Corn Gluten Feed Market Was Valued at US$ 6.88 Bn in 2022 - Coherent Market Insights
The global corn gluten feed market is estimated to be valued at US$ 6.88 Billion in 2022, according to the Global Corn Gluten Feed Market Report, By Nature (Organic and Conventional), by Product Type (Wet Corn Gluten Feed and Dry Corn Gluten Feed), By Application (Ruminant Animals, Poultry Animals, Pet Food, Aqua Feed, and Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) published by Coherent Market Insights.
The global corn gluten feed market was valued at US$ 6.88 Billion in 2022. It is expected to register a CAGR of 5.8 % over the forecast period (2023–2030), to reach US$ 11.41 Billion by 2030.
Corn gluten feed is widely used in animal feed including ruminants, aquaculture, pets, and poultry, owing to its capability to offer rich protein content, longer shelf life, purity, and nutrition capable of enhancing digestibility.
Drivers
- Growing pet health consciousness
Corn gluten feed is regarded as a healthy food for livestock as it contains proteins that make the feed rich in indigestible fibers and minerals that are essential for animals. Animal health concerns are growing as a result of the numerous infectious diseases that animals are currently afflicted with. Infectious diseases now affect more than 60% of animals, leading to the adoption of corn gluten feed in the animal industry as it gives animals a healthy diet and lowers their risk of contracting an infection. The global animal feed industry has expanded significantly in recent years. One of the biggest and most important factors in ensuring reliable, affordable, and abundant animal proteins in the world's food supply is animal feed.
Market Opportunities
The market for corn gluten feed has displayed a strong CAGR over the past few decades. Growth will be visible shortly due to the multitude of uses for it. In the worldwide corn gluten meal market, both existing and new competitors will have an equal chance of success.
Market Restraints
- Government restrictions on corn gluten feed are limiting market expansion
The corn gluten feed market is constrained by strict governmental regulations pertaining to health and safety. Manufacturers are not allowed to use more than 20 mg/kg of gluten in any product due to regulatory standards that are focusing on increasing the usage of gluten-free products. These elements hinder market expansion by reducing the amount of corn gluten feed products produced.
Global Corn Gluten Feed Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has brought a massive shift in the eating habits of consumers. Due to health concerns, a large number of consumers have shifted from animal-sourced products to plant-based ones, leading to a declining product demand. In addition, the closure of fast-food outlets, restaurants, and food processing facilities during the COVID-19 crisis, along with the introduction of certain production protocols led to lower-than-expected growth in the corn gluten feed market.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/corn-gluten-feed-market-4067
Key Trends and Analysis of the Global Corn Gluten Feed Market:
The corn gluten feed market has huge growth opportunities owing to its increasing demand from aquaculture. The growing aquaculture industry and the rising global demand for sea food are driving the corn gluten feed market growth.
Key Takeaways of the Global Corn Gluten Feed Market
Among product type, the wet corn gluten feed segment is expected to experience significant growth opportunities over the forecast period. Wet corn gluten feed is produced through the wet-milling process. The wet-milling process is designed to extract maximum output from each component of the corn kernel. The process involves soaking the corn kernels in large tanks called steep tanks in a dilute aqueous sulfur dioxide solution, followed by removing the germs, which is further processed to remove the high-value corn oil. The germ feed remaining after the oil extraction is used for animal feed. Furthermore, the remaining kernel components are screened to remove the fiber and it is combined with the evaporated, concentrated, and dried steep liquor, among other co-product streams to produce corn gluten feed.
- New product launches, mergers and acquisitions, strategic partnership expansion, and research and development activities in the corn gluten feed market are the key strategies adopted by the market players in the global corn gluten feed market. For instance, in Indonesia, corn consumption for animal feed in the first five months of 2020 declined to 18% compared to the same period in the previous year in Indonesia due to the COVID-19 pandemic, as stated by General Chairman of the Indonesian Feed Producers Association. This factor negatively affected the growth of the corn gluten feed market in 2020. The prices of corn gluten feed were affected due to the pandemic owing to the declining demand for corn in livestock feeds in 2020.
