Expansion
and innovation are the two pivots on which companies in the corn
starch market are carefully balancing their growth strategies, finds
Transparency Market Research (TMR) in a new study. With the demand
for modified corn starch growing from industries such as
pharmaceutical and food and beverages, global companies are focusing
on expanding production capacity and acquiring regional entities.
Names such as Cargill Inc., Archer Daniels Midland Company, and Kent
Corporation, and Associated British Foods plc feature prominently on
the leaderboard of the corn starch industry.
“Corn
starch production is currently marked by trends such as the use of
sophisticated enzymes to make production more efficient and an
undeniably strong consumer inclination toward clean-label starches.
The pharmaceutical industry, a key consumer of corn starch, is now
more interested in modified starch than ever before,” says a TMR
analyst.
Paper,
Textiles, and Convenience Foods Create a Growth Path Studded with
Lucrative Opportunities
The
high output of maize, which is rich in starch, has augured well for
the global
corn starch market. The increasingly popular use of
genetically-modified corn have made high-yielding starch hybrids
accessible. At the same time, the growing consumption of convenience
foods and encouraging year-on-year growth in the paper industry are
forces that are coming together to enable strong growth in the global
corn starch market.
With
the sales of ready-to-mix foods expected to more than double between
2014 and 2020, the demand for corn starch in products such as instant
tea and coffee mixes and cake mixes is expected to rise considerably.
The Asia Pacific region is a leading consumer of paper and paper
products, thus providing ample opportunities for companies in the
corn starch business. TMR has also observed that the growing demand
for low-cost cane sugar substitutes is indirectly stoking the demand
for corn starch.
Economic
Attractiveness of Corn Starch Alternatives Poses a Threat to Sales
However,
the wider availability of corn starch alternatives, such as tapioca
and wheat, could stand as an obstacle in the growth of the global
corn starch market. The most attractive attribute of corn starch
substitutes is their lower prices. The growing use of Cassava,
particularly, could pose a major threat to corn starch sales.
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“The
time is now right for companies to consider formulating
corn-starch-based products for use as raw material for 3D printing
plastics and in bio-plastics,” adds the analyst. Focusing on these
opportunities could help companies soften the blow of the restraint
discussed above.
Corn
Starch Sales Find Sweet Spot in Sweeteners Segment
According
to the TMR report, the global corn starch market had reached a
valuation of US$21.1 bn in 2015. The market, terms of value, is
projected to expand at a CAGR of over 4.8% from 2016 to 2024.
The
global corn starch market is segmented on the basis of product type,
application, and region. By product type, the market is segmented
into sweeteners, native starch, and modified starch. While sweeteners
constitute over 50% share of the global corn starch market, the
fastest growth will be seen in the modified starch segment, says TMR.
This segment is projected to register a 5.4% CAGR through the
forecast period.
On
the basis of geography, the global corn starch market has been split
into North America, Latin America, Europe, Asia Pacific, and the
Middle East and Africa. The most dominant region among these is North
America in terms of both value and volume. The Asia Pacific corn
starch market is expected to expand at the highest CAGR of 6.4% over
the forecasting horizon.
By
application type, the market has been segmented into food and
beverages, pharmaceuticals and chemicals, animal feed, paper and
corrugated, textile, and others. TMR finds that in terms of market
share in 2015, the food and beverages segment dominated the corn
starch market by application. The segment is expected to remain in
the leading position through the report’s forecast period.
The
information presented in this review is based on a Transparency
Market Research (TMR) report, titled, ‘Corn Starch Market: Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2016–2024.’
The
global corn starch market has been segmented as follows:
Global
corn starch market on the basis of product type
- Food & Beverages
- Animal Feed
- Pharmaceuticals & Chemicals
- Textile
- Paper and Corrugated
- Others
Global
corn starch market on the basis of product type
- Native Starch
- Modified Starch
- Sweeteners
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