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Corn and Corn Starch Derivatives Market Size By Product (Corn Starch, Corn Starch Derivatives {Corn Syrup, Maltodextrin, Others}, Corn Flour, Corn Meal, Corn Protein), By Application (Pharmaceutical, F&B, Biodiesel, Textiles, Others), 2023 - 2032
- Report ID: GMI5459
Corn and Corn Starch Derivatives Market size surpassed USD 75 billion in 2022 and is anticipated to grow at over CAGR of 5% from 2022 to 2032, owing to the increased demand for processed food products. Corn starch derivatives are employed in a variety of food products as a thickener, emulsifier, textural agent, and other purposes due to their numerous capabilities.
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The demand for healthful snacks and baked goods made with corn has increased because of growing urbanization and lifestyle changes. In addition, corn is used to thicken foods such as sauces, gravies, soups, and custards. Food producers are launching new items made with corn in the market, increasing corn and corn starch derivatives market demand.
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The convenience food market growth is being fueled by the rise in the number of convenience food sales outlets on driveways, gas stations, and other public spaces as they are convenient for customers to have meals on the go. The demand for the convenience food market is also anticipated to expand further due to increasing customer preferences for nourishing & practical meals, rise in disposable incomes, and the increased demand for snacks & fried food products.
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As per the results of a large-scale survey conducted across India in 2022, 13.2% of the respondents had diabetes in 2021. The number of diabetics worldwide in 2021 was 537 million.
Based on product, corn starch derivatives sector accounted for the largest share of global sales in 2022. Corn syrup is used as a sweetener to improve flavor as well as to maintain moisture in food products. It also improves stability in food items and shelf life in addition to their texture & volume, increasing its utilization in both the pharmaceutical and food & beverage industries.
Maltodextrin is a type of carbohydrate widely used as a sugar-free ingredient in food products due to its low glycemic index. Since products containing maltodextrin (sugar) can legitimately make the claim that they are sugar-free, the demand for these products is expected to increase over the projection period. Moreover, the need for sugar-free products is expanding due to the rising number of diabetic patients worldwide and consumer health-consciousness, further propelling the corn and corn starch derivatives market demand.
Based on application, the food & beverage segment dominated the corn and corn starch derivatives market in 2022. Paper and board had a sizable market share and contributed significantly to revenue in 2022. Corn starch is a common raw material in many industries. It is a crucial raw element in the production of paper and is employed as a filler and sizing agent. Folding cartons, graphic paper, containerboard, and many other products are made from corn starch. Its adhesive quality aids in the assembly of boxes by holding together liner board and corrugated media.
The U.S. is one of the leading producers of corn owing to which domestic paper and board industry prefer to use corn starch instead of any other raw material such as tapioca, potato, etc. Corn starch is currently utilized in 95% of paper packaging in the U.S. as it is readily available locally. Moreover, the expanding worldwide packaging industry is favorably influencing market expansion.
The North America corn and corn starch derivatives market size was worth over USD 31 billion in 2021, and it is projected to witness over 5% CAGR during the forecast period. The demand for processed & packaged meals has increased due to increasing demand for homemade food alternatives. Market expansion is predicted to be aided by the increased demand for ready-to-eat meals and the innovation of bakery goods. Moreover, the rising acceptance of cornmeal in the animal feed industry is increasing the market revenue.
Some of the key players in the corn and corn starch derivatives market include ADM, Cargill, Ingredion, Tate & Lyle, Agrana Group, Roquette Frères, and Wacker Chemie AG. These companies are investing in research & development activities and continuously taking strategic initiatives such as new product launches to strengthen their market position.
For instance, in December 2022, ADM announced that it will invest in expanding its starch production at its Marshall, Minnesota facility. This expansion will help the company to cater to the fast-growing demand from the food & beverage sector as well as support the continued expansion of the company’s BioSolutions platform.