Modified Starches Market Overview:
Globally, the modified starches market is slated to showcase a dynamic growth pattern, expanding at a CAGR of 4.72% during the forecast period (2023-2030). Modified Starch Market Size was valued at USD 13.4 billion in 2022. The Modified Starch market industry is projected to grow from USD 13.8489 Billion in 2023 to USD 16.87633 billion by 2030.
Canada Modified Starches Market is buoyant, driven by the country's thriving food processing industry and the increasing demand for functional ingredients. Modified starches find extensive use in a variety of food products, including soups, sauces, bakery items, and dairy products, where they contribute to texture enhancement, viscosity control, and stability. The Canadian market is characterized by stringent regulatory standards, ensuring the safety and quality of modified starch products for consumers. With a growing emphasis on clean label and natural ingredients, there is increasing interest in modified starches derived from non-GMO and organic sources. Manufacturers and suppliers in Canada are investing in research and development to meet the evolving needs of customers and capitalize on emerging trends in the food industry. Sustainability initiatives and technological advancements further contribute to the growth and innovation of the Canadian modified starches market. As consumer preferences continue to evolve, the market presents opportunities for stakeholders to introduce innovative products and expand their market share.
Market Drivers and Key Barriers:
Increasing demand for convenience food along with the rapidly expanding pharmaceutical industry, especially in the Asia Pacific region, is going to be a driving force behind the growth of the global Modified Starches Market. Moreover, the market is intensely competitive, inundated with a large number of companies primarily concentrated in Europe, Asia Pacific and North America.
The United States (U.S.) is one of the leading nations thriving in the global market, when it comes to starch production, along with the consumption, due to the strong demand from diverse end-use industries. Furthermore, the prominent end-use sectors include pharmaceuticals, food & beverage, animal feed, oil and drilling, paper and textiles. Also, the modified starches are made from wheat and maize on account of their low cost as well as the ease of availability and processing.
Apart from this, small-scale mill owners play an integral part in the overall growth of the market, with growing collaborations between them and large-scale manufacturers, acting as contract manufacturers. It has been noted that many of the well-established companies in the modified starches market are continuously focusing on research and development activities, especially making use of new technology for the processing in a bid to enhance the product properties as well as for improving the overall capabilities.
Market Segmentation:
The market for modified starches is segmented on the basis of source, form, and application.
The global market, based on the source, is segmented into corn, wheat, cassava, potato, and other sources.
Form-wise, the global modified starches market is fragmented into powder, liquid and gel.
Application-dependent segments in the global market are food & beverages and non-food application. The food applications are processed food, confectionery, beverages, and others, whereas the non-food applications of modified starches are personal care products, corrugation and papermaking, textiles, pharmaceuticals, and others like construction & building, mining & drilling, chemicals, adhesives, as well as animal feed.
Regional Analysis:
Based on region, the global modified starches market can be divided into the key regions of Asia Pacific, Europe, the Middle East and Africa as well as North America.
Among all the regions, it is predicted that Asia Pacific will be leading the global modified starches market over the conjectured time period, followed by Europe and North America. The regional market owes its phenomenal performance to the easy availability of the plant sources of modified starches, with the widespread cultivation of starchy plants resulting in the starch being used to produce modified starches. Moreover, cheap raw material costs, comparatively lax environmental regulations as well as low production costs are bound to present lucrative opportunities to the modified starches market in Asia Pacific in the coming years. Another factor that promotes the market growth is the increasing demand for packaged food in the emerging economies, bearing more good news for the modified starches market.
However, it is the region of North America that is holding the maximum share in the global modified starches market, with the likelihood of it exhibiting a robust 3.93% CAGR during the assessment period. The expanding packaged food industry in the region is an impactful factor helping with the growth of the modified starches market in the region, with the demand for ingredients needed for stabilizing and preserving packaged food has increased proportionately with the packaged food industry, thereby presenting a considerable scope for the market in the region.
On the other hand, Europe is poised to showcase the highest growth rate among all the regions in the global modified starches market in the forthcoming years, primarily on account of the accelerated demand for modified starches among the thriving papermaking industry in the region.
Industry Players:
The most global Modified Starches Market Companies include Roquette Frères (France), Agrana Beteiligungs-AG (Austria), Tate & Lyle PLC (U.K.), Cargill, Incorporated (U.S.), Grain Processing Corporation (U.S.), Ingredion Incorporated (U.S.), Archer Daniels Midland Company (U.S.), and so on.
Industry Update:
January 2019 – A team of researchers based in India have created a biodegradable film derived from psyllium husk, lotus stem starch, and whey protein. The added combination of psyllium husks and whey protein will elevate the mechanical strength of the film.
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