The growing consumption of convenience foods and the healthy year-on-year growth in the paper and textile industries are creating highly a fertile ground for the growth in corn starch sales across the world, but particularly in the Asia Pacific region, says Transparency Market Research (TMR). Consumers of corn starch are seeking alternatives to cane sugar that are cheaper yet seamlessly fit into various applications. This has translating into high demand for corn starch.
According to TMR, the global corn starch market is estimated to be valued at US$22.1 bn by the end of 2016 and is expected to increase at a CAGR of 4.8% over the forecast period. The high output of maize, which has high a starch content, is one of the prominent factors driving growth of the global corn starch market. At the same time, the growing number of substitutes such as tapioca are restraining the growth of the global corn starch market to a certain degree.
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North America to Remain at Forefront of Global Corn Starch Market
On the basis of geography, North America is the largest market for corn starch, in terms of both value and volume. However, the corn starch market in Asia Pacific is anticipated to expand at the highest CAGR of 6.4% over the forecast period. Demand for corn starch is increasing in Asia Pacific, especially in ASEAN, China, and India, where prominent corn starch manufacturers have invested significantly in the recent past. The market in MEA is expected to witness moderate growth as compared to other regions, finds TMR.
The report segments the global corn starch market on the basis of product type into native starch, modified starch, and sweeteners. Of these, the sweeteners segment currently dominates with a share of over 50% in the global corn starch market. However, healthy growth is expected to be seen in the modified starch segment, which is projected to expand at the highest CAGR of 5.4% over the forecast period. The spiraling use of high fructose corn syrup (HFCS) in a variety of foods and beverages is a factor that will keep the demand for corn starch based sweeteners high.
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Basis application, the global corn starch market is segmented into food and beverages, animal feed, pharmaceuticals and chemicals, textile, paper and corrugated, and others. TMR finds that in 2015, the food and beverages segment accounted for the highest share in the global corn starch market by application and is anticipated to continue to remain the leader during the forecast period.