Corn Starch Market Projected To Display A Robust Growth With a CAGR of 6.4% by 2027

Corn Starch Market by Type (Modified, Native, and Sweetener), Application (Food Ingredient, Pharmaceutical, and Others) and Form (Powdered and Liquid): Global Opportunity Analysis and Industry Forecast, 2021–2027".As per the report, the global corn starch industry was pegged at $13.67 billion in 2019, and is projected to reach $17.06 billion by 2027, growing at a CAGR of 6.4% from 2021 and 2027.

Expanding food & beverage industry, growing retail market, and multiple characteristics of starch drive the growth of the global corn starch market. However, availability of numerous substitutes and surge in consumer consciousness regarding negative effects of starch-rich diet hamper the market growth. On the contrary, increase in demand for clean label starch and resistant starch is expected to create lucrative opportunities for the market players in the future.

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Covid-19 scenario:
• During the pandemic, the demand for packaged food and sweeteners has been increased due to their longer shelf life.
• However, prolonged lockdown has affected the supply and distribution of packaged food & beverages.
• More than 80% of global corn starch production is concentrated in the U.S. and China. However, declining output growth of corn starch and pandemic has affected the production significantly.

The global corn starch market is segmented depending on type, application, form, and region. By type, the market is differentiated into modified, native, and sweetener. the applications covered in the market include food ingredient, pharmaceutical, and others. On the basis of form, the market is bifurcated into powder and liquid. Region wise, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Depending on type, the sweetener segment accounted for the highest share in 2019, due to surge in demand of corn starch as an alternative sweetener in the food & beverage industry. However, the modified segment is expected to witness the fastest growth rate through the forecast period.

On the basis of global corn starch market forecast by application, the food ingredient segment accounted for the largest share of the global corn starch market in 2019, and is expected to dominate the market throughout the forecast period. This is attributed to increase in adoption of corn starch as food ingredient in the food service sector. Moreover, rise in number of food outlets, quick service restaurants, and cafés has driven the market for corn starch. However, the others segment is expected to witness robust growth of 4.6% through the forecast period.

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On the basis of corn starch market analysis by form, the liquid segment accounted for the highest share in 2019, and is projected to witness a notable CAGR of 5.9% throughout the forecast period. The growth of the liquid segment is driven by rise in adoption of liquid corn starch in the textile industry coupled with increase in production of garments all over the world. Conversely, the powder segment is projected to be the most prominent segment throughout the forecast.

Region wise, Asia-Pacific was the largest market for corn starch in 2019, followed by North America and Europe. China and the U.S. accounted for a sizeable share in the market. The growth in Asia-Pacific is attributed to strong economic growth in this region, which has influenced the lifestyles and the consumption patterns of consumers. People in this region have started consuming more packaged food and beverages, which, in turn, has boosted the demand for products made from corn starch over the years.

Top key Players: Archer Daniels Midland Company, Associated British Foods Plc, AGRANA - Beteiligungs AG, Cargill, Inc., Ingredion Incorporated, Tate & Lyle PLC, Roquette Frères S.A, Hodgson Mill, ACH Food Companies, and Global Bio-Chem Technology Group Company Limited.

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