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(HomeGarden247.com, March 05, 2020 ) The report "Modified Starch Market by Raw Material (Corn, Cassava, Potato, and Wheat), Application [F&B (Bakery & Confectionery, Beverages, and Processed Foods), Animal Feed, and Industrial], Function, and Region-Global Forecast to 2023", The market for modified starch is projected to reach a value of USD 12.67 Billion by 2023, at a CAGR of 4.1% from 2018. The market is driven by the rise in demand for functional food & beverage products, increase in the use of modified starch in the food industry, and growth in awareness about the health benefits of modified starch. The rising popularity of maltodextrin is also driving the modified starches market. On the other hand, greater raw material costs and high R&D costs are the key factors hindering the growth of this market. This indicates that there is immense scope for the growth of the modified starch market globally.
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Increasing consumption of processed and convenience food to drive market growth
Convenience foods are a part of daily diets for consumers in most developed countries. Convenience foods require extensive processing and preparation, which is facilitated by the use of technological innovations in preservation, packaging, freezing, artificial flavorings & ingredients, and through the use of microwaves. Based on their annual consumption rates, it is evident that convenience foods are popular in the North American and European countries. Globalization and the resultant changing lifestyles have also led to an increase in the consumption of convenience food in other countries around the world, especially in the booming markets of Asia, subsequently leading to an increased demand for modified starch.
Limited sources and high cost of natural additives to restrain market growth
The production of cassava depends on the climatic conditions. Unfavorable climatic conditions hamper the overall production and ultimately impact the supply chain of cassava. The prices of cassava fluctuate according to the overall production. The prices are also affected due to fall in demand. For instance, according to the Cambodia Daily newspaper, in February 2016, Cassava export prices have fallen to new lows amid the decline in demand from international markets, particularly China.
The corn segment led the market with the largest share in 2017
On the basis of raw material, the modified starch market was led by the corn segment. Corn is a staple food, and it is preferred across the globe due to its importance in the diets of several countries; hence, the market for modified corn starch accounted for the largest share in 2017. One of the most important applications of cornstarch is its use as a thickening agent in soups and liquid-based foods such as sauces, gravies, and custards. Moreover, cornstarch is widely used across a lot of food applications that is further boosting the market growth of the segment.
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North America dominated the modified starch market in 2017
The North American market for modified starch is driven by the US market, especially by cornstarch. Being at the center of the bioethanol policy, which has siphoned much of the available corn for ethanol production, the US has influenced the global supply chain of corn for starch extraction and the resultant price trends. The market in Europe is expected to grow at a moderate rate in the near future, owing to the stringent regulations for modified starch and increasing demand for convenience food products. Developing countries such as China, India, Brazil, and Argentina are showing a significant increase in the demand for modified starch.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such as Archer Daniels Midland (US), Cargill (US), Ingredion Incorporated (US), Tate & Lyle (UK), Roquette Frčres (France), Avebe U. A. (Netherlands), Grain Processing Corporation (US), Emsland-Stärke GmbH (Germany), AGRANA Beteiligungs-AG (Austria), SMS Corporation Co. Ltd. (Thailand), Global Bio-Chem Technology Group Company Limited (Hong Kong), SPAC Starch Products Pvt. Ltd. (India), and Qingdao CBH Co., Ltd. Company (China).
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