Global Modified Starch Market Thriving: Estimated to Clock a Modest CAGR of 2.2 % during the forecast period (2021-2027)
Published | 30 June 2021
A study, recently conducted by the strategic
consulting and market research firm, BlueWeave
Consulting, revealed that the global
modified starch market was
worth USD 13.0
Billion in the year 2020. It is
estimated to grow at the CAGR of 2.2 %, earning revenue of around USD 15.2 Billion by the end of 2027. The growing global demand for processed and
convenience foods has increased the demand for modified starch. Because of its
increasing inclusion into a wide range of foods, the modified starch business
is enjoying significant growth. Modified
starch has a diverse application portfolio and it is also very
cost-effective, which results in the growth of the modified starch market
worldwide. Furthermore, the rising demand for thickeners in the food
business is also fuelling the growth of the market. Also, since modified
starches are used for emulsifying industrial products, the growing need for
emulsifying agents is also powering the steady growth of the modified starch
market worldwide.
The rising popularity of convenience and ready-to-eat
food amongst working professionals and college students driving market growth
Globalization has brought about an immense surge in
the number of working-class professionals globally. These working people have a
hectic schedule and lead a busy life. As a result, in order to meet their
lifestyle requirements, these folks prefer ready-to-eat or convenience meals. As
a result, there has been a massive growth in the market for processed and
convenience foods. Because modified starch is an essential component in such
meals, there has also been strong growth in the market for modified starch. Modified
starch is used in many convenience food products, such as ready-mixes, bakery goods,
etc. Thus, it can be inferred that increasing demand for convenience food has
led to a surge in the demand for modified starch, which is expected to boost
the global modified starch market during the forecast period.
The increasing number of fast-food restaurant chains to
propelling demand for modified starch
Fast food restaurant chains account for a considerably
large share in the food services sector. Over the years, the popularity and
demand for these fast-food restaurants have soared, particularly among
teenagers and young people. This is due to their extensive advertising and low
prices, as well as the growing customer appetite for convenience foods. These
fast-food restaurants use modified starch extensively in the preparation of
gravies, fries, puddings, ice-creams, etc. This is done to intensify the
texture, flavor, and taste of food. As a result, with the opening of such
fast-food chains around the world, there has been an increase in demand for
modified starches.
Cosmetic and Pharmaceutical industry to fuel the
growth of the modified starch market
Modified starch is in high demand in the cosmetic and
pharmaceutical industries around the world. The cosmetic industry has seen
enormous advancements as a result of the latest beauty trends. Modified starch
has proved to be an essential ingredient in the preparation of various innovative
cosmetic products. Furthermore, consumers currently seek products that last
longer, are easier to apply, and are more pleasant to use. Thus, to meet
such consumer expectations, modified starch in various forms is being put
into cosmetics, thereby increasing its demand. Modified starch also has several
advantages, including the fact that it does not bleach the skin, does not
agglomerate, and is simple to remove. As a result of these benefits, it is
being readily adopted by beauty businesses, thereby contributing
to its ever-growing demand.
Modified Starch is also used in the pharmaceutical
industry as an emulsifying agent for various pharmaceutical preparations. It
also serves the purpose of a binding agent in tablet manufacturing units, since
it does not react chemically with any API and does not alter the
pharmacological property of the drug. Modified starch is particularly popular
in the pharmaceutical industry as a result of these factors, which also helps
to drive its market growth.
Global Modified Starch is Known for its Versatility
The versatility of modified starch is one of the key
reasons for its rising popularity. It can be used for a variety of purposes. It
is widely used in the food and beverage sector as a thickening agent to
prepare sauces, gravies, soups, and other applications due to its ability
to retain water and bulk up. What's more, it is also utilized as a fat
substitute. Hence, it is found in a variety of fat-free food items,
thereby broadening its application. Because the texture of food is one of
the most essential factors for customer satisfaction, starch is employed as a
gelling agent to lend texture to the food item. Additionally, in
sauces, gravies, puddings, and ice creams, oxidized modified starches are used
as a secondary gelatinizing agent.
The use of starch as an emulsifier is also becoming
more popular in the food and pharmaceutical industries. As the use of palm oil
in various food preparations has increased, so has the use of emulsifying
agents, resulting in the growth of the market.
North America Leads the Global Modified Starch Market
Based on region, North America holds the largest
share in the global modified starch market, owing to a rise in low-fat
food consumption and the presence of numerous fast-food restaurant chains.
The need for fast and
convenient food has resulted in a massive growth of the modified
starch market in the United States and Canada.
Also, due to the increasing popularity of fast-food
chains, Asia-Pacific is catching up as the fastest-growing segment. Additionally,
because India has one of the world's largest textile industries, the textile
sector in the Asia Pacific is also contributing to the growth of the modified
starch market.
Impact of Covid-19
The ongoing COVID-19 crisis
has had a negative impact on the modified starch market. Because modified
starch is generated from crops, the government-induced nationwide lockdown has
affected crop production severely, especially in the largest raw material producing
countries like India, China, Russia, the U.S., etc. Moreover, due to a lack of
manpower, the outbreak of the pandemic has disrupted crop production. Reduced
raw material output and limited international trade have significantly impacted
the supply chain for modified starch companies. These factors are likely to short-term
impact on the growth of the global modified starch market.
Competitive landscape
Because of the rapid growth of the food and textile
industries, the modified starch business is extremely lucrative for the market
players. As a result, it has attracted a large number of competitors. Some
major players in the market are Cargill Incorporated, Avebe U.A, Grain
Processing Corporation, Emsland- Stärke GmbH, Sms Corporation Co. Ltd, Global
Bio-Chem Technology Group Company Limited, SPAC STARCH PRODUCTS (INDIA) LTD.,
China Essence Group Ltd, Siam Modified Starch Co. Ltd., Roquette Frères, Ulrick
& Short Ltd., Samyang Genex Corp, Beneo-Remy N.V., Qingdao Cbh Co., Ltd.,
Tate & Lyle, and other prominent players.
The in-depth analysis of the report provides
information about growth potential, upcoming trends, and statistics of the
global modified starch market.
It also highlights the factors driving forecasts of total market size. The
report promises to provide recent technology trends in the global modified
starch market, along with industry insights to help decision-makers make sound
strategic decisions. Furthermore, the report also analyzes the growth drivers,
challenges, and competitive dynamics of the market.
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