A
considerable rise in sales has chalked a positive trajectory for the
global corn starch market in the last few years. According to
Transparency Market Research (TMR), the market has been gaining
impetus from favorable year-on-year growth in the paper and textile
industry. Besides this, a spurt in the consumption of convenience
food across emerging economies has also proved quite lucrative for
corn starch producers.
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Over
the years, the demand for corn start has been gradually rising. As
consumers across emerging regions look for potential and cheaper
alternatives to cane sugar, the future of corn starch producers seems
promising. Maize plantations have a high output and are rich in
starch content, which is one of the key factors fuelling demand for
corn starch as a cheaper alternative for cane sugar. In contrast, the
increasing availability of substitutes such as tapioca has been
restraining the market’s growth. Potential health hazards
associated with certain industrial uses of corn starch and the
subsequent implementation of stringent laws are also limiting the
scope for the market’s expansion
Nevertheless,
according to TMR, the global corn starch market is expected to reach
US$22.1 bn by the end of 2016. Between 2016 and 2024, the market is
expected to expand at a CAGR of 4.8%.
Q:
How is the market expected to gain from the diverse applications of
corn starch?
A:
In recent years, the use of genetically-modified corn has
significantly increased. This has, in turn, bolstered access to
high-yielding crop varieties. This, combined with the rising
consumption of convenience foods across emerging economies, will bode
well for the corn starch market. With the sales of ready-to-mix foods
projected to more than double in the near future, experts foresee
favorable growth opportunities for the market.
Furthermore,
the use of corn starch in products such as instant tea, coffee, and
cake mixes is expected to rise considerably. Asia Pacific, during
this time, is likely to emerge as the leading consumer of paper and
paper products.
Q:
Which geographical segments will exhibit lucrative opportunities for
corn starch producers?
A:
North America presently leads the global
corn starch market, in terms of both volume and value. However,
the market in Asia Pacific is expected to grow at a higher pace in
the forthcoming years, as the region witnesses a surge in demand from
the food and beverages, paper, and textile industries. Demand for
corn starch is likely to be exceptionally high in ASEAN, India, and
China. Lured by lucrative opportunities, several prominent companies
have invested in the region in the recent past. Besides this, MEA is
also expected to present attractive prospects for corn starch
producers.
Q:
What new applications are producers exploring to gain competitive
advantage?
A:
The market is presently witnessing rising demand for modified corn
starch from industries such as pharmaceuticals and food and
beverages. Besides this, its use in the production of eco-friendly
bags has increased as well.
The
corn starch market is thus also expected to gain impetus from the
rising research and development activities aimed at finding suitable
alternatives to plastic bags. A case in point is the invention of
compostable fabric, suitable for producing durable shopping bags, by
two Czech students Tereza Dvorakova and Cue Hana Nemcova. Made using
corn starch and natural dyes, these bags are called Frusack. They can
be reused and are completely compostable after use.
Following
suit, Dualit, a popular British manufacturer of tea and coffee
capsules, has introduced compostable capsules including a protective
bag, lid, and pod produced using corn starch. These 100% compostable
capsules can be broken down in 90 days by providing natural heat.
Increasing research leading to product innovation will create growth
opportunities for the market in the forthcoming years.
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