The Industrial Starches Market is expected to surpass US$ 22.99 Billion by 2030, exhibiting a CAGR of 6.4% during the forecast period (2023-2030).
These products are used in various industries to meet the requirements of consumers. They are available in various forms, including powder, liquid, granular, and tablet. Besides, these products are also used in the food and beverage industry. In addition, they are used in the manufacturing of bakery goods, pasta, and sauces.
Market Statistics:
The global industrial starches market is estimated to account for US$ 14.02 Bn in terms of value by the end of 2023
Global Industrial Starches Market: Drivers
The expansion of the global food processing
The expansion of the global food processing sector is augmenting growth of the industrial starches market. Moreover, the growing demand for ready-to-eat or convenience food and beverage products, due to busy lifestyles and growing working population is also projected to shape market growth positively.
Global Industrial Starches Market: Opportunities
Growing popularity of starches that are gluten-free, GMO-free, and low in calorie is projected to offer significant growth opportunities over the forecast period. For instance, pea and tapioca starches are non-GMO ingredients, and they can be used across wide range of industrial applications, such as dairy, confectionery, bakery, soups, and sauces.
Global Industrial Starches Market: Restraints
The negative impact of COVID-19 on food processing industries had a decline in the production and supply of starch. This, in turn, has impacted market growth.
However, the Strategies to regain market condition can help.
Global Industrial Starches Market– Impact of Coronavirus (COVID-19) Pandemic:
The COVID-19 pandemic placed unprecedented stresses on food supply chains, with bottlenecks in farm labor, processing, transport, and logistics, as well as momentous shifts in demand. The effect on the agricultural sectors, including corn, potato, tapioca, and wheat, followed by its intermediate products, such as starches, is marginal, due to the support of the government that ensured that the supply chain function smoothly in the face of the crisis by stabilizing the food systems, thereby supporting both food security and nutrition. According to the World Bank, the import of legumes (including peas) and pulses from January 2019 to February 2020 declined by 6%, owing to supply chain disruptions followed by export restrictions. The export restrictions have a direct impact on the prices of the agricultural commodities, comprising all the raw materials, which is expected to automatically have a negative price effect on its processed ingredients, including industrial starches.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/industrial-starches-market-5202
Key Takeaways:
The global industrial starches market was valued at US$ 14.02 Bn in 2022 and is forecast to reach a value of US$ 22.99 Bn by 2030 at a CAGR of 6.4% between 2023and 2030.
The starch serivatives and sweeteners segment held a dominant position in the global industrial starches market in 2022, accounting for 73.00% share in terms of value. Increasing approval and the launch of new products are expected to propel growth of the segment during the forecast period.
Global Industrial Starches Market Trends:
There has been the development of clean-label alternatives to the modified starches as consumers across the world have grown more health-conscious. Shifting focus toward more authentic and real ingredients, minimally processed food products, no synthetic additives, and antibiotic-free food products are creating demand for clean label starches globally.
Key players are adopting mergers and acquisitions for business expansion, which is expected to be a major trend in the market. For instance, in March 2021, Cargill, Incorporated introduced label-friendly tapioca under the SimPure line. SimPure products were earlier made only using waxy corn- and potato-based starches. Tapioca starch provides a soft texture, strong water-binding properties, and cold-storage stability.
Global Industrial Starches Market: Competitive Landscape
Cargill Incorporated, Archer Daniels Midland Company, Ingredion Inc., Tate & Lyle PLC, Agrana Beteiligungs AG, Kent Nutrition Group Inc. (Grain Processing Corp.), Roquette Frères, Tereos Group, Coöperatie Koninklijke Cosun U.A, Altia PLC, Angel Starch and Food Pvt. Ltd, Manildra Group, and Japan Corn Starch Co. Ltd
Global Industrial Starches Market: Recent Developments
- In October 2021, Tate & Lyle announced an expanded distribution partnership with Azelis in Europe into three new countries: Greece, Bulgaria, and the Republic of North Macedonia, starting in early 2022. Thus, overall, Azelis will be the distributor of Tate & Lyle’s broad portfolio of ingredients and solutions, including its PROMITOR® Soluble Fibers, CLARIA® Clean Label Starches, and Stevia sweeteners, to customers in a total of 17 countries.
- In February 2021, Tate & Lyle acquired Tapioca business in Thailand, with an 85% shareholding in Chaodee Modified Starch Co. Ltd.
- In January 2020, AGRANA acquired a US-based organic and non-GMO ingredient distribution company, Marroquin Organic International, to expand its distribution activities in the starch segment. With this, AGRANA expanded its distribution activities in the Starch segment.
