Starch and corn cob on the table
The Modified Starch Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Modified Starch Global Market Report 2024, The modified starch market size has grown strongly in recent years. It will grow from $12.12 billion in 2023 to $12.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to globalization and trade, regulatory changes and standards, industrialization and urbanization, gluten-free market demands, expansion in non-food sectors.
The modified starch market size is expected to see strong growth in the next few years. It will grow to $16.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to rising demand for convenience foods, growth in functional foods market, expanding use in pharmaceutical industry, sustainable packaging solutions, trends in gluten-free products. Major trends in the forecast period include clean label demands, functional food demand, health consciousness, expansion in food industry, gluten-free and allergen-free products.
The increasing investment in the modified starch industry is expected to propel the growth of the modified starch market. Large players are investing in the modified starch industry to meet the demand, due to the increasing consumption of modified starch in various applications including food and beverage, paper, pharmaceuticals, textile, and other applications. For instance, in June 2023, BENEO GmbH, a Germany-based functional ingredients company, invested $6.4 million (€6 million) in expanding drying capacity at its Wijgmaal factory, featuring a new drum dryer within a 1,000m2 facility. The expansion aimed to meet the growing demand for its specialty rice starch ingredients and secure the future growth of its pre-cooked rice starch portfolio. Therefore, the increasing investment in the modified starch industry is expected to propel the growth of the modified starch market.
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The modified starch market covered in this report is segmented –
1) By Type: Cationic Starch, Etherified Starch, Resistant Starch, Pre-Gelatinized
2) By Raw Material: Potato, Corn, Cassava, Wheat, Other Raw Materials
3) By Application: Food And Beverages, Animal Feed, Paper-Making, Weaving And Textiles, Pharmaceuticals, Other Applications
Major companies operating in the modified starch market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in April 2021, Cargill Incorporated, a US-based food company, announced a partnership with Starpro Starch (Thailand) Co. Ltd., a Thailand-based food grade modified starch company. The collaboration helps Cargill to enhance its specialty tapioca starch offerings in the Asia Pacific region. The collaboration aims to meet the evolving product processing needs of food manufacturers and align with consumer sensory preferences. The partnership enables Cargill to leverage its expertise in the modified starches industry and support innovations for growth, catering to the rising demand in convenience and foodservice categories. The agreement encompasses a range of locally manufactured modified tapioca starches for the food industry in Asia Pacific and globally, reinforcing Cargill’s commitment to being the preferred partner for customers in the region.
The modified starch market report table of contents includes:
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