The report "Modified Starch Market by Raw Material (Corn, Cassava, Potato, and Wheat), Application [F&B (Bakery & Confectionery, Beverages, and Processed Foods), Animal Feed, and Industrial], Function, and Region-Global Forecast to 2023", The market for modified starch is projected to reach a value of USD 12.67 Billion by 2023, at a CAGR of 4.1% from 2018. The market is driven by the rise in demand for functional food & beverage products, increase in the use of modified starch in the food industry, and growth in awareness about the health benefits of modified starch. The rising popularity of maltodextrin is also driving the modified starches market. On the other hand, greater raw material costs and high R&D costs are the key factors hindering the growth of this market. This indicates that there is immense scope for the growth of the modified starch market globally.
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The corn segment led the market with the largest share in 2017
On the basis of raw material, the modified starch market was led by the corn segment. Corn is a staple food, and it is preferred across the globe due to its importance in the diets of several countries; hence, the market for modified corn starch accounted for the largest share in 2017. One of the most important applications of cornstarch is its use as a thickening agent in soups and liquid-based foods such as sauces, gravies, and custards. Moreover, cornstarch is widely used across a lot of food applications that is further boosting the market growth of the segment.
Modified starch as thickeners accounted for the largest share in 2017
Based on function, the thickeners segment accounted for the largest share in the modified starch market in 2017. In the food industry, thickeners are generally used to thicken gravies, puddings, sauces, and soups without altering the taste. The growing food industry and growth in the indulgence among people act as a few key reasons that is boosting the growth of the segment.
Food & beverages to be the fastest growing application of modified starch
Based on application, the food & beverages segment is expected to be the fastest-growing during the forecast period. This segment is rapidly growing, mainly due to the increasing demand for convenience food, in which modified starches are considered as food additives. In food applications, the modified starches are used for their functional applications, as fat replacers, texture improvers, nutritional products, high shear ability, and temperature stability. Food and beverage industry is expected to grow widely in the upcoming years and will drive the market for modified starch as well.
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North America dominated the modified starch market in 2017
The North American market for modified starch is driven by the US market, especially by cornstarch. Being at the center of the bioethanol policy, which has siphoned much of the available corn for ethanol production, the US has influenced the global supply chain of corn for starch extraction and the resultant price trends. The market in Europe is expected to grow at a moderate rate in the near future, owing to the stringent regulations for modified starch and increasing demand for convenience food products. Developing countries such as China, India, Brazil, and Argentina are showing a significant increase in the demand for modified starch.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such as Archer Daniels Midland (US), Cargill (US), Ingredion Incorporated (US), Tate & Lyle (UK), Roquette Frères (France), Avebe U. A. (Netherlands), Grain Processing Corporation (US), Emsland-Stärke GmbH (Germany), AGRANA Beteiligungs-AG (Austria), SMS Corporation Co. Ltd. (Thailand), Global Bio-Chem Technology Group Company Limited (Hong Kong), SPAC Starch Products Pvt. Ltd. (India), and Qingdao CBH Co., Ltd. Company (China).