Market Size of Maize Industry
| 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 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 Size Summary
The maize market is poised for steady growth over the forecast period, driven by its pivotal role in global agriculture and industry. As a leading cereal crop, maize, also known as corn, is extensively utilized for animal feed, particularly in the livestock sector, which is experiencing increased demand due to rising global meat consumption. This demand is further fueled by population growth, urbanization, and rising incomes in developing regions, which have led to a shift towards higher consumption of animal-based proteins. Maize's versatility extends to its use in biofuel production, particularly ethanol, aligning with the growing emphasis on renewable energy sources. The crop's significant contribution to the feed industry, coupled with its industrial applications, underscores its importance in the global market landscape.
North America, with the United States at the forefront, is expected to maintain its position as the largest maize market, supported by high production levels and substantial exports. The U.S. remains a key player in the global maize trade, with a significant portion of its production dedicated to livestock feed and industrial products. Meanwhile, Asia-Pacific is also emerging as a significant market due to increasing consumption patterns and dietary shifts. The global trade of maize is bolstered by its widespread use in various applications, from animal feed to food and industrial products, ensuring a robust market presence. Initiatives in countries like India and Ghana to enhance maize production and processing capabilities further highlight the crop's growing significance in the global agricultural economy.
Maize Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Demand for Animal Feed
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1.2.2 Technological Advancements in Agriculture
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1.2.3 Favourable Trade Policies
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1.3 Market Restraints
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1.3.1 Climate Change and Weather Variability
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1.3.2 Rising Input Costs
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1.4 Value Chain Analysis
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2. MARKET SEGMENTATION
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2.1 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)
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2.1.1 North America
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2.1.1.1 United States
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2.1.1.2 Canada
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2.1.1.3 Mexico
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2.1.1.4 Rest of North America
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2.1.2 Europe
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2.1.2.1 Spain
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2.1.2.2 Italy
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2.1.2.3 France
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2.1.2.4 Germany
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2.1.2.5 Russia
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2.1.2.6 Rest of Europe
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2.1.3 Asia Pacific
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2.1.3.1 India
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2.1.3.2 China
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2.1.3.3 Vietnam
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2.1.3.4 Rest of Asia Pacific
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2.1.4 South America
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2.1.4.1 Brazil
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2.1.4.2 Argentina
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2.1.4.3 Rest of South America
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2.1.5 Africa
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2.1.5.1 South Africa
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2.1.5.2 Nigeria
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2.1.5.3 Rest of Africa
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Maize Market Size 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.
