We consider periodic adiabatic processes of gapped many-body spinless electrons. We find an additional contribution to the orbital magnetization due to the adiabatic time evolution, dubbed \textit{geometric} orbital magnetization, which can be expressed as derivative of the many-body Berry phase with respect to an external magnetic field. For two-dimensional band insulators, we show that the geometric orbital magnetization generally consists of two pieces, the topological piece that is expressed as third Chern-Simons form in $(t,k_x,k_y)$ space, and the non-topological piece that depends on Bloch states and energies of both occupied and unoccupied bands.

Published version with few typos corrected. 15 pages, 5 figures