- Diversification of raw materials, demand for convenience foods, and expansion of F&B industry drive the global food starch market
PORTLAND, Oregon, May 11, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Food Starch Market by Raw Material (Maize, Wheat, and Others) Type (Modified Starch, Native Starch, and Sweeteners), and End User (Business to Business and Business to Consumer): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global food starch market garnered $18.9 billion in 2018, and is estimated to reach $29.1 billion by 2026, growing at a CAGR of 5.8% from 2019 to 2026.
Drivers, restraints, and opportunities
Diversification of raw materials, demand for convenience foods, and expansion of F&B industry drive the global food starch market. However, availability of huge number of substitutes and surge in consumer awareness regarding side effects of starch rich diets hinder the market growth. On the other hand, expansion of resistant starch and growing popularity of clean label starch create new opportunities in coming years.
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The maize segment to continue its lead in terms of revenue throughout the forecast period.
Based on raw material, the maize segment accounted for the highest market share in 2018, contributing to more than two-thirds of the global food starch market, and is estimated to continue its lead in terms of revenue throughout the forecast period. This is attributed to extensive use in packaged food & food processing industry and economical benefits in comparison to other modifier agents. However, the wheat segment is expected to grow at the CAGR of 6.1% from 2019 to 2026.
The sweeteners segment to maintain its dominant position by 2026
Based on type, the sweeteners segment contributed to the largest market share in 2018, accounting for more than half of the global food starch market, and is expected to maintain its dominant position by 2026. This is due to ability to maintain color, add texture, improve flavor, and maintain stability in different foods and beverages products. However, the modified starch segment is estimated to witness the fastest CAGR of 6.9% during the forecast period, owing to improvement in gloss and appearance of food products and reduction in overall production cost.
Asia-Pacific to provide lucrative opportunities, North America to follow
Based on region, Asia-Pacific held the highest market share, accounting for nearly two-fifths of the total market share of the global food starch market in 2018, and is expected to maintain its lead position throughout the forecast period. Moreover, this region is expected to grow at a CAGR of 7.0% from 2019 to 2026. This is due to the expansion strategies adopted by various food & beverages companies in the region, cooperation from the regional governments, and rapid industrialization. North America held the second-highest share in terms of revenue with more than one-fourth of the total share in 2018, and will maintain its position by 2026.
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