According to the report published by Allied Market Research, the global cornmeal market generated $729.40 million in 2021, and is projected to reach $1.05billion by 2031, witnessing a CAGR of 3.9% from 2022 to 2031.
Cornmeal is considered as arich source of thiamine, magnesium, and selenium. It is procured from dried corn such as grits and polenta.Moreover, as an excellent source of B6 and vitamin folic, cornmeal is a gluten-free choice and it easilyblends with flour to form the inelastic texture utilized in baked items. Bristly ground cornmeal is an imperative ingredient when it comes to North American cuisine. Among a great variety of cornmeal, of cornmeal corn flour is the minutest and smoothest grind of cornmeal. Medium cornmeal, on the other hand, is used for daily purposes such as pancakes, muffins, cornbread etc.
The major driving factors of the cornmeal market involve the array of health benefits associated with consuming cornmeal. At the same time, surge in demand for gluten free products, increase in usage of cornmeal in bakery as well as animal feed products have supplemented the market growth even more. On the other hand, presence of substitute products impedes the growth to some extent. However, surge in demand for healthy & nutritious food products create new opportunities in the industry.
The global implementation of lockdown gave way to temporary closure of bakeries, hotels, restaurants, and food stalls, which impacted the global cornmeal market negatively. Increase in the demand-supply gap, dearth of raw materials, and lack of labor force, on the other hand, hampered the production of cornmeal, when the demand from various end use industries also witnessed a sharp decline. However, as the global situation has almost got back on track, the cornmeal market has also started restoring at a quick pace.
By form, the corn flour segment accounted for the major share in 2021, holding nearly two-fifths of the global market. This is owing to the growing expenditure on corn flour in the hospitality industry. On the other hand, the corn grits segment is expected to cite the fastest CAGR of 4.2% throughout the forecast period. This is attributed to the increasing use of cornmeal in restaurants, cafés, confectionaries, and retail stores.
By nature, the conventional segment garnered the major share in 2021, contributing to nearly 89% of the global market. This is because traditionally produced cornmeal meals put up a substantial amount of nutrients and proteins for adults and youngsters. The organic segment, however, is expected to cite the fastest CAGR of 5.1% from 2022 to 2031. This is due to its eco-friendliness.
By region, the market across Asia-Pacific generated the highest share in 2021, holding nearly two-fifths of the global market. The same region would also portray the fastest CAGR of 4.8% during the forecast period. This is owing to the fact that the population across the region is gaining interest in the new corn products.
KEY FINDINGS OF STUDY
- Based on form, the corn flour segment held the highest share in 2021, and is anticipated to retain its dominance throughout the forecast period.
- Bynature, the conventional segment contributed to the major market share in 2021, and is anticipated to maintain the lion’s sharethroughout the forecast period.
- Region wise, Asia-Pacificgarnered the highest revenue share in 2021. The same region is alsoexpected to cite the fastest CAGR of 4.8% from 2022 to 2031.