Newark, NJ, May 25, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global starch derivatives market is expected to grow from USD 51 billion in 2020 and reach USD 70.1 billion by 2028, growing at a CAGR of 4.5% during the forecast period 2021-2028.
Developing economies such as India and China have witnessed significant growth in the consumption of starch derivatives mainly due to the rapid industrialization and an increase in the spending capacity of the people due to the rise in the per capita income of the consumers. Starch derivatives have a vital role in the packaging application as the sustainable plastics derived from the starch derivatives can act as a replacement for synthetic plastics. This is most likely to drive the growth of starch derivatives demand in the market. The modified starch derivatives are gaining popularity in industrial applications mainly due to their biocompatible properties when compared to synthetic polymers.
Starch derivatives hold a vital position in the market from the industrial perspective as it has a wide range of applications as additives in various industries. Starch derivatives are an effective option for their biodegradability, safety, and technical properties such as thickening, gelling, and binding materials. It is also used in acid-picking thickeners, ceramic fibers and cement retardants. In some cases, the starch is modified to augment its stability against extreme temperatures and also for altering the texture of the food.
The factors driving the market are the growing awareness of the people about the health benefits of organic ingredients used in the food, heightened requirements for natural sweeteners in non-carbonated soft drinks and energy drinks are most likely to drive the demand for the starch derivatives market. The factors restraining the growth of the market are the heavy dependency on the availability of raw materials and the fluctuating prices of the raw materials required, and also the significant investments required for research and development. Promoting the use of natural ingredients and the rise in applications, especially in growing economies will open up a number of opportunities for the growth of the market.
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Some of the major players operating in the starch derivatives market are J.P. & S.B. International (Spain), Cargill (U.S.), Archer Daniels Midland Company (U.S.), Ingredion (U.S.), Tate & Lyle (U.K.), Roquette Frères (France), Grain Processing Corporation (U.S.), Molinos Juan Semino SA (Argentina), Global Sweeteners Holdings Ltd. (Hong Kong), AGRANA (Austria), ), Varun Industries (India), Gulshan Polyols (India), Fooding Company Limited (China), Foodchem International Corporation (China), Tereos (France), ShreeGluco Biotech Private Ltd., (India), Shubham Starch Chem Pvt. Ltd. (India), Matsutani Chemical Industry Co., Ltd. (Japan), Sanstar Bio-Polymers Ltd. (India)
Glucose syrup segment dominated the market and held the largest market share of 46% in 2020
Based on type, the global starch derivatives market is segmented into Hydrolysates, Modified Starch, Glucose Syrup, Cyclodextrin, Maltodextrin. The glucose syrup segment dominated the market and held the largest market share of 36% in 2020. This growth is mainly due to the rise in the consumption of desserts, ice creams, bakery products, sauce, processed meat etc. In addition to this, glucose syrup acts as a texture agent, volume adding agent and flavor enhancer in food & beverages.
Corn segment dominated the market and held the largest market share of 40% in 2020
Based on raw material, the global starch derivatives market is segmented into potato, cassava, corn, and wheat. The corn segment dominated the market and held the largest market share of 40% in 2020. This growth can be attributed to the consumer’s preference towards it due to the various nutritional benefits to be gained from corn when included in the diet. It is a staple food in a large number of countries.
Food & beverages segment dominated the market and held the largest market share of 52% in 2020
Based on application, the global starch derivatives market is segmented into industrial, food & beverages, feed. The food & beverages segment dominated the market and held the largest market share of 52% in 2020. This growth can be attributed to the rise in the preference of the consumers towards healthy food, and also the various product innovations in the food & beverages sector is likely to boost the demand for starch derivatives in this area of application.
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Regional Segment of Starch Derivatives Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global starch derivatives market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific dominated the market and held the largest market share of 36% in 2020. This growth is mainly due to the expansion of pharmaceuticals and food & beverages sectors in India, China, Thailand, South Korea, Indonesia, etc. The growing demand for convenience foods and the developments in the textile and paper industry will boost the growth of the market during the forecast period. North America is anticipated to witness growth in the market due to the developments in the food & beverage sectors and the industrial application such as packaging. Europe will also see a substantial increase in the market due to the increasing demand for personal care products and also the development of the textile industry.
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About the report:
The global starch derivatives market is analyzed based on value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insights. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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