The global modified starch market is expected to reach USD 15.36 billion by 2024, according to a new report by Grand View Research, Inc. Growing demand for modified starch as a stabilizer, thickening agent, binder, and emulsifier in food & beverage, paper, and textile applications will augment growth. Competitive pricing owing to a large number of suppliers is expected to be a key feature of the industry over the next seven years.
Growing awareness among consumers regarding general well-being has resulted in a shift towards high nutritional value diet. Moreover, increasing demand for natural sweeteners in beverages, particularly in non-carbonated soft drinks and energy drinks, due to their low calorific value is likely to drive growth in the near future.
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Further key findings from the report suggest:
· Resistant starch products accounted for 25.5% of the global volume share in 2015. Increasing focus on health benefits coupled with the advantage of enhancing taste, appearance and texture by using resistance starches is expected to be a critical factor for influencing need from the food sector.
· Europe modified starch market is expected to grow at a CAGR of 5.6% from 2016 to 2024, in terms of volume. The food & beverage industry in Germany is projected to grow significantly on account of changing consumer eating habits coupled with high-quality food production. This factor will have a positive impact on the modified starch industry in the region.
· Asia Pacific is expected to witness significant growth at a CAGR of 7.2% from 2016 to 2024 in terms of volume. Increasing production volumes of paper, textile, and pharmaceutical, particularly, in India and China is expected to be a vital factor driving expansion in the region. The Asia Pacific industry is estimated to generate revenues exceeding USD 4.75 billion by 2024.
· Modified starch demand in textiles was 1,345.4 kilo tons in 2014. The intervention of government policies including FDI is expected to drive the Indian textile industry with the country being one of the leading textile raw material producers in Asia Pacific. The Brazilian textile industry is being majorly driven by the local consumer base with 85% of the total production getting sold in the domestic market. The government imposing high taxes on exports across the continent is driving the demand for modified starch in the region.
· Key industry players including Emsland-Stärke GmbH, Grain Processing Corporation, Global Bio-Chem Technology Group, Ingredion Incorporated, Cargill, Inc., Agrana Beteiligungs-Ag, and Avebe U.A have a broad range of supplier and distribution network globally. Archer Daniels Midland Company, Roquette Frères, China Essence Group Ltd, and Tate & Lyle PLC, are investing heavily in research and development for the product. In August 2015, Archer Daniels Midland Company established distribution & merchandising offices in El Salvador and Guatemala, to expand its footprint in Central America.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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