The global modified starch market will grow at a CAGR of 3.8% from 2017 to 2022 to reach USD $14,245 million by 2022, according to latest publication from Meticulous Research®. This is driven by favourable functional properties of modified starch in food industry, increasing demand for clean label products, growing convenience food sector, and abundant availability of maize. In addition, the increasing use of modified starch in energy drinks and non-carbonated soft drinks for low calories value expectation and growing use of modified starches as a fat replacer in many food applications are the other leading factors expected to propel the growth of the global modified starch market. However, the fluctuating raw material prices and increasing use of gum arabic is expected to hinder the growth of the market to some extent.
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The global modified starch market is segmented by raw material (corn, potato, cassava, wheat and others), function (thickener, binder, stabilizer, emulsifier and other), application (food and beverages, textile industry, paper industry, pharmaceuticals, animal nutrition and others), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
The corn is estimated to be the largest raw material in the modified starch market in 2016, due to its abundant availability and wide range of applications in the food & beverage industry. However, the Cassava is expected to grow faster, as it is the most economic source of starch on a global level.
North America holds the major share in the global modified starch market followed by Asia-Pacific and Europe region. However, Asia-Pacific region possesses lucrative growth potential for the modified starch market during the forecast period. This is mainly attributed to the extensive customer base in these regions due to large base of population and growing convenience food sector. Most of the modified starch market in this region will be driven by developing countries such as India and China due to the increasing purchasing power, rising production volume of food and beverages and textile industries. In addition, increasing demand for natural ingredients in food and abundant availability of raw materials showcases great potential for the modified starch market in these countries.
The leading companies have employed various strategies to expand their product offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global modified starch market were new product developments, agreements and collaborations, and expansions. Expansions were the most preferred growth strategy adopted by the key players, during the period of 2014-2017, enabling companies to strengthen their manufacturing and R&D capabilities, to fulfill growing regional demand, and ensure a competitive edge in the global modified starch market. The key players in the global modified starch market are Ingredion Incorporated, Cargill Incorporated, Achier Daniels Midland Company, AGRANA Beteiligungs-AG, Emsland-Stärke GmbH, Grain Processing Corporation, Roquette Frères S.A., Tate & Lyle PLC, AVEBE U.A., and Global Bio-chem Technology Group Company Limited.
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