According to a new report published by Allied Market Research, titled, “Corn Starch Market by Type, Application, and Form: Opportunity Analysis and Industry Forecast, 2021–2027,” the global corn starch market size was valued at $13,671.6 million in 2019, and is projected to reach $17,066.2 million by 2027, registering a CAGR of 6.4% from 2021 to 2027. The sweetener segment was the highest contributor to the market in 2019, and is estimated to grow at a CAGR of 5.6% during the forecast period. Asia-Pacific was the highest revenue contributor, accounting for almost half of the global market share 2019, and is estimated to grow at a CAGR of 7.5% through the forecast period.
Corn starch is an edible item derived from corn by wet milling, steeping, grinding, purifying, and drying. Maize starch is white, odorless, and tasteless powder used extensively in the bakery and confectionary products. The growth of the corn starch market can be attributed to increase in affinity of people toward food made using corn starch such as fast food, baked, and a number of packaged food. Moreover, expansion of retail market and easy availability of the product through various sales channels make it convenient for consumers to purchase products, which have corn starch as an ingredient. This helps drive the sales figures and makes way for the market growth. However, availability of a number of substitute such as pea starch and rice starch and rise in concern among consumers about the negative effects of starch-rich diet act as the major restraints of the global corn starch market. On the contrary, increase in popularity for resistant corn starch and clean label products is expect to open avenue for global corn starch market growth.
The global corn starch market is segmented depending on type, application, form, and region. By type, the market is differentiated into modified, native, and sweetener. the applications covered in the market include food ingredient, pharmaceutical, and others. On the basis of form, the market is bifurcated into powder and liquid. Region wise, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Depending on type, the sweetener segment accounted for the highest share in 2019, due to surge in demand of corn starch as an alternative sweetener in the food & beverage industry. However, the modified segment is expected to witness the fastest growth rate through the forecast period.
On the basis of global corn starch market forecast by application, the food ingredient segment accounted for the largest share of the global corn starch market in 2019, and is expected to dominate the market throughout the forecast period. This is attributed to increase in adoption of corn starch as food ingredient in the food service sector. Moreover, rise in number of food outlets, quick service restaurants, and cafés has driven the market for corn starch. However, the others segment is expected to witness robust growth of 4.6% through the forecast period.
On the basis of corn starch market analysis by form, the liquid segment accounted for the highest share in 2019, and is projected to witness a notable CAGR of 5.9% throughout the forecast period. The growth of the liquid segment is driven by rise in adoption of liquid corn starch in the textile industry coupled with increase in production of garments all over the world. Conversely, the powder segment is projected to be the most prominent segment throughout the forecast.
Region wise, Asia-Pacific was the largest market for corn starch in 2019, followed by North America and Europe. China and the U.S. accounted for a sizeable share in the market. The growth in Asia-Pacific is attributed to strong economic growth in this region, which has influenced the lifestyles and the consumption patterns of consumers. People in this region have started consuming more packaged food and beverages, which, in turn, has boosted the demand for products made from corn starch over the years.
Key findings of the study
- On the basis of type, the modified segment is projected to witness the highest CAGR of 7.4% in terms of revenue during the forecast period.
- By application, the food ingredient segment is expected to dominate the market through 2021–2027.
- Depending on form, liquid segment occupied the largest share in 2019, and is expected to grow at the significant CAGR during the forecast period.
- China was the largest country in terms of demand and production of corn starch in 2019.
- Asia-Pacific is anticipated to dominate the market, registering a CAGR of 7.5% from 2021 to 2027.
Key players in the global corn starch industry have relied on product launch as their key strategic move to stay competitive in the global market and maintain or improve their stance in the global corn starch market share. The key players profiled in the report include Archer Daniels Midland Company, Associated British Foods Plc, AGRANA - Beteiligungs AG, Cargill, Inc., Ingredion Incorporated, Tate & Lyle PLC, Roquette Frères S.A, Hodgson Mill, ACH Food Companies, and Global Bio-Chem Technology Group Company Limited.