
4.4 Value Chain Analysis
5. MARKET SEGMENTATION
5.1 Geography (Production Analysis by Volume, Consumption Analysis by Volume and Value, Import Analysis by Volume and Value, Export Analysis by Volume and Value, and Price Trend Analysis)
5.1.1 North America
5.1.1.1 United States
5.1.1.2 Canada
5.1.1.3 Mexico
5.1.1.4 Rest of North America
5.1.2 Europe
5.1.2.1 Spain
5.1.2.2 Italy
5.1.2.3 France
5.1.2.4 Germany
5.1.2.5 Russia
5.1.2.6 Rest of Europe
5.1.3 Asia Pacific
5.1.3.1 India
5.1.3.2 China
5.1.3.3 Vietnam
5.1.3.4 Rest of Asia Pacific
5.1.4 South America
5.1.4.1 Brazil
5.1.4.2 Argentina
5.1.4.3 Rest of South America
5.1.5 Africa
5.1.5.1 South Africa
5.1.5.2 Nigeria
5.1.5.3 Rest of Africa
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Maize Industry Segmentation
Maize is a cereal crop that is cultivated for feed and consumption purposes. It is known as the queen of cereals. The market studied for this report includes maize traded both domestically and internationally. It does not include processed products manufactured using maize. The maize market is segmented by geography (North America, South America, Europe, Asia-Pacific, and Africa). The report analyzes production (volume), consumption (value and volume), import (value and volume) export (value and volume), and price trend analysis of maize across the globe. The report offers market size and forecast in terms of value (USD) and volume (metric tons) for the above-mentioned segments.
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Maize Market Research FAQs
How big is the Maize Market?
The Maize Market size is expected to reach USD 350 billion in 2024 and grow at a CAGR of 2.9% to reach USD 404.30 billion by 2029.
What is the current Maize Market size?
In 2024, the Maize Market size is expected to reach USD 350 billion.
Which is the fastest growing region in Maize Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Maize Market?
In 2024, the North America accounts for the largest market share in Maize Market.
What years does this Maize Market cover, and what was the market size in 2023?
In 2023, the Maize Market size was estimated at USD 339.85 billion. The report covers the Maize Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Maize Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Maize Industry Report
Statistics for the 2024 Maize market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Maize analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Maize Market Report Snapshots
