The global modified starch market is anticipated to be worth US$12.1 billion in 2023 and grow to US$19.8 billion by 2033, with a CAGR of 5.0%. The demand for processed and convenient foods is rising along with the global population. An essential and useful element found in ready-to-eat food products is modified starch.
The modified starch market is predicted to rise gradually in the next years due to rising demand for processed foods. Modified starch increases food shelf life and adds functional qualities including texture, flavour, and thickness to processed meals.
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Demand from Food, Textile, Papermaking, and Cosmetic Industries is Booming
Because of its multiple benefits, modified starch is used in a wide range of industries, including food, textiles, paper manufacture, cosmetics, and personal care. Modified starch, a versatile component, is used in the cosmetic and personal care sectors.
The demand for natural cosmetics has grown over the past few years, and producers are creating new cosmetics employing natural elements such as modified starch. This results in the escalation of the modified starch market adoption trends.
Regional Outlook
Globally, the North American modified starch market prevailed steadily. Demand for low-fat meals is anticipated to increase in the region, particularly in the U.S., one of the world’s top producers of corn starch and corn. This is due to growing consumer knowledge of the health benefits of eating low-fat foods.
The Market is expanding due to new product developments like Octenyl Succinic Anhydride (OSA), a commonly used esterification agent, as well as the numerous applications of modified starch products.
A significant CAGR between 2022 and 2030 is anticipated in Asia Pacific. India, Taiwan, Japan, South Korea, and China are just a few of the nations in this region that are largely dependent on agriculture for economic expansion, which is causing market growth.
Growth in this region’s food sector is being fueled by favorable government agricultural policies as well as changes in consumer lifestyles.
Key Takeaways
It is expected that the Market in the United Kingdom will expand quickly over the forecast period, with a CAGR of 4.4%, to reach US$ 275 million in 2033.
The modified starch market in India is anticipated to grow at a CAGR of 8.4% during the anticipated time frame and may reach US$ 828.7 million in 2033.
Over the expected period, the product type category’s Acetylated Starch sector is predicted to grow at a CAGR of 4.1%.
From 2023 to 2033, the Maize/Corn section of the source category may show a CAGR of 4.3%.
It is predicted that the modified starch market in the United States would expand quickly during the projection period, with a CAGR of 4%, to reach US$ 5.6 billion in 2033.
The Chinese Market is predicted to expand over the course of the forecasted period at a robust CAGR of 6.9%, reaching US$ 2.8 billion in 2033.
The Japanese Market is anticipated to reach US$ 376.5 million in 2033 and expand at a CAGR of 4.5% over the estimated period.
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Competitive Landscape
The modified starch market has a fair amount of fragmentation. Market participants from around the world are concentrating on putting strategies into practice in order to grow their market share. Agrana Beteiligungs-AG, Cargill, Inc., Emsland-Starle GmbH, Archer Daniels Midland Company, Global Bio-Chem Technology Group Co. Ltd., and others are a few of the Market’s main participants.
In order to launch novel products that may meet the shifting preferences of consumers around the world, key market players engage in strategic partnerships, mergers and acquisitions, joint ventures, and research and development.
Cargill Inc. joined Starpro
A significant producer of food-grade tapioca starch in Thailand, Starpro and Cargill Inc. joined together in April 2021. The cooperation aims to increase the market for its tapioca starch products in the Asia Pacific region as well as to serve the product processing requirements of food makers while also satisfying consumer sensory expectations.
Key Segments
By Source:
- Maize/ Corn
- Wheat
- Potato
- Tapioca
- Rice
By Product Type:
- Acetylated Starch
- Physically Modified Starch
- Enzyme Modified Starch
- Anionic Starch
- Cationic Starch
- Dextrin
- Oxidized Starch
- Thinned Starch
- Pre-Gelatinized Starch
- Others
By Application:
- Food and Beverage
- Bakery Products
- Dairy Products
- Meat & Poultry
- Convenience Food
- Others
- Animal Feed
- Cosmetic and Personal Care
- Papermaking
- Textile
- Pharmaceuticals
- Others
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