Market Outlook
Starch is a carbohydrate that is abundantly used in the food and beverage industry, owing to its wide range of applications and functions. Starch is usually extracted from natural sources such as wheat, cassava, potato, rice, sago and corn. Non-GMO starch was first coined under the non-GMO project, where starch was prepared from non-genetically modified plants. Non-GMO starch is manufactured under strict regulated environment and protocols in order to prevent contamination and preserve the identity of the crop. Farmers are also required to use only non-GMO seeds for the crop production. These non-GMO crops are usually grown in countries where the growing of genetically modified organism is prohibited.
Reasons for Covering this Title
Growing demand for organic food, along with non-GMO ingredients in a food item is found in countries such as the U.S., U.K., France, Germany and Australia among others, due to which producers are involved in using non-GMO starch in their products, which leads to the growth of the non-GMO starch market. It has been observed that there is a surge in demand for non-GMO starch particularly in Europe and North America and in order to meet growing demand companies are launching new products in periodic basis, for instance in May 2017, Tate and Lyle plc. announced that it will launch 17 different types of non-GMO starches which include Rezista cook up starch and X-Pand’r instant starch among others. Moreover, a spokesperson for the ingredient supplier also claimed that non-GMO is amongst the fastest growing clean label claim across the globe, which clearly indicates that the market of non-GMO starch is expected to grow significantly over the forecast period.
Global Non-GMO starch Market: Key Players
Some of the key potential players operating in the global Non-GMO starch market are: Ingredion Inc., Cargill Inc., Tate and Lyle plc., Archer Daniels Midland Company, Grain Processing Corporation, Universal Starch Chem Allied Ltd., GreenTech Industries Ltd., Manildra Group, Roquette Frères, Emsland- Stärke GmbH, Sms Corporation Co. Ltd among others.
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Opportunities for Market Participants
The non-GMO starch available in the market are also very expensive, hence companies associated with non-GMO starch production need to find ways to offer the cost-effective solution to its customers. In today’s world, consumer buying behavior has continuously being influenced by the internet, buyers spend more time searching required products from various manufacturers before arriving at a decision. All companies have an online presence, but today, consumers are looking for an interactive web experience. Hence companies operating in this market needs to improve its web experience for the consumers and increase transparency of products accordingly. The role of retail and online support is no longer limited to the sale, and customer satisfaction after the sale is of paramount importance. Moreover, there is an increase in demand for non-GMO starch flour by the consumers of Europe, so new entrants could focus on offering such innovative products in order to enhance its foothold in the region as well as globally.
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