Press release
Cassava Starch Market Poised to Hit US$12,476.8 Mn by 2033, PMR Study
The global cassava starch market has demonstrated significant growth over the past decade, driven by its increasing demand across diverse industrial sectors such as food & beverages, pharmaceuticals, and paper manufacturing. Cassava starch is valued for its unique properties, such as high viscosity, neutral taste, and gluten-free characteristics, making it a preferred choice in a variety of applications.
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Market Performance and Projections
The global cassava starch market expanded at a robust compound annual growth rate (CAGR) of 5.5% between 2018 and 2022, culminating in a valuation of US$ 7,515.3 million in 2023. Persistence Market Research projects that the sales of cassava starch will continue to rise, growing at a CAGR of 5.2% during the forecast period from 2023 to 2033. By the end of 2033, the market size is anticipated to reach a substantial US$ 12,476.8 million, reflecting steady global demand.
Key Growth Determinants
Expanding Food & Beverage Industry: The increasing consumer preference for gluten-free and plant-based products has significantly boosted the demand for cassava starch as a thickener and stabilizer.
Growing Applications in Pharmaceuticals: Cassava starch is widely used as a binder and disintegrant in tablet formulations, supporting its uptake in the pharmaceutical industry.
Industrial Applications: Its use in paper, textiles, and adhesives continues to expand due to its superior binding and film-forming properties.
Emerging Economies: Rising cassava production in emerging economies like Thailand, Indonesia, and Nigeria supports the supply chain and affordability of cassava starch.
Major Challenges
Climate Sensitivity: Cassava crops are sensitive to climatic variations, which can impact yield and, consequently, the market supply.
Competition from Substitutes: Corn, potato, and wheat starches present stiff competition due to their widespread availability and established industrial applications.
Price Volatility: Variations in cassava production lead to price fluctuations, impacting the stability of the market.
Regional Insights
Asia-Pacific: Dominates the cassava starch market, with Thailand being the largest exporter. The region benefits from large-scale cassava cultivation and a strong export-oriented industry.
North America: Rising demand for clean-label and gluten-free food products is driving the adoption of cassava starch in the U.S. and Canada.
Europe: The focus on natural and plant-based ingredients in food processing has increased cassava starch consumption in this region.
Africa: Home to significant cassava production, Africa has a growing domestic market for cassava starch, supported by local industrial applications and rising urbanization.
Key Market Players
The cassava starch market is characterized by the presence of numerous regional and global players focusing on product quality, innovation, and expansion strategies.
Some of the prominent companies include:
Cargill Incorporated
Ingredion Incorporated
Tate & Lyle PLC
Archer Daniels Midland Company
Avebe
SPAC Starch Products (India) Limited
Thai Wah Public Company Limited
Key Trends and Opportunities
R&D in Modified Starches: Investments in research and development to create modified cassava starch for specialized applications, such as biodegradable plastics, open new avenues.
Sustainability Trends: The focus on sustainable and eco-friendly production methods is encouraging manufacturers to adopt responsible sourcing and processing practices.
E-commerce Growth: The rise in online retail platforms is boosting the accessibility of cassava starch, especially in niche markets and among small-scale buyers.
Conclusion
The cassava starch market is poised for steady growth in the coming years, supported by its versatile applications and increasing global demand. While challenges such as climatic sensitivity and competition persist, advancements in technology and expanding industrial use cases present significant growth opportunities. Stakeholders in the market should focus on diversifying product offerings and exploring emerging economies to capitalize on the growing market potential.
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About Persistence Market Research:
At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.
Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.
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