The global market for corn starch is predicted to experience exponential development in the coming years owing to the rising utilization in detergent, paper and board, processed food, and food and beverage industries. It is also advantageous for human beings in the treatment of glycogen storage diseases. Furthermore, the increasing substitution of petroleum by ethanol is also poised to be a key factor propelling the growth of the global corn starch market as corn starch is a prime raw material utilized for the production of ethanol. A number of consumers of corn starch are demanding more substitutes in place of cane sugar that are though economical, still appropriately useful in a number of applications. This will also raise the demand for corn starch.
Sweeteners Hold a Share of Over 50% in Market
In terms of product type, the global corn starch market is segmented into sweeteners, native starch, and modified starch. Amongst these, the segment of sweeteners holds a significant share of more than 50% in the market. The skyrocketing utilization of high fructose corn syrup (HFCS) in numerous food and beverages is a prime factor boosting the employment of corn starch-based sweeteners. On the other hand, the segment of modified starch is also predicted to witness healthy development and is poised to rise at a 5.40% CAGR between 2016 and 2024.
Increasing Utilization of Corn Starch in Food and Beverages to Fuel Growth of Market
Corn starch is utilized in a number of applications such as paper and corrugated, textiles, pharmaceuticals and chemicals, animal feed, food and beverages. Of these, the segment of food and beverages held a dominant share in the market for corn starch in 2015 and is expected to maintain its superiority all through 2024.
Asia Pacific Corn Starch Market Poised to Expand at 6.40% CAGR 2016-2024
Geographically, the global corn starch market is segmented into Europe, Latin America, North America, the Middle East and Africa, and Asia Pacific (APAC). Amongst these, the North America corn starch market holds lucrative opportunities currently on the basis of both volume and value. On the other hand, the Asia Pacific corn starch market is poised to rise at the greatest 6.40% CAGR from 2016 to 2024.
Archer Daniels Midland Company, Cargill, Incorporated, Kent Corporation – Grain Processing Corporation, Global Bio-chem Technology Group Company Limited, Associated British Foods plc, Tereos Syral S.A.S, Tate & Lyle PLC, Roquette Frères S.A., AGRANA – Beteiligungs AG, and Ingredion Incorporated, among others, are the key players dominant in the global corn starch market.