Product ID: SQMIG30H2107
Global Industrial Starch Market Size, Share, Growth Analysis, By Type(Modified Starch and Native Starch), By Application(Food and Beverage, papermaking), By Source(Corn and Potato) - Industry Forecast 2024-2031
Report ID:
SQMIG30H2107 |
Region:
Global |
Published Date: March, 2024
Pages:
198
|
Tables:
86 |
Figures:
76
Global Industrial Starch Market Insights
Global Industrial Starch Market size was valued at USD 54.39 Billion in 2022 and is poised to grow from USD 57.33 Billion in 2023 to USD 87.31 Billion by 2031, at a CAGR of 5.4% during the forecast period (2024-2031).
The global industrial starch market is experiencing significant growth due to the increasing demand for the product as a thickening, stabilizing, and gelling agent, binder, diluent, and excipient. One of the primary drivers of this demand is the expanding food and beverage industry, particularly in developing countries. As the consumption of frozen, packaged, and convenience food products rises, the need for industrial starch in their manufacturing process also increases. This trend is positively impacting the growth of the market. Industrial starch is derived from various sources such as corn, potato, and wheat.
The United States, being the largest corn producer and exporter globally, benefits from the abundant availability of raw materials and a well-established manufacturing sector, which contributes significantly to the growth of the market in the country. Emerging economies like India and China are witnessing a thriving food and beverage industry, leading to an increased number of buyers of industrial starch in these markets. Buyers' decisions are influenced by cost competitiveness and product quality, and the presence of numerous manufacturers worldwide has resulted in high buyer power, with low switching costs. To establish a strong market presence, market players are adopting various strategies such as mergers, expansions, and new product development. For example, Cargill, Incorporated recently introduced tapioca starch under their SimPure line, which offers label-friendly attributes, including a soft texture, strong water-binding properties, and cold-storage stability. While competition may arise from alternative products like alginates, guar gum, gum Arabic, and agar, used in various industries, the continuously innovating food and beverage sector presents ample opportunities for the penetration and growth of industrial starch in the market.
US Industrial Starch Market is poised to grow at sustainable CAGR for the next forecast year.
Global Industrial Starch Market Report Snapshots
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