The Ethanol Co-Products ecosystem comprises a tightly linked series of upstream, midstream, and downstream activities that transform corn or other feedstocks into ethanol and its associated by‑products such as dried distillers grains, corn oil, and carbon dioxide. Upstream participants supply agricultural feedstock, logistics, and processing equipment; midstream actors operate fermentation, separation, and co‑product recovery facilities; downstream entities market, distribute, and consume the co‑products across animal feed, food, and industrial applications. Value is generated through conversion efficiency, co‑product yield optimization, and channel integration, while capture is realized by each participant’s margin on their specific function.