The healthy year-on-year growth in the paper and textile industries and the rising consumption of convenience foods are generating a highly fertile ground for the growth in corn starch sales across the globe, particularly in the region of Asia Pacific, observes Transparency Market Research (TMR). Consumers of corn starch are looking for alternatives to cane sugar that despite being cheaper fit seamlessly into various applications. This has been translating into high demand for corn starch.
The report profiles a few of the eminent market players that are operating in the world market for corn starch are focusing on product innovation and are involving in various mergers and acquisitions to expand their global presence. A few of the eminent market players dominating the market are AGRANA – Beteiligungs AG, Global Bio-chem Technology Group Company Limited, Cargill Incorporated, Roquette Frères S.A., Tereos Syral S.A.S, Kent Corporation – Grain Processing Corporation, Archer Daniels Midland Company, Ingredion Incorporated, Associated British Foods plc, and Tate & Lyle PLC.
In accordance with a recent market research report that has been published by Transparency Market Research, the world market for Corn Starch is forecasted to expand at a CAGR of 4.8% over the period between 2016 and 2024. The report also projects the international market for corn starch valued at around US$ 22.1 bn in the year 2016.
North America to Lead the Market over the Period of Forecast
The world market for corn starch has been regionally segmented into the geographies of Latin America, North America, Asia Pacific, Middle East and Africa, and Europe. The region of North America accounts for the lion’s share of the market for corn starch, both in terms of volume and value. However, the corn starch market in the region of Asia Pacific is estimated to rise at a high CAGR of 6.4% over the period of forecast. Demand for corn starch is rising in the region of Asia Pacific, particularly in the ASEAN, India and China, where the leading corn starch manufacturers have invested substantially in the recent past. The market in Middle East and Africa is anticipated to witness moderate growth as compared to other regions.
Growth in the Paper Industry to Trigger Market Growth
The high output of maize which is rich in starch has substantially boosted the world market for corn starch. The increasingly popular usage of genetically-modified corn has made high-yielding starch hybrids quite accessible. At the same time, the augmented consumption of convenience foods and encouraging year-on-year growth in the paper industry are the major fact that are coming together so as to enable strong growth in the world market for corn starch.
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With the sales of ready-to-mix foods that is anticipated to get more than double in between the years 2014 and 2020, the demand for corn starch in products such as coffee mixes tea and cake mixes is anticipated to rise considerably. The region of Asia Pacific is a leading consumer of paper and paper products, thereby providing substantial opportunities for companies that are operating in the corn starch business. TMR has also observed that the rising demand for low-cost cane sugar substitutes is bolstering the demand for corn starch indirectly.