The growing demand for comfort foods is creating fruitful grounds for the development of the global Corn Starch Market. According to a report, published by Fortune Business Insights, titled, “CORN STARCH MARKET: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” the market is expected to exhibit a healthy CAGR of 8.2% during the forecast period. As the demand for convenience foods increases, the use of starch and its byproducts increases rapidly. Among different types of starches, corn starch is widely used in a diverse range of applications. Corn starch helps to stabilize and thicken the food products, by giving an additional taste to it. As per the report, the analysts of Fortune Business Insights analyzed that the market is expected to reach US$ 29.39 Bn by 2026, as against US$ 15.73 Bn in 2018.
North America Sees Substantial Growth in the Market
From a geographical standpoint, North America is expected to grow at a considerable rate in the global Corn Starch Market. The U.S. is likely to witness strong demand for corn starch in the forecast years. The rising consumption of instant and processed food products in North America is expected to boost the market. In addition to this, the wide availability of corn as a raw material especially in the U.S. is driving the market in North America. Apart from North America, other regions such as Europe and Asia Pacific are anticipated to see growth potential for the market.
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Ingredion Launches an Organic Corn Starch Product to Meet the Customer Demand
The growing demand for natural and high-quality food products as people around the world are becoming health conscious. This is further expected to fuel demand for different types of corn starches such as gluten-free corn starch. The rising demand for clean-label and organic food products is enabling growth in the Corn Starch Market. This is encouraging food manufacturers to develop new corn starch products in order to increase their share in the market. Ingredion Incorporated a novel corn starch product in July 2018. This product falls under the clean-label product portfolio and is organic in nature. The product aims to fulfil customer demand for natural and organic products.
The multi-functional properties of corn starch propel growth in the market. Corn starch helps to control the viscosity levels during baking. Furthermore, it acts as a thickening agent and helps to mould gum candies. Corn starch is also used in the production of biofuels. The growing ethanol industry is likely to play a significant role in the development of Corn Starch Market. All the above functionalities are expected to stimulate growth in the market over the years to come.
Leading Companies Are Planning to Optimize Their Product Offerings with New Product Launches
Companies in this market are embarking on new product launches and mergers and acquisitions (M&A) to gain an edge in the competition. Several companies are planning to optimize their product offerings. Tate and Lyle launched a clean-label corn starch called CLARIA in August 2017. This product aims to help food manufacturers fulfil the specific demand of their customers. Companies such as Ingredion Incorporated, Cargill Incorporated, Archer-Daniels Midland Company, and AGRANA – Beteiligungs AG are investing in research and development (R&D) activities and capacity expansion to offer new varieties of corn starch. Some of the other players operating in the global Corn Starch Market are Bio-chem Technology Group Company Limited, Associated British Foods plc, Tereos Syral S.A.S, Roquette Frères S.A., and Riddhi Siddhi Gluco Biols Ltd, and Kent Corporation (Grain Processing Corporation).
Key companies covered in the report
- Ingredion Incorporated
- Tate and Lyle Plc
- Cargill Incorporated
- AGRANA – Beteiligungs AG
- Archer-Daniels Midland Company
- Global Bio-chem Technology Group Company Limited
- Tereos Syral S.A.S
- Associated British Foods plc
- Roquette Frères S.A.
- Kent Corporation (Grain Processing Corporation)
- Other Key Market Players
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