Corn steep liquor market expected to surpass $3.5 billion
The corn steep liquor market is expected to grow due to the high demand for organic foodstuff.
A recent report by Persistence Market Research had projected that the around U$ 2.6 billion corn steep liquor market is anticipated to surpass revenue worth US$ 3.5 billion by the end of 2028. It also predicts a 4 percent CAGR for the market during 2018-2028.
Globally, the demand for organic foodstuff is increasing, and it is affecting every vertical that is concerned with organic agriculture. Organic fertilizers are one such part of the organic agriculture trend that is affected by the demand, and corn steep liquor is one of the best contenders for the same.
Corn steep liquor is a great organic fertiliser/organic nutritional aid for organic agriculture.
Available at a much cheaper price point than other organic fertilisers, corn steep liquor is the ideal contender for organic fertiliser.
Corn steep liquor is available in two forms in the market, either the liquid or powdered form. In animal feed, the liquid form of corn steep liquor is preferred since it helps act as a binding agent for animal feed pellets. In organic agriculture, however, the powdered form is preferred, since it has low moisture content and high purity, is easier to handle, easier to store and use, and has better spreadability.
In industrial fermentation, however, both liquid and powdered forms of corn steep liquor are used, but the powdered form is being increasingly preferred since it exhibits higher stability and is easier to handle. Combined with the fact that organic agriculture practices are increasing globally, the powdered form of corn steep liquor is expected to gain traction in the market.
The animal feed segment is the largest segment in this market. The predominant use of feed additives, the need for cheaper alternatives, and organic animal husbandry practices are all supporting the increasing demand for corn steep liquor from this segment.
However, fertilisers and fermentation are also expected to exhibit high growth rates in the corn steep liquor market due to the high growth rate of the parent market, and the growing demand for corn steep liquor from associated industries.