The world maize market is expected to increase by at a 2.6% CAGR for $41 billion in growth, according to research firm Technavio. The North American maize market may grow by 39%, spearheaded by companies such as Archer Daniels Midland and Cargill.
This growth will be driven by increasing demand for maize as animal feed due to rising consumption of meat on the back population growth and rising income of consumers in developing countries, particularly India.
According to the report the key challenges faced by the global maize market are logistics and distribution with a need to pay taxes at multiple checkpoints, poor road conditions and lack of storage capacity.
The 2019 global market size was $334.5 billion. In 2019 the largest market was the Asia-pacific region with a 39% market share, followed by North America at 24%, South America at 20%, Middle East and Africa a 9% and Europe at 7%.
The report comes as corn prices have risen more than 20% in the course of 2022 after rising 20% in 2021, as reported by Al Jazeera, and inflationary pressures are mounting worldwide.