According to Market Research Future (MRFR), the global modified starch market is anticipated to expand at a CAGR of 4.22% while procuring a significant market value during the forecast period 2016-2022.
The modified starch market 2020 is anticipated to be majorly driven by the growing usage of the starch for the manufacture of animal feed. The surging demand for bakeries, beverages, and snacks is expected to increase the need for the product that can strengthen the modified starch industry in the assessment period. The extensive application of modified starch in food and beverage and textile industries are likely to develop the market significantly. In addition, the accelerating demand for gluten-free edibles owing to the growing health consciousness among the expanding populace is expected to strengthen the market in the evaluation period.
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On the other hand, the increasing usage of acacia gum as an alternative to modified starch is expected to hinder the market expansion in the coming period. However, the need for stabilizers in food processing, along with prior mentioned factors, can counter the hampering cause that can aid in boosting the market.
Renowned players of the Global Modified Starch Industry are Incorporated (U.S.), Grain Processing Corporation (U.S.), Cargill, Archer Daniels Midland Company (U.S.), and Tate & Lyle PLC (U.K.)
The segmental analysis of the global modified starches market is done by source, application, and form.
The source-based segments of the global modified starches market are potato, wheat, corn, cassava, and others.
The application-based segments of the global Modified Starches Industry are foods & beverages (processed food, beverages, confectionery, and others), non-food (pharmaceutical, corrugating & paper making, textiles, personal care, and others)
The form-based segments of the global modified starches market are liquid, powder, and gel.
Based on the region, the global market for modified starches is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
As per the analysis, the global market is anticipated to be dominated by North America owing to the adoption of latest technologies for modification of starches. Among all countries, the U.S. is likely to acquire the largest market share during the forecast period. Furthermore, the presence of eminent key players in the region can strengthen the regional market in the assessment period.
Europe is likely to expand at the fastest rate during the review period due to the growing demand for modified starch from various end-user industries like paper and textiles. Countries like the U.K. and Germany are projected to make significant contribution in strengthening the regional market.
The APAC region is expected to be the fastest-growing market during the forecast period owing to the increasing population and the growing demand for the product from the emerging countries like India and China. The rise in disposable income along with the growing demand for processed food is likely to further strengthen the market in the coming period. The expansion of industrial base is likely to fuel the regional market during the assessment period. Furthermore, the renowned players of APAC are likely to use various strategies to expand their reach, that can strengthen the regional market in the forecast period.
The MEA region is likely to acquire the smallest market share during the forecast period owing to the presence of poor economies, particularly, the African countries. However, the presence of untapped opportunities can produce significant market expansion opportunities in the forthcoming period. Also, Middle East countries like Kuwait and Saudi Arabia are expected to make salient participation to grow the market owing to their economic stability.
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