The corn grit market is estimated to be valued at US$ 896.1 Mn or 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 a popular breakfast cereal made from dried corn kernels that have been dehydrated and ground into coarse, pebble-like particles. Corn grits can be eaten as a hot cereal like oatmeal or used in a variety of baked goods, side dishes, and casseroles as a substitute for potato or corn meal. Key uses of corn grits include baked cornbread, polenta, grits casseroles, cornmeal pancakes or biscuits.
Market Dynamics:
Corn grits are driving demand due to their versatility and nutritional profile. Firstly, corn grits are a versatile grain ingredient that can be prepared and incorporated into both sweet and savory dishes. This has increased their usage in homemade and packaged food products. Secondly, corn grits are high in fiber, vitamins, minerals and antioxidants. A half cup serving of cooked corn grits provides magnesium, thiamin and selenium along with fiber and complex carbs. The nutritional qualities of corn grits are appealing to health-conscious consumers.
The growth of the corn grits market is supported by two key drivers. Firstly, the rising popularity of global cuisines especially dishes from the Southern United States region where corn grits form a staple part of the diet. Secondly, an increasing number of consumers seeking gluten-free grain alternatives is driving interest in corn grits.
Segment Analysis
The global corn grit market is dominated by the regular corn grit segment. This segment accounts for over 70% of the total market share owing to its wide applications in food processing industries. The regular corn grit has a coarse texture and neutral flavor that makes it a preferred ingredient in various food applications such as soups, sauces, breads, and more.
PEST Analysis
Political: Trade policies imposed by governments affect the import and export of corn and corn grits across countries. Favorable trade policies promote the growth of the market.
Economic: Increasing per capita disposable incomes in developing countries is driving the demand for convenient and packaged foods that use corn grit as an ingredient.
Social: Evolving consumer food preferences toward ethnic cuisines using corn grit as an ingredient is a key factor fueling the market growth.
Technological: advancements in farming and processing techniques have increased corn production and the extraction of grits from corn, improving quality and yields.
Key Takeaways
The Global Corn Grit Market Size was valued at USD 896.1 million in 2023 and is expected to expand at a CAGR of 5.7% from 2023 to 2030. Growing demand for convenience food products along with increasing utilization of corn grits in various cuisines is expected to drive the market during the forecast period.
Regionally, North America dominated the global market in 2023 and accounted for around 35% of the total market share. Increased consumption of processed food products containing corn grit as an ingredient in countries like the US and Canada has augmented the regional market.
Some of the key players operating in the corn grit market are Cargill Incorporated, Archer Daniels Midland Company (ADM), Bunge Limited, Ingredion Incorporated, Tate & Lyle PLC, Didion Milling, Semo Milling, Agrana Beteiligungs-AG, The Andersons, Inc., LifeLine Foods. These players focus on new product launches and strategic collaborations to expand their market reach. For instance, in 2022, Cargill launched a new line of textured vegetable proteins including corn grits to cater to the demand for plant-based meat alternatives.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
