Corn Starch Market is Expanding at a CAGR 4.80% during 2016 to 2024, it is likely to Increase to US$32 bn by 2024
With an increased focus on product innovation, the leading players in the global corn starch market, such as Cargill Inc., Kent Corp., Archer Daniels Midland Co., and Associated British Foods plc., are aggressively trying to enhance their visibility in this market, finds a study published by Transparency Market Research (TMR).
The presence of a large pool of participants has intensified the rivalry within the market. To sustain this competition in the long run, corn starch producers will need to shift their focus on increasing their production capacity, states this report.
According to TMR, the global market for corn starch presented an opportunity worth US$21.1 bn in 2015. Expanding at a CAGR of more than 4.80% during the period from 2016 to 2024, it is likely to increase to US$32 bn by 2024. Globally, sweeteners are the most preferred products that contain corn starch. The segment is expected to exhibit a CAGR of 5.40% over the forecast period.
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High Production of Corn to Ensure North America’s Dominance
Geographically, the global market for corn starch is spread across Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa. North America, supported by the high production of corn, has acquired the top position in this market. In 2015, the opportunity for corn starch reached US$7.3 bn in North America. Although the region will retain its dominance throughout the forecast period, it is Asia Pacific, where the demand for corn starch will expand at a higher rate over the forecast period. China and India are projected to lead the demand for corn starch in Asia Pacific, finds the research report.
Easy Availability of Corn Starch to Reflect Positively on Market’s Growth
“Starch extraction from maize yields better output compared to other crops, such as wheat, barley, tapioca, potato, and sweet potato,” states the author of this study. With a high production of maize, worldwide, corn starch boasts of easy availability in the global market, reflecting positively on the market’s growth.
The augmenting consumption of convenience foods and the considerable year-on-year growth in the paper industry are also fueling the demand for corn starch remarkably across the world. The sales of ready-to-mix foods, such as cake mixes, coffee mixes, and instant tea, is expected to double up over the next few years, leading to a significant surge in the demand for corn starch. Apart from this, the rise in the paper and paper product industry will also present a lucrative opportunity for corn starch producers in the coming years, observes TMR.
Availability of Low-cost Alternatives to Impact Negatively on Sale of Corn Starch
Though the global market for corn starch exhibits lucrative growth prospects, the availability of a varied range of low-cost alternatives, ranging from tapioca to wheat, may pose a threat to the growth of this market in the near future. However, the growing usage of corn starch-based products as raw materials for bio-plastics and 3D printing plastics is likely to help corn starch producers to overcome this challenge in the years to come, notes the research study.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Corn Starch Market (Product – Food & Beverages, Animal Feed, Pharmaceuticals & Chemicals, Textile, Paper and Corrugated; Product Base -Native Starch, Modified Starch, Sweeteners) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
The global corn starch market has been segmented as follows:
By Product Type
Food & Beverages
Pharmaceuticals & Chemicals
Paper and Corrugated