Corn Starch Market Size, Regional Outlook, Application Development Potential, Price Trends, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2082
Corn Starch Market size is anticipated to expand profusely in the ensuing years, mainly due to its use in various applications and industries such as paper, food and beverage, and others. An increasing global population and industrial development of countries are poised to stimulate the growth prospects further.
Corn starch is well known for its attributes in treating glycogen storage diseases in humans. This application of the product is proven to have a positive influence on the growth spectrum of corn starch market over 2021-2027. Moreover, food producers worldwide, are reducing the production costs by adding an erratic amount of corn starch in food which also enhances its taste and properties.
A significant rise in use of arrowroot, wheat, and tapioca as potential binders and thickeners in foods, is expected to stand as a threat to market growth in the near future.
Corn starch market is bifurcated into different starch types including sweeteners, native starch, and modified starch. Out of these, the sweeteners segment is touted to bring about a massive disruption in the market space. Corn-based sweeteners cost relatively less than any other caloric sweeteners. One such sweetener, High-Fructose Corn Syrup (HFCS) is deemed to be a very stable sweetener that is found in liquid form. Given its form, the product is easy to handle and boasts of a cost-effective production process. HFCS is generally used in breakfast cereals, soft drinks, and processed foods.
Corn starch market is expected to gain major impetus from the paper and packaging industry. The paper industry utilizes corn starch as sizing and filler material. Moreover, its primary function is to increase the dry strength and surface of paper. As a wet end additive, corn starch improves the paper, stiffness, and its rattle. It was cited in a report that corn-based starches account for more than 95% of all starch used by the paper industry in the United States.
Corn starch industry is diversified into various regions including North America, Asia Pacific, Europe, Latin America, and MEA. The North America corn starch market, headed by the United States, is projected to hold considerable revenue share over 2021 to 2027, driven by the increased consumption of processed and instant food products in the region. One of the key drivers influencing the growth is the abundance of corn as a raw material in the US and subsequently lower prices of corn starch.
Asia Pacific, led by India and China, is also likely to stand tall in the regional hierarchy of corn starch industry through 2027. This growth can be attributed to the expanding population and increasing disposable incomes of people in developing countries. Additionally, surging consumption of gluten free foods in the Indian subcontinent is as well propelling the market trends.
Some of the top-notch vendors in the global corn starch industry are Cargill Corporation, Tate & Lyle PLC, Ingredion Incorporated, Global Bio-Chem Technology Group, Royal Avebe, Ajinomoto Company Inc., and Grain Processing Corporation (Kent Corporation).
These players have been relentlessly working towards bringing in novel advancements in the space by being involved in different market strategies like mergers, acquisitions, collaborations, facility expansion, and others. These developments are also expected to place the companies at a prominent stance in the overall industry space.
In 2020, Cargill announced an investment of $100 million in its Indonesian company- Sorini Agro Asia Corporindo to develop a sweetener factory in East Java.
In the same year, Ingredion Incorporated unveiled three new organic native corn starches for the Canadian and US markets.
Impact of Covid-19 on corn starch market growth
A major halt in production of different products and disturbance in supply chains induced by the coronavirus pandemic in 2020 is claimed to have a partial impact on the overall corn starch market expansion. The shutdown of paper mills has dramatically reduced the demand for the product across the sector while the escalating demand from the F&B industry would augment the market share in 2021 and beyond.
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