The forecasted domestic consumption of corn in the US for 2024 is 318.72 million metric tons, marking a growth trend anticipated through 2028 with an expected consumption of 330.27 million metric tons by then. Analyzing the year-on-year variations, there are consistent increases - around 0.92% in 2025, 0.90% in 2026, 0.89% in 2027, and 0.87% in 2028. This reflects a steady overall growth, as evidenced by a compound annual growth rate (CAGR) of approximately 0.9% annually over the five-year forecast period.
Future trends to watch for:
- Impact of climate change on corn yield and its influence on domestic consumption.
- Developments in agricultural technology that could enhance productivity.
- Policy changes affecting biofuel demand, as corn is a significant feedstock for ethanol production.