The
presence of a large pool of participants has intensified the rivalry
within the market. To sustain this competition in the long run, corn
starch producers will need to shift their focus on increasing their
production capacity, states this report.
According
to TMR, the global market for corn starch presented an opportunity
worth US$21.1 bn in 2015. Expanding at a CAGR of more than 4.80%
during the period from 2016 to 2024, it is likely to increase to
US$32 bn by 2024. Globally, sweeteners are the most preferred
products that contain corn starch. The segment is expected to exhibit
a CAGR of 5.40% over the forecast period.
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High
Production of Corn to Ensure North America’s Dominance
Geographically,
the global market for corn starch is spread across Asia Pacific,
Latin America, North America, Europe, and the Middle East and Africa.
North America, supported by the high production of corn, has acquired
the top position in this market. In 2015, the opportunity for corn
starch reached US$7.3 bn in North America. Although the region will
retain its dominance throughout the forecast period, it is Asia
Pacific, where the demand for corn starch will expand at a higher
rate over the forecast period. China and India are projected to lead
the demand for corn starch in Asia Pacific, finds the research
report.
Easy
Availability of Corn Starch to Reflect Positively on Market’s
Growth
“Starch
extraction from maize yields better output compared to other crops,
such as wheat, barley, tapioca, potato, and sweet potato,” states
the author of this study. With a high production of maize, worldwide,
corn starch boasts of easy availability in the global market,
reflecting positively on the market’s growth.
The
augmenting consumption of convenience foods and the considerable
year-on-year growth in the paper industry are also fueling the demand
for corn starch remarkably across the world. The sales of
ready-to-mix foods, such as cake mixes, coffee mixes, and instant
tea, is expected to double up over the next few years, leading to a
significant surge in the demand for corn starch. Apart from this, the
rise in the paper and paper product industry will also present a
lucrative opportunity for corn starch producers in the coming years,
observes TMR.
Availability
of Low-cost Alternatives to Impact Negatively on Sale of Corn Starch
Though
the global market for corn starch exhibits lucrative growth
prospects, the availability of a varied range of low-cost
alternatives, ranging from tapioca to wheat, may pose a threat to the
growth of this market in the near future. However, the growing usage
of corn starch-based products as raw materials for bio-plastics and
3D printing plastics is likely to help corn starch producers to
overcome this challenge in the years to come, notes the research
study.
The
study presented here is based on a report by Transparency Market
Research (TMR) titled “Corn
Starch Market (Product - Food & Beverages, Animal Feed,
Pharmaceuticals & Chemicals, Textile, Paper and Corrugated;
Product Base -Native Starch, Modified Starch, Sweeteners) - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 -
2024.”
The
global corn starch market has been segmented as follows:
By
Product Type
- Native Starch
- Modified Starch
- Sweeteners
By
Application
- Food & Beverages
- Animal Feed
- Pharmaceuticals & Chemicals
- Textile
- Paper and Corrugated
- Others
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