SP & PT versions under construction
Corn Ethanol
Global corn production (2024)
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The top 3 corn producers in 2024 were the U.S. (385 Mt), China (292 Mt), and Brazil (140 Mt). Argentina ranks 4th with 50 Mt, followed by India (35 Mt) & Ukraine (30 Mt). Since 2020, BR corn prod. has surged from 102.5 Mt to nearly 140 Mt, at a CAGR of about 8.7%. While most of it is used for animal feed, its role in biofuels prod. has been rising and expected to expand further.
Global ethanol production (2024)
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​The U.S. pioneered commercial-scale corn ethanol prod. in the 1970s, driven by the oil crises of 1973 & 1979 and supported by gov incentives & blending mandates, w/ strong expansion in the 1980s and especially after 2005, making the U.S. the largest ethanol producer. Since the early 2000s, the U.S. have strongly expanded the use of corn for ethanol prod., driven by energy security policies & regulatory mandates. Today, the U.S. leads global ethanol production, w/ 62 Bn liters, of which about 95% are derived from corn. BR ranks 2nd, producing 36.5 Bn liters, with around 20% originating from corn.
Corn ethanol in BR
The introduction of corn ethanol in Brazil was largely based on the U.S. tech & industrial model, adapting proven processes, plant designs, and operational practices to Brazilian agricultural, logistical, and energy conditions. Corn ethanol production in Brazil began at industrial scale in 2017 with FS, in Lucas do Rio Verde (MT), producing 280 Million liters that year and reaching 2.4 Bn liters in 2024 (10x growth), positioning the company as the third-largest ethanol producer in Brazil.
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Subsequently, Inpasa entered the market, starting operations in 2019 in Sinop (MT). Inpasa currently controls five grain ethanol plants in Brazil and is the largest grain biorefinery in Latam, with a strategic objective of “de-commoditization”. Founded in 2006 in Paraguay and operating in BR since 2018, Inpasa is today one of the largest corn ethanol producers in Latam, operating seven industrial units (three in Brazil and two in Paraguay), w/ three new plants under construction in Luís Eduardo Magalhães (BA), Rio Verde (GO), and Rondonópolis (MT).
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It is worth highlighting that Inpasa owns and operates the world’s largest corn ethanol plant, producing 2.7 Bn liters in the most recent harvest season. Its current total inst. capacity amounts to 6.2 Bn liters of ethanol per year, in addition to the annual production of 3.3 Mt of DDGS, 312 kt of vegetable oil, and 1,513 GWh of REN energy. Ongoing investments are expected to increase ethanol capacity by approximately 50%, reaching 8.6 Bn liters/year.
Production process & output yields
Figure 1 illustrates the corn ethanol production process flowchart. In the corn ethanol production process, the grain is converted into fuel ethanol & high-value co-products. On average, each ton of corn processed produces around 420 liters of ethanol, 300–330 kg of DDGS (Distillers Dried Grains with Solubles), and 18–22 liters of corn oil, enhancing overall biorefinery efficiency.​
Figure 1: Corn ethanol production process flowchart
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DDGS contain 28–32% protein, significantly higher than whole corn (about 8–10%), promoting better digestion, high digestibility (higher than ground corn), and a stable nutritional profile throughout the year. As a result, DDGS partially replace soybean meal and whole corn, reducing feed costs while improving weight gain, making them highly suitable for feedlot and semi-feedlot cattle systems.
Corn oil is a high-value co-product of corn ethanol production, widely used in animal nutrition and biodiesel manufacturing. Its high energy content and favorable fatty acid profile improve feed efficiency and weight gain, particularly in poultry and swine diets. Moreover, corn oil is a key biodiesel feedstock, enhancing biorefinery margins. As output expands, it can partially replace soybean oil in biofuels, diversifying supply.
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Today production & perspectives
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While sugarcane ethanol production has been stagnant for the past 10 years, current corn ethanol production in BR has already reached around 10 Bn liters (out of a total of 36 Bn liters produced in the country), a remarkable increase considering that 10 years ago there was virtually no domestic corn ethanol production.
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According to UNEM (National Union of Corn Ethanol), production is estimated to reach 10 Bn liters in the 2025/26 harvest, increasing to 16.5 Bn liters by 2033/34 (Figure 2). Meanwhile, RaboResearch, a Dutch-based consultancy, projects that this level (16.5 Bn liters) could be achieved five years earlier, in the 2028/29 harvest, and that Brazil could reach 20 Bn liters by the 2030/31 season.
Figure 2: Corn ethanol production in BR (UNEM)
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Over the past ten years, Brazilian corn production has increased by 40%. Of the current national corn output (about 140 Mt), about 15% is allocated to corn ethanol, highlighting the significant growth potential of this market. Brazil currently has 27 corn ethanol plants in operation, 16 under construction & 17 in the planning stage.​​​
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Investments
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In 2025, Brazilian agri-industries announced over BRL 60 Bn in investments for expansions and new projects, with the majority (BRL 41 Bn) allocated to corn-based ethanol production, underscoring that this segment has captured roughly 2/3 of the total investment surge in the biofuels sector [GO246, 2026].