Market overview:
A classic item manufactured from cassava root is cassava bread. Following both rice and maize, cassava is one of the most significant plants grown in tropical areas. Because it is a rich provider of carbs, cassava is produced in more than 90 nations. Compared to certain other commodities, it is simpler to grow under challenging settings. Because it is an excellent provider of both fuel and revenue for growers, most people in Africa, Asia, and Latin America rely on it. Most of the cassava is manufactured into bread, starch, snacks, and pellets, but some are consumed directly by the population. The benefits of preparing cassava include toxicity removal, weight loss, and increased profitability.
From 2022 to 2030, the cassava industry is anticipated to grow at a CAGR of 4.18% and reach a value of 237.76 billion USD.
Cassava market size is used in a wide range of products, including food, clothing, glue, cardboard, ethanol, and paper. In five years, the publishers project that the cassava industry will grow even further. Half of the world's cassava is consumed by the culinary business, with the feeding sector coming in second. The marketplace for cassava flour sprouting is expanding because of rising feeding market demands and cassava flour prices. Due to its great nutritional content, cassava is utilized in both domestic and industrial settings. The public's rising appetite for baked goods and munchies is promoting the expansion of the cassava sector.
The cassava industry is predicted to expand by 3.90% over the projected timeframe, with a market value of 5.5 billion USD. Cassava is a key component of the biofuel, animal feed, and washing industries, all of which are driving the expansion of the cassava sector. Cassava is grown as a yearly plant in tropical areas and ranks as the third-highest source of carbs there. Cassava is a key component of farming. It is employed to prepare drinks, dairy products, frozen desserts, snacks, and other foods as well as to provide animal food. Isopropyl alcohol, which is utilized in several sectors, is produced using it. Manganese, thiamine, folic, and vitamin C are all abundant in cassava.
The COVID-19 epidemic caused the cassava industry to come to a grinding halt for several reasons. The effect of COVID-19 caused the worldwide economy to decline, and nations all over the world experienced a state of shutdown. Productivity was significantly low because of the lockout. Cassava’s output was insufficient to satisfy consumer demands. Because most individuals have remained at home, less cassava is being consumed. The industry did not suffer too much, although there was a decline in the consumption of cassava on a worldwide scale. According to consumer research, the industry is anticipated to expand in response to the COVID-19 scenario due to rising needs.
Market segmentation:
This market is segmented into three major groups that are category, form, and Application.
Based on the category this is subdivided into organic and conventional. Based on form divided into solid and liquid. Based on the application this is divided into food & beverages, animal feed, and others.
Regional classification:
This cassava market overview is classified into three major regions that are North America, Europe, and Asia-Pacific.
Key Players:
The key cassava market player is American Key Food Products Inc. (US), Ingredion Inc. (US), and Venus Starch Suppliers (India).
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