PUBLISHER: SkyQuest | PRODUCT CODE: 1427238
PUBLISHER: SkyQuest | PRODUCT CODE: 1427238
Global Industrial Starch Market size was valued at USD 54.39 Billion in 2022 and is poised to grow from USD 57.32 Billion in 2023 to USD 87.31 Billion by 2031, at a CAGR of 5.40% during the forecast period (2024-2031).
The global industrial starch market is witnessing notable expansion propelled by escalating demand for its multifunctional utility as a thickener, stabilizer, and gelling agent, among others. A key driving force behind this surge is the burgeoning food and beverage sector, particularly in developing nations. As the consumption of convenience foods rises, so does the need for industrial starch in their production processes, thereby fuelling market growth. Industrial starch, sourced from diverse origins such as corn, potato, and wheat, caters to this demand. The United States, being a major corn producer and exporter, benefits from abundant raw materials and a well-established manufacturing sector, bolstering market growth domestically. In emerging economies like India and China, the flourishing food and beverage industry translates to an expanded consumer base for industrial starch. Buyer decisions hinge on factors like cost competitiveness and product quality, with the presence of numerous manufacturers worldwide leading to high buyer power and low switching costs. Market players are strategically manoeuvring through mergers, expansions, and product innovations to fortify their market presence. For instance, Cargill, Incorporated recently launched tapioca starch as part of their SimPure range, boasting label-friendly attributes such as a soft texture, robust water-binding properties, and stability under cold storage conditions. Although competition from alternative products exists, the dynamic nature of the food and beverage sector offers ample avenues for the market penetration and growth of industrial starch.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Industrial Starch Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.
Global Industrial Starch Market Segmental Analysis
Global Industrial Starch Market is segmented by type, application, and region. Based on type, the market can be segmented into modified starch, and native starch. Based on application, the market is segmented into food and beverage, papermaking, and textile. Based on source, the market is segmented into corn, and starch. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Drivers of the Global Industrial Starch Market
The increasing need for industrial starch stems mainly from the global expansion of the food and beverage sector. As consumption of frozen, packaged, and convenient food items escalates, so does the requirement for industrial starch, utilized for its various functions like thickening, stabilizing, and gelling. This trend is especially notable in developing nations, where the appetite for such food products is burgeoning. Industrial starch plays a pivotal role in the production process of these food items, further amplifying its demand and market expansion.
Restraints in the Global Industrial Starch Market
A notable challenge facing the industrial starch market is the competition posed by alternative products utilized across diverse industries. Examples of such substitutes include alginates, guar gum, gum Arabic, and agar, which offer comparable functionalities and could impede the market reach of industrial starch. Nevertheless, the dynamic and innovative nature of the food and beverage sector presents ample opportunities for industrial starch to establish itself and thrive, despite the presence of alternative ingredients.
Market Trends of the Global Industrial Starch Market
A significant trend observed in the worldwide industrial starch sector is the rising preference for clean label and natural ingredients among consumers. This growing awareness prompts a shift towards natural and clean label alternatives in food and beverage products. Consequently, there's an increasing demand for industrial starch sourced from sources like corn, potato, and wheat, seen as more natural and sustainable options. Manufacturers are adapting to this trend by providing clean label and natural industrial starch products to align with consumer preferences.