Combination
of Conducive Factors to Push Sales of Corn Starch Steadily Upward
The
growing consumption of convenience foods and the healthy year-on-year
growth in the paper and textile industries are creating highly a
fertile ground for the growth in corn starch sales across the world,
but particularly in the Asia Pacific region, says Transparency Market
Research (TMR). Consumers of corn starch are seeking alternatives to
cane sugar that are cheaper yet seamlessly fit into various
applications. This has translating into high demand for corn starch.
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According
to TMR, the global corn starch market is estimated to be valued at
US$22.1 bn by the end of 2016 and is expected to increase at a CAGR
of 4.8% over the forecast period. The high output of maize, which has
high a starch content, is one of the prominent factors driving growth
of the global corn starch market. At the same time, the growing
number of substitutes such as tapioca are restraining the growth of
the global corn starch market to a certain degree.
Global
Corn Starch Sales Defined by Strong Demand for Sweeteners in Food and
Beverage Industry
The
report segments the global corn starch market on the basis of product
type into native starch, modified starch, and sweeteners. Of these,
the sweeteners segment currently dominates with a share of over 50%
in the global corn starch market. However, healthy growth is expected
to be seen in the modified starch segment, which is projected to
expand at the highest CAGR of 5.4% over the forecast period. The
spiraling use of high fructose corn syrup (HFCS) in a variety of
foods and beverages is a factor that will keep the demand for corn
starch based sweeteners high.
Basis
application, the global
corn starch market is segmented into food and beverages,
animal feed, pharmaceuticals and chemicals, textile, paper and
corrugated, and others. TMR finds that in 2015, the food and
beverages segment accounted for the highest share in the global corn
starch market by application and is anticipated to continue to remain
the leader during the forecast period.
North
America to Remain at Forefront of Global Corn Starch Market
On
the basis of geography, North America is the largest market for corn
starch, in terms of both value and volume. However, the corn starch
market in Asia Pacific is anticipated to expand at the highest CAGR
of 6.4% over the forecast period. Demand for corn starch is
increasing in Asia Pacific, especially in ASEAN, China, and India,
where prominent corn starch manufacturers have invested significantly
in the recent past. The market in MEA is expected to witness moderate
growth as compared to other regions, finds TMR.
Major
players in the corn starch market are focused on geographical and
production capacity expansion. Companies are increasingly focusing on
offering cost-effective solutions for applications in dairy products
and frozen food products, among others. Key players in the corn
starch market include Cargill, Incorporated, Archer Daniels Midland
Company, Kent Corporation – Grain Processing Corporation,
Associated British Foods plc, Global Bio-chem Technology Group
Company Limited, Tereos Syral S.A.S, Roquette Frères S.A., Tate &
Lyle PLC, Ingredion Incorporated, and AGRANA – Beteiligungs AG.
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