Published on : Aug 22, 2016
The rising application of corn starch beyond cooking and food and beverages industry is the key factor fuelling demand from the global corn starch market. A spur in demand for corn starch is projected in Asia Pacific, as the region demonstrates increasing consumption of convenience food. Presently the market is dominated by North America and Europe. However, due to the rising demand from ASEAN, India, and China, Asia Pacific is expected to report growth at a higher pace than other regional segments.
According to Transparency Market Research, the global corn starch market is expected to reach US$22.1 bn by the end of 2021. The market is expected to report a CAGR of 4.8% between 2016 and 2024.
Easy Availability of Alternatives for Commercial Use to Dampen Market’s Growth
Despite witnessing positive growth, the rising availability of alternatives for industrial, commercial, and domestic use has been inhibiting the market’s trajectory to an extent. For instance, the rising commercial applications of tapioca and wheat as corn starch alternatively will adversely impact the latter’s sales. The rising use of cassava could create a major bottleneck for the corn starch producers.
Nevertheless, the use of corn starch as a raw material in 3D printing is increasing at a robust pace. Companies operating in the global corn starch market could capitalize on such novel opportunities to ensure sustainable growth in the forthcoming years.
Rising Demand from Food and Beverages Industry to Boost Global Corn Starch Market
In terms of products the global corn starch market constitutes modified starch, native starch, and sweeteners. Of these, demand from the sweetener segment has been leading the market. The increasing use of fructose corn syrup across a range of food and beverages is expected to keep the demand from the sweeteners segment high in the near future. However, the modified starch segment is expected to grow at a higher pace in the forthcoming years.
Based on application, the market is expected to witness lucrative prospects in food and beverages, chemicals, pharmaceuticals, paper, and textiles industries. Of these, the food and beverages segment dominated the market in 2015.