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Modified Starch Market Was Valued US$ XX Bn In 2019 And It Is Projected To Reach More Than US$ 14.6 Bn By 2028, Growing At A CAGR Of 4.2 % During The Forecast Period
The global modified starch is anticipated to grow rapidly during the forecast period. Factors driving the growth of the global market include continuous development in the pharmaceutical industry, high demand from several industry verticals, and huge R&D expenditure.
Wide Range of Application Likely to Fuel the Growth of Global Modified Starch Market
The major factor driving the growth of the global modified starch market is a high adoption rate from various end-use verticals. The modified starch has applications in several industries including pharmaceutical, food & beverages, paper & pulp, animal feed, and oil & drilling. The modified starch is majorly used in the food & beverage industry as thickening agents, stabilizers, and emulsifiers. These are used in the production of various food products including convenience products, bakery products, biscuits, and noodles. This is anticipated to put a positive impact on the growth of the global market.
Corn Segment Dominates the Global Modified Starch Market
On the basis of raw material, the corn segment is anticipated to dominate the global market by holding a larger market share. This is mainly due to its applications in several end-user industries. The modified corn starch is used as an emulsifier, stabilizer, and thickening agent. The starch has applications in different industries such as textiles, food & beverages, adhesives, paper, pharmaceutical, and confectionery. The adoption from various industries is owing to the superior features associated with the modified corn starch such as paste viscosity, high paste clarity, and freeze-thaw stability.
Thickeners Segment is Likely to Grow at a Significant CAGR
By function, the global market is dominated by thickeners segment. The segment is likely to grow at a compound annual growth rate of 6.2% during forecast period. Thickeners have major applications in the food & beverage industry for various applications including soups, thicken gravies, sauces, and puddings. Modified starch is widely used for emulsifying in several products containing flavored oil. Moreover, the emulsifier segment is likely to grow at a significant CAGR.
Cationic Starch Segment is Anticipated to be the Fastest-Growing Segment
Based on the product, the cationic starches segment is projected to show the fastest growth over the forecast period. The growth of the segment can be accredited to the unique properties associated with the product. Cationic starch offers emulsification of sizing agents and dry strength which enable the product to be used in multiple applications in the paper industry.
The cationic starch is also used in convenience food, bakery, and dairy products to improve shelf life and food texture. This is expected to fuel the growth of the segment in the future. Additionally, a positively outlook for the food & beverage industry will further drive the segment growth.
Food & Beverages Industry is Anticipated to be the Dominant Segment
In terms of application, the food & beverage segment dominates the global market by holding a noteworthy share in 2019. The dominance of the segment can be attributed to a wide range of applications of modified starch in the industry. The starch is used in desserts, enabling it to thicken by adding milk or cold water.
North America Dominates the Global Market, Holding Significant Market Share In 2019
In terms of region, North America is the leading region, accounting for a larger market share. This is mainly due to the rising prevalence for the consumption of low-fat products across the region. Additionally, the presence of prominent players in the region is supporting the growth of the region. The U.S. is the major contributor in the production of corn starch and corn. Moreover, the supporting government policies in the agriculture sector for the promotion of modified starch products are further driving the growth of the region.
Furthermore, Asia Pacific is projected to witness remarkable growth in the coming years. The growth of the region can be credited to the significant investment in the agriculture industry in developing Asia countries. As the GDP of major Asia developing country including India, Taiwan, China, and South Korea depends on agriculture growth at some extent. This is expected to create ample opportunities for the modified starch market in the region.
Strategic Merger and Acquisition Are the Strategies Adopted By the Players Present In This Market
The companies are focused on strengthening their foothold in the global market by launching new products and differentiate from other players.
For Instance, in July 2018, BENEO announced the launch of their new Remypure S52 clean label rice starch. The announcement was made at IFT 2018, held in Chicago. The new ingredient offers long shelf life even in harsh processing conditions.
In September 2018, Cargill unveiled three new potato starches developed for culinary, meat and meat alternative applications. The launch was intended to expand their product portfolio for the starch segment.
In June 2019, Ingredion Incorporated, one of the leading companies in ingredient solutions launched their new range of clean label texturizers. The range was branded as Novation Lumina functional native starches.
Some of the prominent companies operating in the global Modified Starch market include Agrana Beteiligungs-AG, Cargill, Inc, Archer Daniels Midland Company, Global Bio-Chem Technology Group Co. Ltd., Emsland-Starke GmbH, and Avebe U.A.
Global Modified Starch Market by Raw Material
Global Modified Starch Market by Product
- Starch esters & ethers
Global Modified Starch Market by Application
Global Modified Starch Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America