Expanding food & beverage industry, growing retail market, and multiple properties of starch drive the growth of the global corn starch market.
PORTLAND, Ore., Nov. 11, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Corn Starch Market by Type (Modified, Native, and Sweetener), Application (Food Ingredient, Pharmaceutical, and Others) and Form (Powdered and Liquid): Global Opportunity Analysis and Industry Forecast, 2021–2027".As per the report, the global corn starch industry was pegged at $13.67 billion in 2019, and is projected to reach $17.06 billion by 2027, growing at a CAGR of 6.4% from 2021 and 2027.
Drivers, restraints, and opportunities
Expanding food & beverage industry, growing retail market, and multiple characteristics of starch drive the growth of the global corn starch market. However, availability of numerous substitutes and surge in consumer consciousness regarding negative effects of starch-rich diet hamper the market growth. On the contrary, increase in demand for clean label starch and resistant starch is expected to create lucrative opportunities for the market players in the future.
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- During the pandemic, the demand for packaged food and sweeteners has beenincreased due to their longer shelf life.
- However, prolonged lockdown has affected the supply and distribution of packaged food & beverages.
- More than 80% of global corn starch production is concentrated in the U.S. and China. However, declining output growth of corn starch and pandemic has affected the production significantly.
The sweetener segment dominated the market
By type, the sweetener segment held the largest share in 2019, accounting for more than half of the global corn starch market, owing to surge in demand for corn starch as an alternative sweetener in the food & beverage industry.The modified segment is estimated to register the highest CAGR of 7.4% during the forecast period. The growth of this segment is attributed to rise in adoption of modified corn starch as emulsifiers in the food & beverage industry, disintegrant in the pharmaceutical industry, and binder in the paper industry.
The powder segment to manifest the highest CAGR through 2027
By form, the powder segment is anticipated to portray the highest CAGR of 6.9% during the forecast period, due toincrease in use of powdered corn starch in cosmetics and pharmaceutical products such as tablets and baby powder. However, the market liquid segment held the largest share in 2019, contributing to more than half of the global corn starch market, owing torise in adoption of liquid corn starch in the textile industry coupled with increase in production of garments all over the world.
Asia-Pacific, followed by North America, held the largest share
By region, the global corn starch market across Asia-Pacific held the lion's share in 2019, accounting for more than two-fifths of the market, owing to high economic growth in the Asia-Pacific countries that influenced the consumption of packaged food and beverages. The region is expected to register the highest CAGR of 7.5% during the forecast period. On the other hand, the market across North America is expected to register the CAGR of 5.0% during the forecast period.
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Major market players
- Associated British Foods Plc
- Archer Daniels Midland Company
- Cargill, Inc.
- AGRANA - Beteiligungs AG
- Tate & Lyle PLC
- Ingredion Incorporated
- Hodgson Mill
- Roquette Frères S.A
- Global Bio-Chem Technology Group Company Limited
- ACH Food Companies
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