The modified starch market is estimated at USD 10.35 Billion in 2018, and 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.
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The modified starch market caters to industries such as food & beverage, animal feed, and others such as medicines and pharmaceuticals, weaving and textiles, paper making and cosmetics. Modified starches are used in the food & beverage industry for various applications such as confectionery, beverages, and processed foods. The foods and beverages segment is projected to grow at the highest CAGR from 2017 to 2022. Modified starches have been developed to expand the usefulness of starches and their functional applications as fat replacers, texture improvers, nutritional claims, high shear, temperature stability, and for flavored oil applications in the food & beverages industry as this application is increasingly gaining importance. With the increasing per capita income, consumers demand an additional varied set of food products, and in turn influence the demand for modified starches.
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The modified starch market, by functionality, has been segmented into thickeners, stabilizers, binders, emulsifiers, and others. The emulsifiers segment is projected to grow at the highest CAGR from 2017 to 2022. The emulsifiers segment is expected to grow due to its varied functional properties in various applications. Modified starch is increasingly being used for emulsification in a diverse range of industrial products. Use of modified starch for emulsifying functionalities improves the shelf stability of products and thus aids in enhancing the product stability and shelf life. The food & beverages application dominates the consumption of modified starch for the emulsifying function, mainly for products containing flavored oils. Modified starch, as an emulsifier, is increasingly used as a substitute for gum arabic owing to its cost effectiveness, supply, and quality reliability.
The modified starch market, by raw material, has been segmented into corn, cassava, potato, wheat, and others. The cassava segment is projected to grow at the highest CAGR from 2017 to 2022. The cassava segment is expected to grow due to the shifting consumer preferences. Cassava also has a bland taste and is thus an ideal ingredient for food and feed applications. Cassava is a widely grown tuber in most African and Asian countries and it is also the most economic source of starch at a global level. Asia being the center for the production and consumption trends for the global modified starch market, cassava starch in Asia is estimated to be the key driver in the future, with a prime focus on convenience foods in China and India.
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