The global Corn Grit Market is estimated to be valued at US$ 896.1 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Corn grits are made by grinding dried, degerminated corn kernels into coarse, pebbly pieces. They have a corn-y, nutty flavor and versatile texture. Corn grits can be used to make polenta, casseroles, corn bread and other dishes. They provide minerals, vitamins and fiber to diet.
Market key trends:
One of the key trends in the corn grits market is the rising demand for instant corn grits. Instant corn grits cook much faster than traditional corn grits, typically within 5-10 minutes. They have a pre-gelatinized nature which allows them to cook quickly without soaking. The convenient preparation time of instant corn grits has made them very popular among time-pressed consumers. They can be easily added to soups, casseroles or consumed as a breakfast cereal. This has driven many corn grit producers to offer instant varieties of corn grits.
Segment Analysis
The global corn grit market is segmented into flint and dent. Among these, the dent segment holds the largest market share currently as dent varieties of corn are widely grown commodity corn used for corn grit production. Dent corn accounts for more than 70% of total corn production globally due to its versatile nature and high yields from existing hybrid seed varieties. This makes dent corn the dominating segment in the corn grit market.
Key Takeaways
The Global Corn Grit Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing demand for corn based breakfast food options. The North America region currently dominates the corn grit market owing to high production and consumption of corn in the US and Canada. Key players like Cargill Incorporated, Archer Daniels Midland Company (ADM), Bunge Limited are focusing on capacity expansions to cater to growing demand.
The global corn grit market size is expected to reach US$ 896.1 Mn by 2023. The North America region is expected to maintain its dominance during the forecast period owing to strong production and export of corn across major countries like the US and Canada. Corn grit finds widespread application in popular breakfast foods like corn bread, polenta, and grits across the region.
The key players operating in the corn grit market are focusing on business expansion strategies to strengthen their market presence. For instance, Cargill Incorporated acquired grain trading business of Glencore Agriculture in 2021 to expand its global supply chain capabilities. Similarly, Archer Daniels Midland Company (ADM) is investing in capacity expansions of its corn milling plants across key markets to cater to growing demand for corn grit. Bunge Limited has also undertaken strategic acquisitions and partnerships to expand globally.
Read more: https://www.ukwebwire.com/corn-grit-market-insights-trends/
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